Learn about actual and potential costs
How much should I pay for Drum Handling Equipment?
What is the average price of Drum Handling Equipment?
This procurement report includes pricing information to help you purchase Drum Handling Equipment. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Drum Handling Equipment been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Drum Handling Equipment yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Drum Handling Equipment?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Drum Handling Equipment with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
Market share concentration in the drum handling equipment market is moderate, with the top four suppliers accounting for 30.0% to 40.0% of total market revenue. Overall, there are an estimated 2,600 suppliers in the market, consisting of manufacturers, wholesalers and distributors. Although the market is moderately concentrated, there is... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Experience and Expertise
How long have you provided these products to your longest-tenured client?
What qualifications does your staff have and what measures do you take to keep those qualifications up to date?
What industry do you most commonly supply this product for?
To what extent will ordering multiple products from your firm allow me to save on costs?
What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?
Supply Chain Risk
Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?
Has the availability of raw materials tightened due to the coronavirus outbreak?
Over the past three years, what percentage of your revenue has been dedicated to labor?
How have fluctuations in input prices affected the prices of your products during the past three years?
How do you mitigate sudden price increases in raw materials?
When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?
How, if at all, has your supply chain been affected by import tariffs levied in 2018?
How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?
How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?
What ongoing training procedures do you provide for your staff?
Have you ever been found to be noncompliant with regulatory frameworks?
Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
What is the expected service life of the drum handling equipment I am considering buying?
What is the expected upkeep and maintenance schedule for the equipment?
Is your equipment more reliable than your competitors' equipment?
What grade of steel do you use in production? Do you purchase high-quality parts for use in your equipment?
Does this piece of equipment come with a warranty from the manufacturer? What are the terms and coverage of the factory warranty?
Do you offer extended or additional warranty coverage?
How long does it take to file a warranty claim? How much paperwork is required?
How often are warranty claims fulfilled? What is the most common problem covered by the warranty?
Who is your shipping supplier? How long have you been using them?
What percentage of outgoing shipments are late? What percentage of shipments contain errors?
Do you offer expedited shipping? How fast is it and how much does it cost? Has your delivery rates changed amidst the COVID-19 pandemic?
Can I pick up my equipment myself?
Supply Chain Risk
Who are your metals suppliers? Where are they located? Are they located in areas affected by the coronavirus outbreak?
Are you engaged in a supply contract with your key suppliers? Do these contracts mitigate the risk of prices increasing suddenly?
Have your prices been affected by supply chain issues in the past three years? How has the coronavirus outbreak impacted your supply chain?
Do you source your inputs from multiple suppliers? Would the bankruptcy of any single supplier significantly affect your operations? How are your suppliers handling the coronavirus outbreak?
Has import penetration negatively affected your business in the past three years?
Are your products superior to imported products regarding quality and durability?
Are any of your key inputs imported? Does this affect prices or deliverability? How has your rate of imports changed amidst the coronavirus outbreak?
Does the dollar's exchange rate materially affect your business?
Do you offer any related products that I may need?
Can you offer a discount for bundling related products into single purchases?
Do you have a favorable relationship with any suppliers of related goods?
Are there any incentives for repeat or long-term customers?
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Key elements for every RFP
What should my RFP include?
Buyers should specify the amount for the contract award and contract length.
Buyers should break down the budget per unit for each type of equipment they will be purchasing, including any related goods and services.
Buyers should specify a payment schedule and method of payment.
Buyers can reference the Benchmark Price and Total Cost of Ownership sections of this report for more information.
Buyers should select a vendor that can ensure timely delivery of all equipment. Buyers can ensure reliability by reviewing vendor references from previous clients.
Buyers should select a vendor who is of strong financial footing.
Buyers should maintain clear criteria for weighing key pricing and quality factors. For help creating selection criteria, buyers can reference the Buying-Decision Scorecard section of this report.
Buyers should outline key dates in the RFP process, including any on-site visits that bidders must make.
Buyers should provide a delivery schedule for vendors to follow.
Buyers should specify when final bid awards will be announced.
Evaluate major factors to mitigate risk
How risky is the supply chain?
The supply chain for drum handling equipment is moderately risky, and input cost spikes represent the most significant source of risk for buyers. Second tier suppliers mostly carry a moderate risk level and generate ample profit margins. These margins allow second tier suppliers to absorb a portion of any potential... Subscribe to learn more.