“The drum liner market will rise at 3.9% CAGR between 2022 and 2030, finds Future Market Insights (FMI) in a new study. Drum liners find applications across diverse industries, including food & beverages (F&B), automotive, and others. ”
FMI has predicted the demand from industrial, chemicals, segment to rise at above 4% over the forecast period. While growth in the F&B sector is likely to happen at a decelerated pace in 2020 amid COVID-19, the demand is expected to pick up, albeit gradually 2021 onwards.
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Similar trend is likely across regional markets. Growth in Europe, North America, and other regions will be significantly hampered during COVID-19. However, FMI has projected the demand in East Asia and South Asia to gradually rise in 2021, gaining momentum 2022 onwards to exhibit a higher CAGR than mature markets, including North America and Europe.
The rising demand in industrial production and residential constructions is expected to drive the market. The reusability of drums and their cost friendly nature are expected to contribute towards a positive growth in the drum liners market.
According to the Asian Infrastructure Investment Bank (AIIB), governments across Asia are likely to ramp up infrastructure projects post COVID-19 crisis to give tailwinds to economic growth. While the ongoing restrictions due to the pandemic will continue posing challenges, the AIIB has forecast the medium-term outlook for construction to remain robust. This is expected to create ample opportunities for drum liners sales in the near future.
Key Takeaways from Drum Liners Market Report
COVID-19 Impact Analysis
The COVID-19 pandemic has disrupted various industries including the drum liners market. Transport bans in several countries has restricted the need for drum liners. Limitations for the import of raw materials has also slowed down production. The market experienced a negative 1.3% CAGR during 2022.
The drum liner market is predicted to bounce back exhibiting a moderate pace of growth 2021 onwards. Following the pandemic, increasing demand for safe and hygienic garbage disposal and storage is expected to drive the market growth.
Who Is Winning?
Companies operating in the drum liners market are focusing on the usage of eco-friendly materials in drum liners in order to offer improved sustainability. For instance, Mondi, one of the prominent names in paper and packing industry, has developed one-of-its-kind sustainable polycoated kraft (PCK) paper release liner, which it plans to launch on a global scale. Mondi’s NextLiner uses recycled paper as base with coatings derived from renewable sources to leave a positive impact on environmental footprint.
Some of the key players in the market are Sealed Air Corporation, Welch Fluorocarbon Inc., Sri Lakshmi Vishnu Plastics, Spp Poly Pack Pvt. Ltd., Vestil Manufacturing Corporation, Bemis Company Inc., CDF Corporation, Heritage Packaging, Toray Industries, Allied Plastics, Mitsubishi Chemicals, Berry Plastic Corporation and Steiner Electric Company.
Valuable Insights into the Drum Liner Market Report
Future Market Insights in its latest report has conducted a detailed analysis on the drum liner market along with an assessment for the forecast period of 2022-2030. The report divides the market in various segments to provide a comprehensive analysis. The market is segmented based on drum liner type into flexible drum liner and semi-rigid drum liner.
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On the basis of design type, the market is segregated into straight-sided liners, accordian liners, combination liners and others. Based on the end use, the market is divided into industrial chemicals paints, inks & dyes, food & beverages, cosmetics & pharmaceuticals, building & construction and others. The market is segmented based on the geography into North America, Latin America, Europe, Middle East & Africa, East Asia, South Asia and Oceania.