The reusable barrels market comprises reusable barrels used for the transportation and storage purposes in several end-use industries such as food and beverages, chemicals, pharmaceuticals, and oil and lubricants. Reusable barrels find wide application for storing and shipping liquids, powders, and other bulk products in varied industries. They provide benefits such as cost-efficiency, safety, durability, and ease of cleaning as compared to single-use containers. The growth of end-use industries and stringent environmental regulations regarding disposal of single-use plastics are anticipated to boost the demand for reusable barrels.
Key Takeaways
Key players operating in the Reusable Barrels Market Size are Thermo Fisher Scientific, Neogen Corporation, QIAGEN N.V., 3M Company, PerkinElmer Inc., Romer Labs Division Holding GmbH, Eurofins Scientific, Hardy Diagnostics, Charles River Laboratories International Inc., LabCorp, R-Biopharm AG, Biomerica Inc., Zeulab S.L. These players are focusing on product innovation, mergers & acquisitions, and regional expansion to gain a competitive edge in the market.
In terms of opportunities, the growing pharmaceutical industry and increasing focus on waste reduction offer lucrative prospects. Moreover, major players are expanding their production capacities and distribution networks in emerging economies of Asia Pacific and Latin America to tap the growth potential.
With regard to global expansion, companies are integrating across the value chain and offering end-to-end solutions involving reusable packaging, storage, transportation, and retrieval. Partnerships with logistics companies also help expand the geographic footprint.
Market Drivers
Stringent regulations regarding the disposal of single-use plastic containers act as a major driver for the reusable barrels market. Regulations such as the EU Directive on packaging and packaging waste discourage the usage of single-use plastics. This bolsters the demand for eco-friendly reusable barrels.
Growing end-use industries is another key factor stimulating market growth. The food & beverage industry is a major end-user and expanding rapidly owing to rising population and changing dietary habits. Similarly, the pharmaceutical industry is booming with increased R&D activities and drug manufacturing. This spurs the need for reusable containers for storage and transportation purposes.
Market Restraints
High initial costs of reusable barrels compared to single-use options can limit their adoption especially among small and medium enterprises. The high prices of barrels deter procurement.
Difficulties in cleaning and maintenance of reusable barrels also pose a challenge. Improper cleaning can lead to contamination and quality issues. High cleaning costs act as a deterrent for end-users.
Segment Analysis
The 55-gallon reusable barrels segment is currently the dominating sub-segment of the reusable barrels market. 55-gallon reusable barrels are the most widely used type of barrels across industries like chemical, pharmaceutical, agrochemical, food and beverages for packaging and storing various industrial goods. Their large capacity makes them suitable for handling bulk quantities of materials during transportation and storage. Ease of handling and compatibility with existing storage infrastructure also contributes to their widespread adoption.
Global Analysis
The Asia Pacific region is expected to grow at the fastest pace in the reusable barrels market during the forecast period. This can be attributed to expansion of end use industries like pharmaceutical, agrochemical and food processing in countries like India and China. Rapid industrialization, development of manufacturing hubs and improvement in logistics infrastructure is supporting the growth of reusable packaging in the region. North America currently holds the largest share in the global market due to large volume consumption of chemicals, pharmaceuticals and agrochemicals in the US and Canada. Stringent environmental regulations regarding reuse of packaging materials is also propelling the reusable barrels market growth in the region.
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