Fiber Drum Market size was valued at USD 800 Billion in 2018 and is Expected to Witness 5.8% CAGR During the Forecast Period

Fiber Drum Market size was valued at USD 800 Billion in 2018 and is Expected to Witness 5.8% CAGR During the Forecast Period

“Fiber Drum Market”
Global 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 2025

Fiber Drum Market Research Report – Global Forecast 2025

Market Highlights

Market Research Future (MRFR), in its newly published research report, states that the global fiber drum market 2020 is thriving and slated to grow exponentially over the review period, recording a considerable market valuation from USD 800 billion recorded in 2018, at a moderate 5.8% CAGR in the forecast period.

Drivers and Restraints

Fiberboard Drums Market has observed substantial growth in the past few years. Fiber Drums are cardboard-based drums used for transport and storage of material. They are accessible in a variety of sizes. The demand for cardboard barrel is growing as it is lightweight and long-lasting and can be easily opened. Fiber drums are recyclable, which has further augmented their market demand. In the past few years, there has been a rise in the need for fiber drums that are extensively used for the storage and transportation of chemicals & fertilizers, food, plastics, agricultural products, and other products. This is credited to the industrialization and urbanization. The storage and transportation costs of chemical, food, agricultural, pharmaceutical products, or any dry bulk material are quite great. Fiber packaging drums are very competent and form a cost-effective option for the temporary storage and transportation of commodities. Moreover, fiber drums act as a perfect substitute to plastic drums and steel drums.

In spite of their advantages, the fiberboard drums have some hindrances as they not suitably precise for transporting hazardous liquids. Moreover, they cannot be handled by forklifts. Such factors are poised to hamper the fiber drum market growth.

Segmentation:

The global fiberglass drum market has been segmented based on capacity, closure type, end-use industry. The global market for fiber drum is segmented by closure type as plastic closure, metal closure, and fiber/cardboard closure. Owing to the superior strength and durability, the metal closure segment held the maximum market share of the global fiber drum market in the year 2018 and is slated to have the maximum growth during the forecast period. The global fiber drum market is divided by capacity as 26–50 gallons, up to 25 gallons, 51–75 gallons, and above 75 gallons. The 51–75 gallons segment accounted for the largest market share of the global fiber drum market in 2018. This growth can also be credited to the augmented use of fiber drums comprised under this segment in the food & beverage industry. By the end-use industry, the global fiber drum market is divided as chemical industry, pharmaceuticals, food and beverages, building and construction, and others. The chemical industry is set to observe the highest growth rate in the market and is slated to hold a majority of the share of the global cardboard drums market over the review period.

Regional Analysis

The geographic analysis of the global fiberboard drum market has been carried out in four major regions, covering the Asia Pacific, Europe, North America, and the rest of the world (Latin America, the Middle East and Africa). The rising demand for fiber drums in Asia-Pacific can be credited to the presence of emerging economies in the region in nations such as Australia, India, China, and Indonesia and the growing number of fiber drum manufacturing units. Additionally, these countries are some of the world’s most significant exporters of packaging materials. Because of the less labor costs and the presence of domestic raw materials, market players prefer to set up manufacturing units for the packaging industry in Asia-Pacific. China led the market in terms of value in 2018, which will continue its presence by 2026. The rapid expansion of the chemical industry in China has further fuelled the demand for fiber drums in the region

Competitive Analysis

The top market players operating in the global fiber drum market as acknowledged by MRFR are Fibrestar Drums (UK), Greif (US), Schutz Container Systems (US), CL Smith (US), Mauser Group (US), Industrial Container Services (ICS) (Florida), Sonoco Product (US), TPL Plastech (India), Three Rivers Packaging (US), Orlando Drum & Container (US), Enviro-Pak (US), and Great Western Container (Canada).

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Global 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 2025

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