Future Market Insights, Inc. (FMI) anticipates a thriving future for the reconditioned steel drum market, propelled by the surging adoption of circular economy principles and rising demand in emerging economies. Explore the intricate dynamics of the growing market and discover valuable stakeholder opportunities in our detailed FMI report.
NEWARK, Del., Jan. 24, 2024 /PRNewswire/ -- The Reconditioned Steel Drum Market size is slated to surpass US$ 2.0 billion in 2024 and is likely to attain a valuation of US$ 3.1 billion by 2034. The reconditioned steel drum market share is anticipated to surge at a CAGR of 4.5% from 2024 to 2034.
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The market for reconditioned steel drums is expanding rapidly as firms increasingly follow circular economy concepts. With a greater emphasis on sustainability, enterprises are realizing the importance of reconditioned items, like steel drums, as key components of a closed-loop system. This strategy move is consistent with environmentally aware practices, minimizes demand for raw materials, and positions organizations positively in the eyes of stakeholders interested in sustainable supply chain management.
Rapid development and increased manufacturing activity in emerging countries are fueling the growth of the reconditioned steel drum market. As firms in these regions seek cost-effective and ecological packaging options, the need for reconditioned barrels is increasing. This increase demonstrates market participants' strategic alignment with the rising industrial landscape in emerging countries, highlighting reconditioned steel drums as critical contributors to the growth.
Apart from manufacturing, reconditioned steel drum companies can potentially expand into related services. This can entail supplying complete packaging solutions, overseeing the logistics of drum distribution from start to finish, or delivering specialist advice on packaging compliance and environmentally friendly practices. In the packaging sector, diversification into services positions companies as comprehensive solution providers by improving value proposition, fortifying client connections, and generating new income sources.
"Regional awareness, ongoing innovation, regulatory compliance, and strategic alliances aligned with sustainability trends are crucial for success in the reconditioned steel drum market. A comprehensive strategy emphasizing flexibility and dedication to environmentally friendly operations places businesses in a leading position in this rapidly evolving market," saysIsmail Sutaria (Lead Consultant, Packaging and Materials).
Key Takeaways from the Reconditioned Steel Drum Market Report
- The tight head segment is expected to occupy 73.4% of the market shares in 2024.
- The carbon steel segment is set to capture 81.3% of the market share in 2024.
- The market size in the United States is projected to rise at a 2.6% CAGR through 2034.
- The market size in Germany is anticipated to develop at a 2.2% CAGR through 2034.
- The market size in China is estimated to surge at a 5.9% CAGR through 2034.
- The market size in India is expected to thrive at a 6.5% CAGR through 2034.
Competitive Landscape
The reconditioned steel drum market encompasses large corporations such as Greif, Inc. and Mauser Packaging Solutions, as well as regional experts and new entrants. Industry leaders promote innovation and sustainability by investing in research and development and adhering to circular economy concepts. Collaborating with recycling facilities and adhering to complicated rules are important approaches. Technology, especially IoT and blockchain, is becoming increasingly important. Customer-centricity, customization, and a commitment to quality control are critical for success in this dynamic and competitive market.
Key Players in the Reconditioned Steel Drum Market
- Greif, Inc.
- Mauser Packaging Solutions
- Industrial Container Services (ICS)
- Peninsula Drums
- Clouds Drums Dubai LLC
- THIELMANN
- Myers Container LLC
- Eagle Manufacturing Company
- Sonoco Products Company
- Tielman Group
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Reconditioned Steel Drum Market Segmentation
- By Material:
- Stainless Steel
- Cold Rolled
- Carbon Steel
- By Head Type:
- Tight Head
- Open Head
- By Size/Capacity:
- 10 to 25 Gallons
- 25 to 40 Gallons
- 40 to 55 Gallons
- 55 Gallons and Above
- By End-use Industry:
- Food & Beverages
- Pharmaceuticals & Healthcare
- Building and Construction
- Oils & Lubricants
- Chemicals and Solvents
- Paints & Dyes
- Agriculture & Allied Industry (Fertilizers / Pesticides)
- Others
- By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
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About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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