Fiber Drum Market Size, Share, Growth Analysis, By Closure Type(Metal Closure, Plastic Closure), By Capacity(Up to 25 Gallons, 26-50 Gallons), By End-use Industry(Chemicals, Food & Agriculture) - Industry Forecast 2024-2031

Report ID: SQMIG15G2089 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 93 | Figures: 71

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Fiber Drum Market size was valued at USD 1.1 billion in 2022 and is poised to grow from USD 1.19 billion in 2023 to USD 2.33 billion by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).

Companies are continually focusing on incorporating sustainable and eco-friendly materials to meet the changing packaging requirements around the world. Fiber drum manufacturers are also focusing on collaborating with different companies from various industry verticals to create customized fiber drums that fit the specific requirements of their products. Fiber drum market players are also forecasted to focus on the development of customized fiber drums to maximize their sales potential. Fiber drum vendors can also merge or acquire local companies to improve their business reach and enhance their market share. 'Sonoco Products Company', 'Orlando Drum & Container Corporation', 'C.L Smith Company', 'Great Western Containers Inc.', 'Enviro-Pak Inc.', 'Fiber Drum Company', 'Patrick J. Kelly Drums', 'Schutz Container Systems Inc.', 'Grief Inc.', 'Fiberstar Drums Limited', 'Three Rivers Packaging Inc.', 'Mauser Group N.V.', 'Industrial Container Services Inc.', 'Berlin Packaging', 'Milford Barrel Co Inc.'

Companies from different industries are continually looking for lightweight bulk packaging solutions that allow them to reduce their costs and boost profits, which is predicted to uplift demand for fiber drums in the long run.

Focus on Reducing Shipping Costs: Companies around the world are looking for ways to maximize their profits and reduce operational costs and this is where lightweight packaging options such as fiber drums shine. An increasing number of companies opting for fiber drums to improve their profit margins are estimated to create new opportunities for fiber drum suppliers in the future.

The Asia Pacific region is estimated to account for a prominent share of fiber drum demand owing to robust international trade activity in this region. Rapidly expanding pharmaceutical and chemical manufacturing industries in this region are also offering attractive growth opportunities for fiber drum manufacturers in this region. An increasing population base in countries such as China and India are also estimated to contribute to the rising fiber drum demand in the Asia Pacific region going forward.

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Fiber Drum Market Size, Share, Growth Analysis, By Closure Type(Metal Closure, Plastic Closure), By Capacity(Up to 25 Gallons, 26-50 Gallons), By End-use Industry(Chemicals, Food & Agriculture) - Industry Forecast 2024-2031

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