India Steel Drum & IBC Market Size & Share

India Steel Drum & IBC Market Size & Share | Global Industry Report for 2033

Posted 2023-07-04 21:10:37

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According to Future Market Insights (FMI), India’s steel drum market size is forecast to increase from US$ 281.2 million in 2023 to US$ 468.7 million by 2033. Similarly, India’s IBC market is likely to expand from US$ 170.5 million in 2023 to US$ 260.5 million by 2033.

Overall demand for steel drums and IBCs across India is projected to surge at 4.6% and 3.8% CAGRs respectively from 2023b to 2033.

Rising trade activities along with an expansion of the chemical industry are a key factor driving India’s steel drums & IBC market.

One of the key consumers of steel drums & IBCs in India is the chemical industry. Expansion of this sector in India will therefore eventually fuel demand for steel drums and IBCs. As a result, IBC producers may have new options to grow their businesses and boost output to keep up with the rising demand.

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Leading steel drum & IBC manufacturers can offer specialized solutions that satisfy the unique needs of the chemical business. The chemical sector has distinct requirements for the packaging, storage, and transportation of its products. As a result, manufacturers may have new chances to stand out from the competition and forge enduring partnerships with chemical firms.

India’s chemical sector is well-established on the international stage, and as it develops, there will be additional opportunities to sell chemicals abroad. This is expected to create new growth opportunities for steel drum & IBC manufacturing companies.

Key Takeaways from India Steel Drum & IBC Packaging Market

India steel drums market is expected to cross a valuation of US$ 468.7 million by 2033.
The IBC market in India is anticipated to progress at 3.8% CAGR, reaching a valuation of US$ 260.5 million by 2033.
By material, stainless steel segment is expected to attain a valuation of around US$ 38.3 million by 2033.
The cardboard IBC segment is estimated to witness a CAGR of 6.0% during the forecast period.
Closed-head steel drums segment is projected to hold a market share of more than 84.4% in 2023.
By content, liquid segment is estimated to account for around 82.6% share of India steel drums market in 2023.
By end use, industrial chemicals segment is likely to account for around 70% share of India steel drum market while it will hold about 55.1% share of India IBC market.

“The constant growth of the industrial sector and the rising demand for transportation and logistics for liquids, semi-liquids, and hazardous materials are expected to generate high demand for steel drums & IBC in India.” – says a Future Market Insights FMI analyst.

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Positive Growth in Indian Exports will Aid the IBC Market to Cherish:

Steel drums & IBCs would be more in demand as Indian exports increase because they are used to convey exported products. This will increase the demand for IBCs in India, which may result in market expansion.

As more Indian businesses use steel drums & IBCs for exporting goods, the IBC market in India may become more well-known. This may encourage further businesses to embrace IBCs, fueling the market’s continued expansion.

Steel drums & IBCs can be a desirable alternative for exporting businesses since they provide a practical solution for the shipping of bulk products. The steel drums & IBC market expansion may result from Indian enterprises exporting items to other nations.

The India steel drums & IBC market may draw more foreign investors, spurring further growth and development. The Indian government has launched several initiatives to encourage exports, which may open up more market potential for steel drums & IBCs. This may also draw more investments, spurring more expansion in India’s IBC sector.

Overall, the expansion of Indian exports is expected to elevate demand for steel drums and IBCs. This will fuel market expansion during the assessment period.

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