Fiber Drum Market to expand at an 7.8% CAGR during the forecast period (2022-2030) – Report by Market Research Future (MRFR)

New York, Dec. 17, 2021 (GLOBE NEWSWIRE) — Fiber Drum Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Fiber Drum Market Research Report: Information by Closure (Metal Closure, Plastic Closure and Fiber/Cardboard Closure), Capacity (Up to 25 Gallons, 26–50 Gallons, 51–75 Gallons and Above 75 Gallons), End-Use Industry (Chemical, Food & Beverage, Pharmaceuticals, Building and Construction and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2030”, the market size is projected to expand at an 7.8% CAGR during the forecast period (2022-2030).

Eminent players profiled in the global fiber drum market report include:

• 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)
• Among others.

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The global fiber drum market is both fragmented & also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities

Market Analysis

The global fiber drum market will grow at a 7.8% CAGR by 2030, states the latest Market Research Future report.

Market Drivers

Growing Issues from Plastic Materials to Boost Market Growth

The growing issues from plastic materials have boosted the need for alternative materials such as fiber drums as these are cardboard-based. Fiber drums are cost-effective over other materials and possess almost similar properties making this equally usable.

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Market Opportunities

Growing Need for Lightweight Bulk Containers to offer Robust Opportunities

The growing desire for lightweight bulk containers will offer robust opportunities for the market over the forecast period. Fiber drums possess a crucial perk. These are cent percent recyclable. For instance, the majority of the fiber drums are filled with different insoluble compounds or coatings like polyester, polythene, or silicone used for transporting and also storing liquid goods like dyes and adhesives. Generally, two crucial tests are conducted for verifying the quality of the drum- a stack/compression test and a drop test.

Besides, fiber drums have different applications and end uses like adhesives, paints, sanitary chemicals, food and beverages, medical, and various chemicals. New manufacturing technologies are facilitating the addition of external and internal liners that boost their performance and resistance for different new applications. This is also adding market growth.

Restraints

Lack of Agility to act as Market Restraint

The lack of agility in industrial packaging manufacturers may act as market restraint over the forecast period.

Challenges

Supply Chain Complexities to act as Market Challenge

The supply chain complexities may act as a market challenge over the forecast period.

Market Segmentation

The global fiber drum market has been bifurcated based on end use industry, capacity, and closure type.

By closure type, the metal closure fiber drums will lead the market over the forecast period and at a high CAGR.

By capacity, the 51-75 gallons segment will dominate the market over the forecast period for the increasing use of fiber drums especially in the food & beverage industry.

By end use industry, the chemical industry will spearhead the market over the forecast period.

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COVID-19 Analysis

Supply chain disruptions, economic situations, fluctuations in demand share, along with long term and immediate effect of the novel coronavirus possessed a negative impact on the fiber drum market growth. This outbreak has slowed the economic activity, thus pushing the economy in a steep recession. With the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption.

The recent COVID-19 outbreak had a debilitating impact on the fiber drum market for the closing of production sites for the government imposed lockdowns. On the positive side, the growing need for highly advanced product packaging has prompted manufacturers in coming up with top quality products that can ensure better business growth in the future. Besides, the mounting concerns about superior packaging solutions for products amid top vendors have resulted in the creation of superior quality fiber drums which will have a positive impact on the market. Following the relaxation of lockdowns, this market is likely to get back to normal in the days to come.

Regional Analysis

APAC to Reign Fiber Drum Market

The APAC region will reign the fiber drum market over the forecast period. The presence of several manufacturing units, the presence of emerging economies- Indonesia, Australia, India, and China, increasing number of large-scale fiber drum manufacturing units, expansive agricultural industry, increasing export volume, and implementation of effective means of storage, transport, and packaging solutions are adding to the global fiber drum market growth in the region.

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North America to Have Admirable Growth in Fiber Drum Market

North America will have admirable growth in the fiber drum market over the forecast period. Booming food & beverage industry, rising applications of fiber drums, increasing use of fiber drums in the F&B industry in the US, site expansion, innovations, and product launch, rising food shortages for large cases found in food manufacturing companies, and major infiltration of new products such as plastic drums in building and construction sector are adding to the global fiber drum market growth in the region.

Segmentation of Market covered in the research:

Fiber Drum Market Research Report: Information by Closure (Metal Closure, Plastic Closure and Fiber/Cardboard Closure), Capacity (Up to 25 Gallons, 26–50 Gallons, 51–75 Gallons and Above 75 Gallons), End-Use Industry (Chemical, Food & Beverage, Pharmaceuticals, Building and Construction and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2030

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