Fiber Drums Market is expected to grow with a CAGR of 6.2% in the forecast period - PMR

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17 Aug, 2020, 12:00 GMT

NEW YORK, Aug. 17, 2020 /PRNewswire/ -- As indicated by a new market research study published by PMR on the fiber drums market, it is projected to experience decent growth during the forecast period due to multiple applications of fiber drums that leads to high adoption in various industries. Fiber drums are reliable means of packaging solids, pastes, or semi-liquid products, and this includes a number of products such as chemicals, food and beverages, pharmaceuticals, and some agricultural products. Moreover, leading fiber drum manufacturers are likely to capture lucrative business opportunities in the Asia Pacific Rim, for which, industrialization will remain a key driving force.

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Over US$ 663 Mn worth global revenue is estimated for the fiber drums market in 2020, and more than US$ 100 Mn is likely to be contributed by the U.S. market, with the global market slated for a 6.2% year-on-year revenue growth.

Key Takeaways from Fiber Drums Market Report

As per PMR research, fiber drums constitute a superior storage and packaging alternative due to five exclusive attributes. These are 100% recyclable, corrosion resistant, affordable, customizable, lightweight, and profitable from a shipping perspective. Due to these factors, packaging manufacturers are increasingly preferring fiber drums over other conventional drums.

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North America's packaging sector is currently on a steady recovery, and has been witnessing strong packaging demand from various industrial verticals in recent years.

While maximum opportunities are likely to be generated for primary and secondary packaging providers across the region, it is foreseen to be a remarkable factor placing manufacturers of products such as fiber drums at an advantageous position.

Based on closure, metal closure fiber drums continue their dominance over their plastic closure and fiber closure counterparts.

On the basis of holding capacity, the 50-75 gallons segment is identified to emerge as a highly attractive segment as compared to the other three, i.e. below 25 gallons, 25-50 gallons, and above 75 gallons.

According to end-use industry analysis, global fiber drum consumption remains the heaviest in the chemical sector as compared to others such as food and agro-allied, pharmaceuticals, building and construction, and others.

Due to the COVID-19 outbreak, and resultant lockdowns and restrictions, demand from many end-use industries such as food & beverages, agricultural products, chemicals, etc., has declined.

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"Being a cost-effective alternative over conventional steel or plastic drums, fiber drums or fiber barrels are widely used due to their eco-friendly and lightweight nature. Fiber drums are sturdy cans that can withhold volumes of solid or liquid safely and securely. As such, the food processing, agro and chemical, and pharmaceutical sectors are prominently using fiber drums for an extensive range of packaging requirements," says a senior market research analyst at PMR.

Retail and Industrial Realms Push Prospects for Fiber Drum Adoption

The retail sector is expanding briskly, and the preference for lightweight bulk containers is growing at a robust pace, which is collectively boosting the sales prospects of fiber drums, worldwide, especially across developing economies. Manufacturers of dry chemicals have been adopting fiber drums as a preferred packaging solution. Since fiber drums have been witnessing design innovation over the years, their applicability in industrial packaging is also witnessing a constant rise.

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However, industrial packaging manufacturers still continue to struggle with the lack of agility, which is subsequently forestalling rapid sales of fiber drums in the industrial manufacturing sector. Moreover, fiber drums are located 2-3 nodes back across the supply chain, which raises the complexity level for fiber drum manufacturers to address demand variability.

Fiber Drums Market: Competitive Landscape

The global fiber drums market is fairly consolidated in nature. The top five market players are expected to hold around half of the market value share. In developed regions such as Europe and North America, tier-1 and tier-2 players hold a majority of the market share. These players are continuously investing in R&D activities to have a competitive advantage over tier-3 players. The primary strategy followed by market leaders is to enter into partnerships with local distributors to increase their sales footprints across the globe.

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Know More about Global Fiber Drums Market Report

The global fiber drums market is analyzed on the basis of value (US$ Mn) and volume (Mn Units), segmented on the basis of closure, capacity, end-use industry, and region. The market is analyzed by various factors such as global GDP outlook, global chemical outlook, global packaging market, industry value added, and impact of the ongoing COVID-19 pandemic on the supply and demand side. The report also includes the competition analysis and market structure analysis.

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