by Reusable barrels are widely utilized for storage and shipping of industrial liquids and fluids. They are manufactured using durable materials such as plastic and steel making them highly durable and reusable for multiple trips. They offer a sustainable and cost-effective solution for bulk transportation of liquids over long distances. Common applications of reusable barrels include shipping of chemicals, oils, food-grade liquids, paints and coatings, pharmaceutical fluids and other industrial liquids. The transition towards sustainable packaging has propelled the demand for reusable barrels from industries.
The global reusable barrels market is estimated to be valued at US$ 150.41 Mn in 2023 and is expected to exhibit a CAGR of 37% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the reusable barrels market is mainly driven by the growing demand for sustainable transportation of industrial fluids. As reusable barrels can be reused multiple times, they offer a greener alternative to single-use plastic drums leading to reduced plastic waste. Furthermore, reusable barrels help lower packaging costs in the long run for industries compared to repeatedly procuring single-use plastic drums. They also improve load-carrying capacity and protect content quality better during transportation. Strong growth in petrochemicals, chemicals and lubricant industries will further accelerate the adoption of reusable barrels for fluid logistics over the forecast period.
Segment Analysis
The reusable barrels market is segmented on the material type, capacity, end use industry and geography. Based on material type, the market is divided into plastic, metal and fiber/paperboard. The plastic segment dominates the market and is expected to maintain its dominance over the forecast period. Plastic barrels are economic, lightweight and exhibit high strength. Based on capacity, the market is bifurcated into below 25 gallons and above 25 gallons. The below 25 gallons segment constitutes the major share as maximum end users require storage and transportation of less than 25 gallons of liquids.
PEST Analysis
Political: Regulations regarding reuse and recycling are promoting the reusable barrels market growth. Compliance to environmental standards is necessitated.
Economic: Cost benefits of reusable barrels over single use barrels and growing industries requiring bulk packaging are fueling the market.
Social: Rising environmental awareness is increasing preference for sustainable packaging solutions like reusable barrels.
Technological: Advancements in material properties are enhancing durability and performance of reusable barrels. Tracking technologies help optimize supply chain operations.
Key Takeaways
The Global Reusable Barrels Market Demand is expected to witness high growth over the forecast period. The global reusable barrels market is estimated to be valued at US$ 150.41 Mn in 2023 and is expected to exhibit a CAGR of 37% over the forecast period 2023 to 2030.
North America dominates currently due to strong presence of end use industries in the region. Regulations supporting reuse and recycling further support market growth here. Europe is another major regional market led by Germany, Italy and U.K. Strict environmental norms and recycling targets drive reusable packaging demand. Availability of recycling infrastructure also contributes to regional market growth.
Key players operating in the reusable barrels market are AECOM, Dinclix Ground Works, Hyperloop India, Hyperloop One, Inc., Hyperloop Transportation Technology, Space Exploration Technologies Crop., Tesla, Inc., TransPod Inc., Uwashington Hyperloop, and VicHyper. Key players are focusing on developing advanced materials to enhance durability of barrels and facilitate tracking & tracing through integrated technologies. Collaboration with end users helps optimize reusable packaging solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
