Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Fiber Drum Market.
Market Research Future (MRFR) reveals that the fiber drum market 2020 was valued at USD 800 Billion in the year 2018 and can advance at a rate of 7.8% from 2022 to 2030 (appraisal period).
Top Boosters and Key Barriers
The fiber drums market seems to be making massive strides on the back of the expanding retail sector combined with the rising preference for lightweight bulk containers like fiber drums. Fiber drums note massive demand across industries as they are completely recyclable. Also, fiber drums that are used to transport and store liquid products like dyestuff and adhesives can be lined with various coatings or even insoluble materials including polyethylene, polyester or silicon.
The incredible surge in retail activities along with the emerging trend of strong demand for lightweight bulk vessels can have a positive impact on the fiber drums market in the approaching period. The increasing adoption of fiber drums in the chemicals industry can also be a growth booster in the global market. The market constantly reflects the advancements in value creation and product design, drawing in more end users.
The recent outbreak of COVID 19 can have a debilitating effect on the fiber drum market, due to the closing down of production sites in the wake of the lockdown situation. On the bright side, the rampant demand for highly advanced packaging of products has prompted manufacturers to come up with top quality products, which can ensure better business growth in the coming period. Moreover, the mounting concerns with regard to superior packaging solutions for products among leading vendors have led to development of higher quality fiber drums. This indicates a lucrative outlook for the market during the review period.
The fiber drum market has been carefully studied in the report, taking in account the primary segments of closure type, capacity and end-use industry.
The segments that are based on closure type include plastic closure, fiber/cardboard closure and metal closure. With the highest share in 2018, metal closure can be the leading segment in the coming years as well.
The fiber drum market, depending on capacity, has been considered for up to 25 gallons, 26–50 gallons, 51–75 gallons, and above 75 gallons. In 2018, the lead was taken by the 51–75 gallons segment and its position will remain the same throughout the appraisal period.
The end-use industries in the market are food and beverages, chemical industry, building and construction, pharmaceuticals, and others. The highest growth rate will be achieved by the chemical industry segment with the most substantial portion of the global market.
The regional dissection of the fiber drum market covers Asia Pacific or APAC, North America, Europe, the Middle East & Africa or MEA as well as South America.
APAC can possibly be the highest gaining market for fiber drum during the review period, in addition to achieving the fastest growth rate. The chief growth boosters identified include the rising number of large-scale fiber drum manufacturing units in India, Australia, Indonesia and China. These countries also possess an expansive agricultural industry, which is advancing due to increasing export volume, given the implementation of effective ways of storage, transport as well as packaging solutions. The mentioned factor paves the way for tremendous growth of the fiber drum market in these countries.
North America is on track to seize the second biggest share in the global market, on account of the flourishing food & beverage industry and the rising applications of fiber drum in it. Out of all the countries in the region, the United States (US) shows the most potential to take the lead, thanks to the widespread use of fiber drums within the F&B sector. With the amplified demand for fiber drums in different industries, the intensity of the completion between the regional companies is also increasing. For this, the companies are indulging in marketing hacks such as site expansion, product launch and innovations. To cite an instance, in February 2020, Greif reported that it will be expanding its plastics operations throughout the West Coast of the U.S.
In Europe, the rising deployment of fiber drums in the pharmaceutical and food & beverage industries can steer the market to better heights in the forthcoming period. Germany and Italy together account for the most substantial share in the European market for fiber drum market.
Orlando Drum & Container (US), Mauser Group (US), Fibrestar Drums (UK), Three Rivers Packaging (US), Sonoco Product (US), Schutz Container Systems (US), Enviro-Pak (US), Industrial Container Services (ICS) (Florida), CL Smith (US), Greif (US), Great Western Container (Canada), TPL Plastech (India), are the top companies in the fiber drum market.
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