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| reusable barrels market |
The reusable barrels market comprises reusable barrels used for the
transportation and storage purposes in several end-use industries such as food
and beverages, chemicals, pharmaceuticals, and oil and lubricants. Reusable
barrels find wide application for storing and shipping liquids, powders, and
other bulk products in varied industries. They provide benefits such as
cost-efficiency, safety, durability, and ease of cleaning as compared to
single-use containers. The growth of end-use industries and stringent
environmental regulations regarding disposal of single-use plastics are
anticipated to boost the demand for reusable barrels.
The global reusable barrels market is estimated to be valued at US$ 173.28
billion in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period of 2024 to 2030.
Key Takeaways
Key players operating in the Reusable
Barrels Market Size are Thermo Fisher Scientific, Neogen Corporation,
QIAGEN N.V., 3M Company, PerkinElmer Inc., Romer Labs Division Holding GmbH,
Eurofins Scientific, Hardy Diagnostics, Charles River Laboratories
International Inc., LabCorp, R-Biopharm AG, Biomerica Inc., Zeulab S.L. These players
are focusing on product innovation, mergers & acquisitions, and regional
expansion to gain a competitive edge in the market.
In terms of opportunities, the growing pharmaceutical industry and increasing
focus on waste reduction offer lucrative prospects. Moreover, major players are
expanding their production capacities and distribution networks in emerging
economies of Asia Pacific and Latin America to tap the growth potential.
With regard to global expansion, companies are integrating across the value
chain and offering end-to-end solutions involving reusable packaging, storage,
transportation, and retrieval. Partnerships with logistics companies also help
expand the geographic footprint.
Market Drivers
Stringent regulations regarding the disposal of single-use plastic containers
act as a major driver for the reusable barrels market. Regulations such as the
EU Directive on packaging and packaging waste discourage the usage of
single-use plastics. This bolsters the demand for eco-friendly reusable
barrels.
Growing end-use industries is another key factor stimulating market growth. The
food & beverage industry is a major end-user and expanding rapidly owing to
rising population and changing dietary habits. Similarly, the pharmaceutical
industry is booming with increased R&D activities and drug manufacturing.
This spurs the need for reusable containers for storage and transportation
purposes.
Market Restraints
High initial costs of reusable barrels compared to single-use options can limit
their adoption especially among small and medium enterprises. The high prices
of barrels deter procurement.
Difficulties in cleaning and maintenance of reusable barrels also pose a
challenge. Improper cleaning can lead to contamination and quality issues. High
cleaning costs act as a deterrent for end-users.
Segment Analysis
The 55-gallon reusable barrels segment is currently the dominating sub-segment
of the reusable barrels market. 55-gallon reusable barrels are the most widely
used type of barrels across industries like chemical, pharmaceutical,
agrochemical, food and beverages for packaging and storing various industrial
goods. Their large capacity makes them suitable for handling bulk quantities of
materials during transportation and storage. Ease of handling and compatibility
with existing storage infrastructure also contributes to their widespread
adoption.
Global Analysis
The Asia Pacific region is expected to grow at the fastest pace in the reusable
barrels market during the forecast period. This can be attributed to expansion
of end use industries like pharmaceutical, agrochemical and food processing in
countries like India and China. Rapid industrialization, development of
manufacturing hubs and improvement in logistics infrastructure is supporting the
growth of reusable packaging in the region. North America currently holds the
largest share in the global market due to large volume consumption of
chemicals, pharmaceuticals and agrochemicals in the US and Canada. Stringent
environmental regulations regarding reuse of packaging materials is also
propelling the reusable barrels market growth in the region.
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