Global Socks Market to Rise due to Development of Retail Sector and Evolving Fashion Trends Globally

Socks are commodity products that have, with the introduction of luxury socks and application-specific socks, experienced a transformation into being fashion products. Due to this transformation, the development of the global socks market has outpaced the total development of the apparel industry. The increasing demand for socks is owing to the development of the retail sector and the evolving fashion trends globally. The socks market is also stimulated by the rising population and the increasing disposable incomes of consumers in a number of developing economies. In addition, the increasing manufacturing and development of offbeat socks such as high-end casual socks, luxury socks, and fun socks have also augmented the growth of the global socks market.

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Demand for Wool and Cotton is on Rise in Developed Countries
On the basis of material used, the market is segmented into cotton, nylon, waterproof breathable membrane, polyester, wool, and others. Amongst these, the segments of wool and cotton led the market in 2015 and are being widely used for the manufacturing of socks. The demand for cotton and wool socks is comparatively higher in developed countries than in developing countries due to the sustainability of natural fibers in developed countries. On the other hand, the demand for synthetic socks is relatively high within emerging economies owing to their economical prices.

Athletic Socks to Lead Global Socks Market till End of 2023
On the basis of product, the socks market is segmented into athletic socks, specialty socks, women’s socks, trouser socks, casual socks, and others. Amongst these, the segment of athletic socks led the market in 2014 and represented over one-third of the market. This segment is also predicted to maintain its superiority throughout the forecast horizon due to the numerous application areas of athletic socks, backed by their reasonable prices. In terms of gender, the market for socks has been segmented into women’s socks, men’s socks, and kids’ socks. Amongst these, the segment of men’s socks led the market with approximately 50% share in the market in 2015. The reason for the superiority of this segment is the rising sales of men’s footwear and apparel.

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Asia Pacific Socks Market Held Largest Share in 2015
In terms of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, the region of Asia Pacific held the largest share in the market in 2015 and is predicted to maintain its superiority throughout the forecast horizon. The increasing demand for socks in this region is owing to the region’s large population base. In addition, the increasing count of retail outlets within this region, particularly in countries such as Malaysia, China, Singapore, and India, will further augment the growth of the socks market within Asia Pacific. On the other hand, the North America market is predicted to experience steady growth, while Saudi Arabia and Brazil are expected to lead the RoW socks market in the coming years.
The prominent players dominant in the global socks market are Adidas Group, Puma SE, Nike, Inc., ASICS Corporation, and Thai Socks Corporation, among others.

Global Warehouse Drums and Barrels Market to Gain Impetus from Rising Demand in Chemicals and Petroleum Industry

Post the economic slowdown in 2008, the demand from the global warehouse drums and barrels market has been surging positively. Warehouse drums and barrels find application across diverse industries such as food, petrochemicals, and chemicals and petroleum. Of these, the chemicals and petroleum industry exhibits sizeable demand for drums and barrels. This rapidly expanding industry has its own set of transportation and packaging requirements. Since chemicals are more sensitive to external conditions such as moisture, pressure, and temperature, efficient packaging solutions are considered indispensable for the industry. Warehouse drums and barrels offer exceptional insulating effects, owing to which they are considered ideal for packaging and transporting chemicals.

Rising Demand for Biodegradable Plastic for Packaging to Boost Market
The rising adoption of biodegradable rigid plastic for efficient packaging is an important trend spurring demand from the global warehouse drums and barrels market. In comparison to conventional plastic, biodegradable plastics are easily decomposed by microorganisms. This in turn reduces the adverse effect biodegradable plastics have on the environment. Furthermore, with the implementation of stringent regulations worldwide, aimed at curbing the carbon footprint, vendors are expected to rapidly switch to using warehouse drums and barrels made from biodegradable materials in order to avoid hefty penalties.

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A wide range of materials such as plastic, fiber, steel, or a combination of all these are used to make warehouse drums and barrels. Additionally, their availability in diverse shapes, sizes, and thickness makes them suitable for use in a myriad of industrial packaging purposes.

Steel Emerges as Widely Used Material for Manufacturing Warehouse Drums and Barrels
Based on product type, the steel drum segment held the dominant share in the market in 2015 in terms of revenue. However, the segment is likely to slowly lose its dominance in the market owing to the easy availability and low price of plastic drums and barrels. Nevertheless, the steel variants of warehouse drums and barrels will continue to be preferred for transportation and handling during adverse conditions.

Asia Pacific Dominates Global Warehouse Drums and Barrels Market
Regionally, the global market for warehouse drums and barrels can be segmented into Asia Pacific, North America, Europe, and Rest of the World. Among these regions, Asia Pacific dominated the global warehouse drums and barrels market in 2015. However, the declining demand from industries in North America will reduce the sales prospects of the Asia Pacific market in the near future. This will negatively impact the sales exhibited by the Asia Pacific warehouse drums and barrels market. Nevertheless, the market will gain from the mergers and acquisition activities witnessed in the region.

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Market Features Presence of Several Multinational as well as Regional Players
The global warehouse drums and barrels market features the presence of multinational enterprises such as Schutz and Greif. Vendors operating in the market compete on the basis of product features such as lightweight, space, and heat, oil, and chemical resistance.  The presence of a large number of regional players offering bulk packaging solutions at lower prices has further intensified the competition in the warehouse drums and barrels market. Some of the prominent vendors operating in the global warehouse drums and barrels market include Industrial Container Services, Om Packaging, Berenfield Containers, Jakacki Bag & Barrel, Remcon Plastics, and others.