Market Overview
The rapid expansion of industries from local to global levels has increased the demands for specialized packaging. Fiber drums are lightweight and cost-effective for temporary storage. The rapid expansion of transportation and packaging industries has provided maximum opportunities for this market and is growing at high speeds. Rapid industrialization and urbanization are among the major reasons for the seamless growth of this market. The developing regions are producing maximum opportunities for this market due to the high demand for various products and cheaper labor availability.
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The rising issues from plastic materials have increased the demands for alternative materials like fiber drums, as they are cardboard-based. Fiber drums are also cost-effective compared to other materials and have nearly similar properties making them equally usable. The companies invest in research & development programs to unfold the new aspects, imposing an extra load on the market and helping the market gain accelerated speeds.
Apart from the uses and features, the global fiber drum market faces challenges from a lack of usability in the storage and transportation of toxic materials, which has restrained the global market growth. This report offers a complete outlook on the opposition, opportunities, drivers & restraints, and other factors affecting the neighborhood and global fiber drum marketplace. The worldwide market is anticipated to sign in approximately 05 % annual growth in this era.
Leading Companies
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.
Market Segmentation
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.
Regional Classification
The fiber drum market has gained global adoption due to the fast-growth of transportation & packaging industry, demands for fresh products, and an increase in the working population. The global fiber drum market is divided into North America, the Asia Pacific, Europe, and the rest of the world. The Asia Pacific region is currently leading the market due to the vast population, rapid urbanization, high production & consumption capabilities, expansion of transportation industry, ample raw material availability, the fast development of economies, rise in disposable incomes, and other factors with China the major market of this region. The North American and European regions follow the market leader in the mentioned order.
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Industry News
The global fiber drum market is growing at considerable speeds due to the demands for effective solutions, expanding the packaging industry, and rising demands for cost-effective materials. Currently, the Asia Pacific region is leading the market and will maintain its lead during this tenure. The metal closure, 51 to 75 gallons capacity, and chemical industry segments are presently leading the market and will grow with the highest growth rates at the same time.
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