Steel Packaging Market Size, Share, and Industry Analysis By Product Type (Drums & Barrels, Kegs, Cans, Pails, and Others), By End Use (Food & Beverage, Chemical, Automotive, Paints & Coatings, Building & Construction, Industrial, and Others), and Regional Forecast, 2024-2032

Strong, malleable and durable, steel provides several benefits for safely packaging an extensive range of products. In addition, durability, strength, and waterproofing are among the undeniable advantages of steel packaging products. Such features of steel packaging are helping to drive the growth of this market. Steel packaging is recyclable and can even be recycled multiple times. This form of packaging can be renewed quickly and efficiently if disposed of in appropriate recycling streams. The growing global demand for sustainable packaging will contribute to the growth of this market.

• For instance, according to the U.S. Environmental Protection Agency, the recycling rate for steel cans was 70.9% (1.1 million tons) in 2018, and it is increasing gradually. The augmenting demand for recyclable and sustainable products due to the ban on plastic and other materials that have high environmental impacts is contributing to the growth of the steel packaging market.

Steel packaging provides excellent protection for stored products. Some foods need to be stored in dark packaging, away from several sources of light and UV radiation. Steel packaging is ideal as it is opaque and prevents light from penetrating. The products are hermetically sealed, further extending the shelf life of food, and unlike many other forms of packaging, steel can retain all of the desirable properties of edible products. This includes sensitive flavours and nutrients of pharmaceutical products. Therefore, increasing demand from the food and beverage and pharmaceutical industries is driving the growth of the steel packaging market.

The price of steel is unstable, which impacts the manufacturing of packaging products. The high cost of steel recycling and the maintenance of the infrastructure is hampering the growth steel packaging market. Moreover, the substitute of steel packaging such as plastic and fiber, is increasing day by day and will impede the market growth during the forecast period.

The onset of the COVID-19 pandemic impacted all the economies and markets across the globe. The shutdown of the manufacturing units and disruption in the supply chain have severely impacted the steel packaging market, as there was a limited supply of raw materials. Steel production is a highly capital-intensive industry and the lack of finances during COVID-19 negatively impacted the steel packaging market.

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Steel Packaging Market


• Key Industry Trends


• Regulatory Landscape for the Steel Packaging Market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Steel Packaging Market

SEGMENTATION

ANALYSIS BY PRODUCT TYPE

Based on product type, the market is segmented into drums & barrels, kegs, cans, pails, and others. The drums & barrels segment leads the steel packaging market. Drums & barrels are long-lasting, resilient, and cost-effective. Most importantly, steel barrels are incredibly effective at protecting the goods stored inside from damage or contamination, fuelling the segment growth.

ANALYSIS BY END USE

Based on end use, the market is segmented into food & beverage, chemical, automotive, paints & coatings, building & construction, industrial, and others. The food & beverage segment dominates the steel packaging market. The rising demand for packed food, sauces & condiments, and oils around the world is fuelling the segment growth.

REGIONAL ANALYSIS

The steel packaging market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is the dominating region of the steel packaging market. The growing population and the rising demand for food and beverages, along with the surging chemical industry, are enhancing the growth of this region. North America is growing at a significant rate. The growing automotive sector, coupled with the well-established pharmaceutical industry, is one of the main drivers of regional growth.

Europe is experiencing lucrative growth due to the growing demand for sustainable alternatives to plastic materials. The Latin American region will experience moderate growth. The rising living standards of people thrived the building & construction industry, propelling the regional expansion. The Middle East & African region is anticipated to grow at a steady rate due to the growing exports of petrochemical products.

KEY PLAYERS COVERED

The report includes the profiles of key players such as Greif, Mauser Packaging Solutions, SCHÜTZ GmbH & Co. KGaA, Nippon Steel Drums Co. Ltd., Supermonte Group Italy, Inc., SCHÄFER Container Systems, The Metal Drum Company, Thielmann - The Container Company, GREAT WESTERN CONTAINERS INC., and Silgan Containers LLC.

KEY INDUSTRY DEVELOPMENTS

• In April 2023, Tata Steel introduced a new can form pack for Grupo Calvo’s tuna product. The new can is designed to help reduce food wastage and boost the product’s shelf impact as it is BPA-free and designed to maximise its internal product’s taste.


• In December 2022, Novvia Group acquired Rahway Steel Drum Company. The acquisition helped Novvia Group extend its customer base and helped Rahway develop market strategies to gain market share.


• In June 2019, Balmer Lawrie & Co. Ltd., one of the largest manufacturers of drums, inaugurated a steel drum manufacturing plant in Vadodara, India. The inauguration helped the company enhance its position as a market leader in the western region of the country.