A $849.9 Million Global Opportunity for Fiber Drums by 2026 - New Research from StrategyR

SAN FRANCISCO, March 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Fiber Drums - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 16; Released: February 2022
Executive Pool: 1709
Companies: 46 - Players covered include CL Smith; Enviro-Pak, Inc.; FDL Packaging Group; Fiber Drum Company; Fiberstar Drums Ltd.; Great Western Containers Inc.; Greif, Inc.; Mauser Packaging Solutions; Milford Barrel Co. Inc.; Orlando Drum & Container Corporation; Patrick J. Kelly Drums, Inc.; The Cary Company and Others.
Coverage: All major geographies and key segments
Segments: Capacity (Below 25 Gallons, 25-50 Gallons, 50-75 Gallons, Above 75 Gallons); Type (Metal, Fiber, Plastic, Other Types); Application (Chemical, Food & Beverage, Pharma / Cosmetic, Petrochemical / Lubricant, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Fiber Drums Market to Reach US$849.9 Million by the Year 2026
Fiber drums are containers intended to store and ship diverse products such as food items, colorants, dyes, adhesives, rolling sheets, and hazardous chemicals. These drums score higher over plastic and steel drums in terms of corrosion resistance owing to the use of paper-based inner coating that is covered with poly or foil lining. Fiber drums feature fiberboard lids rather than plastic and metal rings for notably minimizing the chances of product contamination. Growth in the global market is attributed to confluence of various favorable factors like rising uptake across end-use industries, expansion of the retail sector, new avenues in emerging economies and product innovations. The market growth is favored by increasing output of hazardous chemicals that are required to be transported to different countries. Manufacturers of fiber drums are leveraging advanced techniques to ensure external or internal liners that improve performance and resistance of these containers to make them attractive for different applications, including storage and transport of chemicals, dyes and adhesives. These drums are anticipated to gain from considerable growth of the e-commerce segment and increasing intercontinental trade.

Amid the COVID-19 crisis, the global market for Fiber Drums estimated at US$681.2 Million in the year 2022, is projected to reach a revised size of US$849.9 Million by 2026, growing at a CAGR of 5.3% over the analysis period. Below 25 Gallons, one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$108 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the 25-50 Gallons segment is readjusted to a revised 5% CAGR for the next 7-year period. This segment currently accounts for a 24.1% share of the global Fiber Drums market.

The U.S. Market is Estimated at $183.5 Million in 2022, While China is Forecast to Reach $137.4 Million by 2026
The Fiber Drums market in the U.S. is estimated at US$183.5 Million in the year 2022. The country currently accounts for a 27.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$137.4 Million in the year 2026 trailing a CAGR of 7.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR while Rest of European market (as defined in the study) will reach US$148.1 Million by the end of the analysis period. Asia-Pacific region retains dominant position in the market owing to the presence of numerous manufacturing facilities and strong contribution from emerging nations like India, China, Indonesia and Australia. The regional market is bolstered by increasing influx of international packaging companies due to easy access to raw materials and cheap labor. The emergence of Asia-Pacific as a leading manufacturing hub for packaging products is anticipated to significantly benefit the fiber drums market. The market is expected to post impressive gains in the US owing to robust fiber drum demand from various applications in agro-based, chemical and food industries. The chemicals industry is likely to play a prominent role in driving the market growth due to increasing demand and transport of chemicals to diverse industry verticals.

50-75 Gallons Segment to Reach $452.2 Million by 2026
In the global 50-75 Gallons segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$247.6 Million will reach a projected size of US$359.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$48.3 Million by the year 2026, while Latin America will expand at a 6.7% CAGR through the analysis period.

Contract Packaging Drives Demand for Fiber Drums Used in Pharma Packaging
Contract packaging refers to the process of one company hiring another entity for the purpose of producing, packaging, assembling, warehousing and distributing their products. Since most pharma majors tend to focus efforts on R&D and product development, the companies look to cut down time, cost and resources that would be otherwise need to invest in building own production facilities, packaging units, and procuring expensive equipment. Contract packagers are specialist companies that hold the expertise, capabilities and personnel required for managing the packaging supply chain. A right packaging partner helps pharma companies to improve efficiencies and help reduce costs, and enables the company to focus on core competencies and objectives. In addition, contract packaging helps in effective packaging design, efficiency, flexibility and faster turnaround times.

Contract packaging helps in resolving a number of issues related to packaging. With packaging requirements becoming increasingly strict around the world, pharma companies find it difficult to comply with such specifications and protocols. In such a scenario, contract packaging companies provide assistance to pharma companies and take up their operations. With contract packaging concept becoming common in the pharma industry, the demand for packaging equipment used in contract packaging facilities is expected to make gains in the years to come. The pharmaceutical contract packaging market is likely to receive a major boost from increasing R&D spending and consistent focus of pharmaceutical companies on new product launches to satiate their long-term desires. Pharmaceutical firms generally spend nearly 15-20% of their yearly revenues on R&D. These companies rely heavily on contract packaging to save on capital expenses and operating costs related to acquisition of packaging equipment and associated labor costs and space for packaging facilities. The strategy also allows pharmaceutical companies to pay more attention to their target areas and core competencies. The approach along with rising spending on research activity is anticipated to benefit the pharmaceutical contract packaging market. Another prominent factor that is slated to drive the market growth is patent expiry of a large number of drugs. Patent expirations are slated to lead production of cheaper generic drugs of original formulations, prompting pharmaceutical companies to invest in R&D for creating novel drugs. More

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