LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global warehouse drums and barrels market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The top four emerging trends driving the global warehouse drums and barrels market according to Technavio research analysts are:
- Increased investment in infrastructure and R&D
- Resurgence in demand for drums and barrels
- Increasing value-added and customized services
- Growing popularity of biodegradable rigid plastic packaging
Increased investment in infrastructure and R&D
Since there is less scope for product differentiation, the market players are increasingly investing in R&D for the development of products that are high-performing and excellent in quality and durability. Vendors also focus on developing adequate technologies to cater to the growing demand from end-users. They are continuously investing in new product developments for restructuring and realigning their product portfolios and to stay in front of the market in terms of products, infrastructure, and technologies.
“Technology is used to provide low-cost and environmentally friendly products and to ensure the vendors are abiding by regulations. Vendors are focusing on increasing the performance of both open-head drums and tight-head drums. Some of the focused areas for tight-head drums are drop test, impact strength, and chemical resistance,” says Sharan Raj, a lead analyst at Technavio for warehouse and storage research.
Key takeaway: To reduce cost and get ahead of other competitors, vendors are using technology, innovative methods, and enhanced infrastructure in the global warehouse drums and barrels market.
Resurgence in demand for drums and barrels
There has been an increase in the demand for warehouse drums and barrels since the global economic downturn of 2008-2009 worldwide. The construction and manufacturing industries require innovative packaging solutions for storing, handling, and distributing different chemicals. The portfolio of warehouse drums and barrels from vendors is remarkable, with their volume strength varying from 13 gallons to 58 gallons. The plastic warehouse drums and barrels segment will experience stable growth during the forecast period. The growing need for the fast and safe delivery of bulk products is pushing the demand for warehouse drums and barrels.
Increasing value-added and customized services
Apart from the manufacturing of warehouse drums and barrels, vendors are focusing on increasing global production sites, well-organized production process, quality products adhering to international norms, and ensuring on-time delivery of products.
“Giving services such as size options, customization based on material, and presence at a different location makes it easy to distribute or provide services. Companies control the whole manufacturing process by manufacturing all types of tools and machines, which gives customers flexibility and reliability,” says Sharan.
Key takeaway: To differentiate among competitors and increase market share, vendors are providing more value-added services and customized services.
Growing popularity of biodegradable rigid plastic packaging
One of the major trends that will have a high probability of impacting the growth of the global rigid plastic drums and barrels market is the emergence of biodegradable plastics. Biodegradable plastics are plastics that are easily decomposed by micro-organisms, thereby reducing the toxic effect they have on the environment compared to conventional plastics. They are made from renewable materials and petrochemicals with biodegradable additives. With stringent environmental compliance worldwide, vendors are more likely to use biodegradable plastics as a substitute rather than paying hefty penalties. For example, the UAE has imposed a ban on disposable plastic products except those which are made from oxo-biodegradable plastics.
Browse Related Reports:
- Global Safes and Vaults Market 2016-2020
- Conveyor Belt Market in China 2016-2020
- Global Warehouse Ladders Market 2016-2020
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio’s reports allows you to download any three reports per month for the price of one. Contact firstname.lastname@example.org with your requirements and a link to our subscription platform.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at email@example.com.