Overview and Scope
Drum handling equipment is a range of mechanical equipment used to securely hold, move, shift, and transport cylindrical modules such as steel drums, barrels, plastic drums, and fiber drums. It is commonly used in industries that require the shipping and storing of cylindrical modules, such as the chemical and petroleum industries.
Sizing and Forecast
The drum handling equipment market size has grown strongly in recent years. It will grow from $2.53 billion in 2023 to $2.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to industrial growth and manufacturing activities, stringent occupational safety regulations, expansion of the chemical and pharmaceutical sectors, rise in oil and gas exploration and refining, increased international trade and logistics.
The drum handling equipment market size is expected to see strong growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to growing demand in the food and beverage industry, expansion of the renewable energy sector, globalization and supply chain complexity, rise in e-commerce and warehousing activities, integration of iot and automation. Major trends in the forecast period include technological advancements in handling equipment, integration of electric and hydraulic technologies, advancements in automated drum handling systems, focus on sustainable and eco-friendly solutions, rising demand for customization and versatility.
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Segmentation & Regional Insights
The drum handling equipment market covered in this report is segmented –
1) By Type: Manual Drum Handling Equipment, Automatic Drum Handling Equipment
2) By Distribution Channel: Direct, Indirect
3) By Application: Food, Chemicals, Pharmaceutical, Industrial, Other Applications
Asia-Pacific was the largest region in the drum handling equipment market in 2023. The regions covered in the drum handling equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The expansion of the chemical industry is expected to propel the growth of the drum-handling equipment market going forward. The expansion of the chemical industry refers to the development and innovation in the chemical industry, which includes increased capital investments in newer fields. Drum handling equipment can help improve chemical handling operations’ efficiency by making it easier to move drums from one location to another. It helps to prevent spills and leaks by providing a secure and stable way to move drums. For instance, in July 2023, according to the U.S. Bureau of Labor Statistics, a US-based government agency, the US trade value of chemical manufacturing products exported in 2022 amounted to $288.0 billion, reflecting a growth of 13.4% compared to 2021. Therefore, the expansion of the chemical industry is driving the growth of the drum-handling equipment market.
Key Industry Players
Major companies operating in the drum handling equipment market report are Komatsu Ltd., Wesco Industrial Products LLC, KION Group AG, Jungheinrich AG, Hyster-Yale Group Inc., Crown Equipment Corporation, Hangcha Group Co. Ltd., Lonking Holdings Limited, SSI SCHAEFER Group, Beumer Group GmbH, RUD Group, METO Systems Inc., EP Equipment Co. Ltd., Flexicon Corporation, Beacon Industries Inc., Pentalift Equipment Corporation, Greenfield Products LLC, Valley Craft Industries Inc., BHS Inc., Morse Manufacturing Co. Inc., Lift Products Inc., Material Flow and Conveyor Systems Inc., Ruger Industries Inc., Wuxi Tongyang Machinery Technology Co. Ltd., Drum Runner Material Handling Co., Easy Lift Equipment Company Inc., Eastwest Engineering & Electronics Pvt. Ltd., KIJEKA Engineers Pvt Ltd., Liftomatic Material Handling Inc.
The drum handling equipment market report table of contents includes:
1. Executive Summary
2. Drum Handling Equipment Market Characteristics
3. Drum Handling Equipment Market Trends And Strategies
4. Drum Handling Equipment Market – Macro Economic Scenario
5. Global Drum Handling Equipment Market Size and Growth
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31. Drum Handling Equipment Market Other Major And Innovative Companies
32. Global Drum Handling Equipment Market Competitive Benchmarking
33. Global Drum Handling Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Drum Handling Equipment Market
35. Drum Handling Equipment Market Future Outlook and Potential Analysis
36.Appendix
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