Steel Drums & Intermediate Bulk Containers: Ideal for Storing and Transporting Hazardous and Non-hazardous Materials, Find out with FMI Why These Packaging Solutions are Gaining Momentum across India!
According to Future Market Insights (FMI), India’s steel drum market size is forecast to increase from US$ 281.2 million in 2023 to US$ 468.7 million by 2033. Similarly, India’s IBC market is likely to expand from US$ 170.5 million in 2023 to US$ 260.5 million by 2033.
Overall demand for steel drums and IBCs across India is projected to surge at 4.6% and 3.8% CAGRs respectively from 2023b to 2033.
Rising trade activities along with an expansion of the chemical industry are a key factor driving India’s steel drums & IBC market.
One of the key consumers of steel drums & IBCs in India is the chemical industry. Expansion of this sector in India will therefore eventually fuel demand for steel drums and IBCs. As a result, IBC producers may have new options to grow their businesses and boost output to keep up with the rising demand.
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Leading steel drum & IBC manufacturers can offer specialized solutions that satisfy the unique needs of the chemical business. The chemical sector has distinct requirements for the packaging, storage, and transportation of its products. As a result, manufacturers may have new chances to stand out from the competition and forge enduring partnerships with chemical firms.
India’s chemical sector is well-established on the international stage, and as it develops, there will be additional opportunities to sell chemicals abroad. This is expected to create new growth opportunities for steel drum & IBC manufacturing companies.
The ability to protect food against contamination is another factor that will drive India steel drums & IBC market forward. Ingredients for food such as sugar, wheat, and cereals are kept in industrial steel barrels. These drums aid in preserving the ingredients’ freshness and safeguarding them from contamination and pests.
Juices, syrups, and oils can all be transported in industrial steel drums. The products will arrive at their destination safely thanks to the drums’ durability and ability to withstand the rigors of transportation.
Industrial steel barrels offer protection from outside elements such as moisture, dust, and pests. This helps prevent contamination and guarantees the safety of food and beverage items. These packaging solutions also assist businesses in adhering to regulatory standards by protecting food products.
Increasing cross-border trade will further drive demand for steel drums & IBCs across India during the assessment period.
The volume of trade in emerging economies is exploding. The governments of economic giants such as China and India are working on several initiatives that will primarily treble the present trade volume over the next five years. This is likely to increase demand for steel drums and IBC.
India and the EU decided to establish the EU-India Trade and Technology Council in April 2022, and they intended to sign a free trade agreement by the following year. With its trading partners, India has signed 13 free trade agreements (FTAs).
Two important agreements are the Comprehensive Partnership Agreement (CEPA) between India and the United Arab Emirates and the Economic Cooperation and Trade Agreement between India and Australia (IndAus ECTA).
Key Takeaways from India Steel Drum & IBC Packaging Market
“The constant growth of the industrial sector and the rising demand for transportation and logistics for liquids, semi-liquids, and hazardous materials are expected to generate high demand for steel drums & IBC in India.” – says a Future Market Insights FMI analyst.
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Positive Growth in Indian Exports will Aid the IBC Market to Cherish:
Steel drums & IBCs would be more in demand as Indian exports increase because they are used to convey exported products. This will increase the demand for IBCs in India, which may result in market expansion.
As more Indian businesses use steel drums & IBCs for exporting goods, the IBC market in India may become more well-known. This may encourage further businesses to embrace IBCs, fueling the market’s continued expansion.
Steel drums & IBCs can be a desirable alternative for exporting businesses since they provide a practical solution for the shipping of bulk products. The steel drums & IBC market expansion may result from Indian enterprises exporting items to other nations.
The India steel drums & IBC market may draw more foreign investors, spurring further growth and development. The Indian government has launched several initiatives to encourage exports, which may open up more market potential for steel drums & IBCs. This may also draw more investments, spurring more expansion in India’s IBC sector.
Overall, the expansion of Indian exports is expected to elevate demand for steel drums and IBCs. This will fuel market expansion during the assessment period.
Who is Winning?
Grief Inc., Mauser Group B.V., Hanningfield, Pyramid Technoplast Pvt. Ltd, TPL Plastech Limited, Vizag Chemicals Private Limited, Shree Dwarkesh Chem Industries, Balmer Lawrie & Co. Limited, Metal Seam Co. Pvt. Ltd, The East India Drums & Barrels Mfg. Co., and Sicagen India Limited are few of the leading manufacturers of steel drums & IBCs across India.
These companies are constantly launching new products to meet rising demand for several end-use industries. They are also establishing new facilities in India, forming alliances and partnerships, and adopting merger & acquisition strategy to expand their footprint. For instance,
India Steel Drum & IBC Market Report
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the India steel drum & IBC market, analyzing historical demand from 2014 to 2022 and forecast statistics for 2023 to 2033.
The study reveals growth projections on the India steel drums market based on material (carbon steel, and stainless steel), head type (open head and closed head), content (solid & semi-solid, and liquid) and end use (industrial chemicals, petroleum & lubricants, food, beverage, building & construction, healthcare & pharmaceutical, agriculture & allied products and other industrial uses).
The report also reveals growth projections on the India IBC market based on material (composite, and cardboard), content (solid & semi-solid, and liquid) and end use (industrial chemicals, petroleum & lubricants, food, beverage, building & construction, healthcare & pharmaceutical, agriculture & allied products and other industrial uses).
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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About FMI Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 05, 2023
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