The drum liner market would expand at a 3.9 percent CAGR between 2020 and 2030, predicted Future Market Insights (FMI). Several industries, including food and beverage, automotive, and others, use drum liners. According to FMI, the demand for lubricants, chemicals, and industrial products is anticipated to increase at a rate of roughly 4% during the projection period. Due to COVID-19, it is anticipated that the F&B industry will expand more slowly in 2020, but demand is anticipated to gradually increase beginning in 2021.
Other local markets are predicted to follow a similar trajectory. Growth in Europe, North America, and other regions will be significantly constrained during COVID-19. FMI predicts that demand in East Asia and South Asia would gradually rise in 2021, picking up steam from 2020 forward and demonstrating a higher CAGR than in more developed areas like North America and Europe.
Increased demand for industrial production and residential construction is probably what will drive the market. The drum liners market is anticipated to increase favorably because of the reusability of drums and their inexpensive price.
COVID-19 Impact Analysis
The drum liners market has been impacted by the COVID-19 epidemic, among other sectors. The demand for drum liners has been curtailed by transport limitations in several nations. Production has also slowed down as a result of restrictions on the import of raw materials. In 2020, the market had a negative CAGR of 1.3 percent.
The market for drum liners is anticipated to recover starting in 2021 and develop at a moderate rate. Following the epidemic, the market is anticipated to rise as a result of the rising need for secure and sanitary garbage disposal and storage.
Key Takeaways from Drum Liners Market Report
The market for paint, inks, and dyes is anticipated to see a spike in demand for drum liners.
Drum liners are in high demand in Asia due to rising petroleum and oil production and exports.
The need for flexible drums is anticipated to expand as the chemical industry’s demand does.
End consumers are gravitating toward straight-sided liner designs more and more.
Through the projection period, the demand from the industrial chemicals and lubricants category will continue to soar.
Who Is Winning?
To provide better sustainability, companies in the drum lining industry are emphasizing the use of eco-friendly materials in drum liners. For instance, Mondi, a well-known brand in the paper and packaging industries, has created a unique sustainable poly-coated kraft (PCK) paper release liner that it intends to introduce on a global level. The next line from Mondi reduces its environmental footprint by starting with recycled paper and using coatings made of renewable resources.
The following companies are some of the major players in the market: Berry Plastic Corporation, Steiner Electric Company, 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, and Bemis Company Inc.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End-Use over the next 10 years.
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