Drum Handling Equipment Global Market Report 2024

The drum handling equipment market size has grown strongly in recent years. It will grow from $2.53 billion in 2023 to $2.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be attributed to industrial growth and manufacturing activities, the enforcement of stringent occupational safety regulations, the expansion of the chemical and pharmaceutical sectors, an increase in oil and gas exploration and refining, as well as the growth of international trade and logistics.

The drum handling equipment market size is expected to see strong growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to the increasing demand in the food and beverage industry, the expansion of the renewable energy sector, globalization and supply chain complexity, the rise in e-commerce and warehousing activities, and the integration of IoT and automation. Key trends expected in the forecast period include technological advancements in handling equipment, the integration of electric and hydraulic technologies, advancements in automated drum handling systems, a focus on sustainable and eco-friendly solutions, and a rising demand for customization and versatility.

The anticipated growth in the chemical industry is poised to drive the expansion of the drum-handling equipment market in the future. This expansion involves the development and innovation within the chemical industry, marked by increased capital investments in newer fields. Drum-handling equipment plays a crucial role in enhancing the efficiency of chemical handling operations by facilitating the easy movement of drums from one location to another. This equipment aids in preventing spills and leaks by providing a secure and stable means of transporting drums. For instance, in July 2023, the U.S. Bureau of Labor Statistics reported that the U.S. trade value of chemical manufacturing products exported in 2022 reached $288.0 billion, reflecting a growth of 13.4% compared to 2021. Thus, the expansion of the chemical industry is a key driver propelling the growth of the drum-handling equipment market.

The rise in e-commerce and warehouse facilities is expected to contribute significantly to the growth of the drum-handling equipment market in the coming years. E-commerce, involving electronic buying and selling, and warehouses, large structures for storing manufactured items or raw materials, are key sectors where drum-handling equipment plays a vital role. It streamlines operations by facilitating efficient transportation and storage of goods, ensuring workplace safety. For instance, in September 2022, the International Trade Administration reported that consumer e-commerce constitutes 30% of the UK's overall retail sector, with an annual e-commerce revenue exceeding $120 billion. The rise in online purchases has led to increased demand for efficient handling equipment in warehouses. Therefore, the growth of e-commerce and warehouse facilities is driving the expansion of the drum-handling equipment market.

The lack of safety awareness in drum handling is anticipated to be a limiting factor for the growth of the drum-handling equipment market. Handling drums and containers poses potential hazards to worker safety and health. Without proper awareness and adherence to safety regulations, there is an increased risk of accidents, injuries, and environmental hazards. Such incidents can result in legal liabilities, operational disruptions, and damage to a company's reputation. For example, accidents in handling hazardous waste containers such as drums can lead to detonations, fires, explosions, vapor release, and physical injuries. Adopting proper work practices and safety equipment is essential to minimize these risks. Therefore, the lack of safety awareness in drum handling poses a significant restraint in the drum-handling equipment market.

Major companies in the drum-handling equipment market are focusing on innovation to meet customer requirements. They are developing products such as stainless drums and barrel rotators to provide safe and efficient solutions for rotating fragile and slippery plastic drums. A stainless steel drum and barrel rotator is a custom-made piece of equipment designed to turn drums and barrels. For instance, in March 2022, Packline Materials Handling launched a Stainless Drum and Barrel Rotator designed for handling drums of food ingredients. The equipment features a lifting mechanism and a rotating drum attachment powered by a motor, ensuring secure grip and preventing slipping. In addition, the equipment has a fixed-stop position for handling food ingredients, making it a safe, efficient, and versatile tool for businesses in the food industry.

In April 2022, Hugg & Hall Equipment Company expanded its market position through the acquisition of Southern Material Handling Company. This strategic move enabled Hugg & Hall Equipment Company to broaden its territory, product portfolio, customer base, and expertise in the material handling industry. Southern Material Handling Company, a material handling company, offered various products and services, including drum-handling equipment.

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.

Asia-Pacific was the largest region in the drum handling equipment market in 2023. The regions covered in the drum handling equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the drum handling equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The drum handling equipment market consists of sales of drum lifters and drum dispensers, drum dollies and trucks, forklift drum attachments, drum rotators and mixers, palletizers, drum handling cranes and drum transport systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types of drum handling equipment include manual drum handling equipment and automatic drum handling equipment. Manual drum handling equipment encompasses tools and devices that operate through human effort and physical force. These tools are distributed through both direct and indirect channels and find applications in various industries, including food, chemicals, pharmaceuticals, industrial, and others.

The drum handling equipment market research report is one of a series of new reports that provides drum handling equipment market statistics, including drum handling equipment industry global market size, regional shares, competitors with a drum handling equipment market share, detailed drum handling equipment market segments, market trends and opportunities, and any further data you may need to thrive in the drum handling equipment industry. This drum handling equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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