Fiber Drum Market By Type of Closure (Plastic Closure, Metal Closure, Fiber Closure), by capacity (below 25 gallons, 25-50 gallons, 50-75 gallons, above 75 gallons), End use Industry (Chemical Industry, Food & Agro allied industry, pharmaceutical industry, Building and Construction Industry, Others), and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) and forecast to 2029
Fiber Drum Market was valued at USD 998.2 million in 2022 and is poised to grow at a CAGR of 7.3% from 2023 to 2029. Fiber drums are used for storing and packing a variety of products like food products, medicines, colorants, dyes, agro products, adhesives, and various hazardous materials. Fiber drums are made from paper boards and kraft paper winding attached with the adhesive which provides the drum with stacking strength and handling strength. The fiber drums have better resistance to corrosion compared to steel drums and plastic drums. The interior of the fiber drum is made up of plastic which is coated with foil or poly lining in order to minimize the product contamination. As the fiber drums are made up of fiber board, they are light weight which are easy to carry and indirectly reduces shipping charges. New development in the fibre drums comes with the additional inner & outer lining which increases their resistance and performance in various applications. The growing environmental consciousness among the consumers is influencing the demand of sustainability and lowering the environmental impact in fiber drum packaging. The demand for sustainable packaging is expected to grow in the forecasted years. Eco-friendly packaging is motivating the consumers to trigger the fiber drum market growth. The use of plastic globally leads to improper waste management and produces a lot of plastic waste which fuels the growth of fiber drum market globally. Fiber drums can be used to store or ship hazardous dangerous solids because of their inactiveness and lightweight, fiber drums are being preferred among various other available alternatives. Geographically, Asia Pacific region held the major market share in 2022 and is expected to dominate the global fiber drum market in the forecasted years.
Fiber Drum Market Key Developments:
In July 2022, SCHUTZ container systems, announced an investment in the network of collection and eco-friendly reconditioning of packaging used in industries in North America.
In May 2022, Carré Karton launched fiber drums for chemical, pharmaceutical, and food industries to reduce the cost and protect the environment
Study Period
Base Year
CAGR
Largest Market
Fastest Growing Market
Fiber drum market is increasing due to environmental consciousness among the public influences the demand for sustainable and lowering impact on environment which drives the fiber drum market growth. The increase in issues related to plastics has boosted the need of an alternative material like is fiber drum which are made from fiber board. The fiber drums are light weight, economical and also has similar properties to other materials which fuels the growth of fiber drums market. Hence, this will drive the global market growth at a significant rate.
Fiber drum market is segmented based on regions into North America, Asia-pacific, Europe, and the Middle East and the Africa. Asia Pacific fiber drum market is likely to hold a significant revenue share, and in the forecasted years, it is predicted to increase rapidly due to the presence of numerous manufacturers in emerging economies such as India, Indonesia, Australia, and China. The expansion of agricultural industries in these regions, implementing effective & efficient means of storage, and increasing exports are likely to increase the market share value in this region. The North America fiber drum market is expected to have a significant growth in the forecasted years by its increase use of fiber drums in food & Beverage industries, new innovations to enhance the product application.
Latin America
Europe
Asia Pacific
Middle East
North America
The fiber drum market size was valued at USD 998.2 million in 2022.
The fiber drum market is poised to grow at a significant CAGR of 7.8% from 2023 to 2029.
The leading players in the global fiber drum market are Orlando Drum & Container, Mauser Group, Fibrestar Drums, Three Rivers Packaging, Sonoco Product, Schutz Container Systems, Enviro-Pak, Industrial Container Services (ICS), CL Smith, Greif, Great Western Container, TPL Plastech
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and Seven years forecast presented from 2023– 2029.