Durability, impressive performance, and versatility are major factors that play a crucial role in high and growing popularity of steel. Drums made of steel have their use in a number of industries. Used to carry liquids, solids, and eve powders safely, withstanding effectively a wide range of temperature and humidity conditions, these are in great demand from food and beverages, agriculture, chemicals and solvents, oils and lubricants, building and construction, healthcare and pharmaceuticals industries. As these grow, which is anticipated over the next few years, demand for steel drums is expected to grow in tandem.
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It is quite pertinent to note here that by 2030, 85% increase in volumes of construction is projected by industry experts. And, it does not come as a surprise considering that population of the world is growing steadily and is anticipated to reach and extra 2 billion by the year 2050. Extra population is bound to translate into additional demand for houses, offices, recreational centers, and even developmental infrastructure.
As far as the regional analysis is concerned, it is quite noteworthy that the Asia Pacific (APAC) region is set to be the most attractive in terms of growth. Varied trends and drivers are helping the region to maintain this covetable trajectory over the next few years. Rapid industrialization, urbanization and notable increase in disposable income are some of the most prominent ones.
The fragmented vendor landscape of global steel drums market is witnessing its players opting and deploying a number of organic and inorganic measures aimed at growth. Some of the most notable players of this market include Mauser Group B.V., Greif, Inc., North Coast Container Corp., Rahway Steel Drum Co Inc., General Steel Drum LLC, Skolnik Industries Inc., Metal Drum Co Ltd, The Clouds Drums Dubai LLC, James G Carrick & Co Ltd, Chicago Steel Container Corp., Izvar Ambalaj Sanayi VE Ticaret AS, Industrial Container Services, Inc., and Schutz Container Systems, Inc., among others.
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