In a recent market analysis conducted by Persistence Market Research, the global fiber drums market has been identified as a rapidly growing industry. Fibre drums, known for their circular cross-section and lightweight nature, have become the preferred choice for shipping and storing a wide range of products, including food items, chemicals, and hazardous materials.
One of the key drivers for the growth of the fibre drums market is the increasing demand from end-use industries such as chemicals, food, and agro-based industries. The expanding retail industry and the rising preference for lightweight bulk containers have also contributed to the market’s upward trajectory. Additionally, the fact that fiber drums are 100% recyclable has further enhanced their appeal.
North America and the Asia-Pacific (APEJ) region have emerged as the leading contributors to the global fiber drums market. North America, with its well-established chemical industry, holds a significant market share. The APEJ region, particularly East Asia and South Asia, has shown impressive growth rates due to the continuous expansion of the pharmaceutical and chemical industries in these areas.
The COVID-19 pandemic has affected businesses worldwide, but economies such as the USA and China are expected to recover quickly, reaffirming their dominant positions in the market. The report suggests that these established economies will maintain a firm grip on the fiber drums market.
The global fiber drums market is moderately consolidated, with tier-1 players accounting for a substantial portion of the market value share. Key participants in the market include Grief Inc., Cary Company, Mauser Packaging, Schutz – packaging, Sonoco, Great Western Containers, and Fibre Star. These industry leaders are investing in research and development activities to meet the evolving customer requirements and gain a competitive edge in the market.
The market segmentation of fibre drums is based on closure, capacity, end-use industry, and region. Different closure options available include metal closures, plastic closures, and fiber closures. The capacity of fiber drums varies from below 25 gallons to above 75 gallons. The key end-use industries for fiber drums are the chemical industry, food and agro-allied industry, pharmaceutical industry, building and construction industry, and others.
Overall, the global fibre drums market is experiencing robust growth, driven by the high demand from various industries and the advantages offered by fiber drums, such as lightweight construction and recyclability. As industries continue to rely on efficient and sustainable packaging solutions, the fiber drums market is poised for further expansion.