LONDON--(BUSINESS WIRE)--The global drum storage racks market is expected to register a CAGR of over 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the increasing demand for warehouse racks for space optimization. Rents of warehouses in the US have been increasing. For instance, rent of bulk distribution space has increased by about 5%-7% year-over-year from 2015-2016. Additionally, the rent of multitenant distribution warehouses recorded an increment in the range of 13%-16% from 2013-2016 in the US.
This market research report on the global drum storage racks market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in SKU proliferation driving demand for drum storage racks as one of the key emerging trends in the global drum storage racks market:
Global drum storage racks market: Increase in SKU proliferation driving demand for drum storage racks
Increasing consumer demand is propelling new stock keeping units (SKUs). Many end-user industries demand products of different shapes, sizes, and other features. Varying shapes and sizes of products can ease storage and make warehouse operations seamless. Based on the physical and chemical properties of products to be stacked, the vendors have been offering customized drum storage racks.
“Different shapes and sizes of retail products are lucrative for manufacturers and retailers in terms of sales of products. However, this creates challenges for the supply chain side of companies. Drum storage racks are adopted to reduce complexities because of a significant number of SKU proliferation,” says a senior analyst at Technavio for research on warehouse and storage.
Global drum storage racks market: Segmentation analysis
This market research report segments the global drum storage racks market into the following end-users (chemicals and fertilizers industry and petroleum and lubricants industry) and key regions (the Americas, APAC, and EMEA).
The chemicals and fertilizers industry segment held the largest market share in 2017, accounting for nearly 40% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The Americas held the highest share of the global drum storage racks market in 2017, accounting for a market share of approximately 38%. This region is anticipated to dominate the global market through 2018-2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market sizing
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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