What Fueled The Previous Growth In The Drum Handling Equipment Market?
The drum handling equipment market has seen considerable growth due to a variety of factors.
• The market size of drum handling equipment has seen significant expansion in the previous years. The projected growth is from $2.73 billion in 2024 to $2.93 billion in 2025, experiencing a compound annual growth rate (CAGR) of 7.4%.
Factors contributing to this growth during the historic period include industrial expansion and manufacturing activities, strict regulations for occupational safety, growth of chemical and pharmaceutical industries, increased efforts in oil and gas discovery and refining, and a rise in international trade and logistics.
How Does the Forecast Look for the Drum Handling Equipment Market?
The drum handling equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The market for drum handling equipment is predicted to experience substantial growth in the coming years. It is projected to increase to $3.83 billion by 2029, with a compound annual growth rate (CAGR) of 6.9%.
A variety of factors account for this rise during the forecast period, including an increase in demand from the food and beverage sector, the growing renewable energy industry, the complexities of globalisation and supply chains, the surge in e-commerce and warehouse operations, and the incorporation of automation and the internet of things. The forecast period also anticipates trends such as technological innovation in handling equipment, the fusion of electric and hydraulic technologies, advances in automated drum handling systems, a push towards sustainable and environmentally friendly solutions, and a rising demand for customisation and versatility.
What Are The Leading Drivers Of Growth In The Drum Handling Equipment Market?
The drum-handling equipment market is set to expand driven by the growth of the chemical industry. The expansion of this industry, characterized by increasing capital investments, technological advancements, and innovation, signifies potential growth for the drum-handling equipment market. Drum handling equipment enhances the efficiency of chemical handling operations by enabling easy movement of drums and minimizing leakages and spills thus ensuring reliability and safety. In July 2023, the U.S. Bureau of Labor Statistics reported that the US chemical manufacturing products' trade value stood at $288.0 billion in 2022, an increase of 13.4% from 2021, highlighting the rapid expansion of the industry, which consequently fuels the drum-handling equipment market.
Drum Handling Equipment Market Driver: Surge in E-commerce and Warehouse Facilities
How Are The Segments Defined Within The Global Drum Handling Equipment Market?
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
Subsegments:
1) By Manual Drum Handling Equipment: Drum Lifters, Drum Trolleys, Drum Rollers, Drum Cradles
2) By Automatic Drum Handling Equipment: Automated Drum Dispensing Systems, Robotic Drum Handling Systems, Electric Drum Lifters, Conveyor Systems For Drums
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What New Trends Are Influencing The Drum Handling Equipment Market?
Top players in the drum handling equipment industry are introducing cutting-edge products including stainless drums and barrel rotators to cater to customers’ need for a reliable and effective solution for manoeuvring sensitive and slick plastic drums. A tailor-made item of equipment, a steel drum, and barrel rotator, is fashioned to spin drums and barrels. For instance, a UK-based firm known for manufacturing industrial machinery, Packline Materials Handling, unveiled a Stainless Drum and Barrel Rotator in March 2022. This multipurpose device can manage a range of food ingredient drums and barrels. It includes a frame outfitted with a lift mechanism and a revolving drum attachment. A motor propels the lift mechanism and is capable of holding drums weighing up to 200kg. The revolving drum attachment is engineered to hold the drum firmly to avoid slippage. Additionally, this machinery has a fixed stop position for handling food ingredients which makes it an essential tool for enterprises in the food sector. It's a secure, proficient, and multifaceted piece of equipment that can manage drums of food ingredients in a range of applications.
Who Are the Key Players In The Drum Handling Equipment Market?
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.
What Is The Most Dominant Region In The Drum Handling Equipment Market?
Asia-Pacific was the largest region in the drum handling equipment market in 2024. The regions covered in the drum handling equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
