Future Market Insights (FMI) delivers key insights on the global Fiber Drums market in its published report, titled “Fiber Drums Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2027.” In terms of revenue, the global Fiber Drums market is estimated to grow at a CAGR of 7.1% during the forecast period, owing to numerous factors, about which FMI offers thorough insights and forecasts in this report. The Asia Pacific Excluding Japan (APEJ) fiber drums market is expected to remain in the leading position during the forecast period.
Fiber drums are used for storing and shipping of a variety of products including food products and flavourings, dye and colorants, adhesives, rolled sheet material as well as various hazardous chemicals. Fiber drums are a cost-effective alternative to more expensive plastic and steel drums or barrels. Fiber drums are also eco-friendly and recyclable in nature. They are sturdy and can hold a great deal of weight in either liquid or solid form. Fiber drums fulfil a wide range of packaging requirements in industries such as pharmaceuticals, chemicals, agro, and food processing.
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In the report, FMI suggests that the chemical segment in end-use industry is expected to play a key role in the growth of the fiber drums market during the forecast period. Fiber drums are expected to witness substantial growth in many emerging countries owing to the rise in demand of fiber drums in the retail sector. The chemical segment in the fiber drums includes glue, dyestuff, and colourants. Research also suggests that the food and agro-allied segment in the end-use industry is anticipated to have positive potential in the growth of the fiber drums market. The growth is mainly attributed to the contributions of countries like India, China, and ASEAN countries in the APEJ region. Manufacturers are adopting fiber drums as they reduce the manufacturing costs and increase efficiency. North America is expected to have high potential growth, considering that most of the manufacturing sector has been captured by the chemical segment in fiber drums. The growth in intercontinental trade of fertilizers and chemicals is anticipated to boost the growth of the global fiber drums market. China is expected to be at the forefront, spearheading the growth of the Asian fiber drums market during the forecast period. According to the research by FMI, the fiber drums market has witnessed rapid growth in the past couple of decades due to a steady rise in the end-use industry. However, fluctuation in plywood or Kraft paper prices may affect the fiber drums market globally.
The growing retail sector and increasing use of high capacity drums are some of the key drivers for the growth of the global fiber drums market. Budding demand in end-use applications such as chemical, food and agro-allied industries is also escalating the market. Fiber drums are required to meet certain high-quality international shipping standards. Hence, both hazardous and non-hazardous materials can be transported through them.
The key players in the fiber drums market are focusing on enhancing their production capacity, both by establishing new production facilities and by modifying existing sites. The key motive is to have a global presence through acquisitions, collaboration, or exports. The manufacturers of fiber drums are likely to eye the lucrative regions of APEJ in the coming years. Growing industrialization in the emerging countries is expected to be the fundamental driving force behind the growth in demand for fiber drums.
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Key players considered in the report on fiber drums market include Grief Inc., C.L.Smith, Mauser Group B.V., TPL Plastech Ltd., Industrial Container Services, Three Rivers Packaging Inc., Milford Barrel Co. Inc., Orlando Drum and Containers Corporation, Enviro-Pak Inc., Sonoco Product Company, Fibrestar Drums Limited, Great Western Containers and Patrick J. Kelly Drums, Inc. Many unrecognized and local players are expected to contribute to the global fiber drums market in 2018-2027.