Valley Cottage, NY -- (SBWIRE) -- 03/16/2019 -- Of over US$ 665 Mn worth global revenue estimated for the fiber drums landscape in 2019, more than US$ 200 Mn is likely to be contributed by the US market. Over the valuation to be attained by 2018 end, the global market for fiber drums is slated for a 6.7% year on year revenue growth.
As indicated by a new market research study published by Future Market Insights, the US will continue to lead the global landscape, followed by Europe and Asia Pacific. Moreover, leading fiber drums manufacturers are likely to capture lucrative business opportunities in the Asia Pacific Rim, for which industrialization will remain the key driving force.
Packaging Manufacturers Increasingly Prefer Fiber Drums
According to the FMI research, fiber drums constitute a superior storage and packaging alternative due to five exclusive attributes. They are
Excellent corrosion resistant
Affordable and customizable
Profitable from the shipping perspective
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"Being a cost effective alternative over conventional steel or plastic drums, fiber drums or fiber barrels are widely used for their eco-friendly quality and lightweight nature. Fiber drums are sturdy can withhold volumes of solid or liquid safely and securely. 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 FMI.
Growth Analysis of North America's Fiber Drums Market
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 product such as fiber drums at an advantageous position.
The US governs North America's market for fiber drums. However, FMI projects a positive revenue growth outlook for Canada's fiber drums market in coming years. The US as indicated by the report will exceed the revenue worth US$ 200 million by 2019 end.
Retail and Industrial Realms Push Prospects for Fiber Drums Adoption
The retail is expanding briskly and the preference for lightweight bulk containers is growing at a robust pace, which are 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 and since fiber drums have been witnessing design innovation over the years, the applicability in industrial packaging is also witnessing a constant rise.
However, industrial packaging manufacturers still continue to struggle with the lack of agility, which is subsequently forestalling rapid sales of fiber drums in industrial manufacturing sector. Moreover, fiber drums are located 2-3 nodes back across the supply chain that raises the complexity level for fiber drums manufacturers to address the demand variability.
Segmental Insights at a Glance
Based on the closure type, metal closure fiber drums continue dominance over plastic closure and fiber closure counterparts.
On the basis of holding capacity, the 50-75 gallons segment is identified to emerge highly attractive compared to the other three, i.e. below 25 gallons, 25-50 gallons, and above 75 gallons.
According to the end-use industry analysis, the global fiber drums consumption remains the heaviest in the chemical sector, compared to others including food and agro-allied, pharmaceutical, building and construction, and others.
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