The global plastic pails market is estimated at US$ 1,223.6 Mn in 2022 and is projected to reach US$ 1,743.1 Mn by 2030, at a CAGR of 4.5% from 2022 to 2030.
The study conducted by Future Market Insights estimates that the PE and PP material type segments of plastic pails market are estimated to cumulatively account for around 72% of market share in 2022 and the market valuation of these segments is projected to expand at a CAGR of 4.3% and 4.9% respectively during the forecast period 2022-30.
The East Asia region is expected to drive the plastic pails market and is estimated to hold a significant market share of around 36% in 2022.
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Global Plastic Pails Market- Competitive Landscape
The global plastic pails market is fragmented, characterized by the prevalence of several small-care manufactures. The tier III players account for nearly 4/5th of the overall market share.
Mauser Group N.V.,
NCI Packaging,
Time Technoplast Ltd.,
Balmer Lawrie & Co., Ltd.,
M&M Industries Ltd. and
Great Western Containers Inc.
are some prominent players. To survive in the highly competitive market, vendors are relying on mergers and acquisitions which enhances their core competencies.
Expansion of product portfolios, collaborations with various players and agencies as well as product innovations also constitute important growth strategies. For instance, M&M Industries Ltd manufactures the Superkube K1 and K2 pails. The former is a Life Latch UN solids group II and III usage certified while the latter is lightweight for general use.
“Growth of the global plastic pails market is expected to remain steady across the forecast period, owing to increased production of recycled pails. However, reducing oil prices worldwide are inducing a southward trend in the value of plastics, making companies question the feasibility of recycling. As a consequence, the commitment to sustainability is not being met, impeding growth prospects,” infers a prominent FMI analyst.
Global Plastic Pails Market- Key Trends
The plastic pails market is increasingly using recyclable materials, parallel to government regulations enforcing sustainability measures. To that end, manufactures such as Mauser Group N.V. have introduced the Twinshot technology which enables manufacturing 100% recyclable plastic pails
Closed-lid plastic pails are highly suitable for transporting and safe storage of food & beverage items due to their airtight seal ability. Therefore, their usage has augmented in recent years
The plastic pails market stands to gain a lot from the agriculture sector, attributed to the high demand for chemical fertilizers. The non-corrosive nature of liquid fertilizers makes them highly compatible for storage in plastic pails, boosting their demand
Rising demand for paints across the construction industry is also expected to fuel plastic pails usage. These are used to transport paints across national and international borders
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Global Plastic Pails Market- Region-wise Analysis
While North America and East Asia jointly capture most of the plastic pails market share, South Asia is expected to generate greater opportunities. An absolute $ opportunity worth US$ 114 Mn has been forecast for the upcoming forecast period, with growth set to accelerate nearly twofold.
Recycled plastics usage has substantially increased in Australia and Peru, while the European Parliament plans to completely ban single-use plastics by 2021. These developments shall provide major traction to recyclable plastic pails usage in the future.
Latin America, which currently holds a 4.9% market share, is anticipated to transition from the growth phase to the maturity phase while Europe has generated a stagnated demand.
Growth prospects have taken a hit due to the COVID-19 pandemic which has resulted in the cessation of major industrial activities requiring plastic pails usage. The North American Market shall be the worst affected, due to the prevalence of the largest number of infections.
Plastic Pails Market by Category
By Product Type:
Open Top/Head
Close Top/Head
By Material Type:
PE
PP
PET
PVC
Others
By Capacity:
Up to 3 Liters
3 to 5 Liters
5 to 10 Liters
10 to 20 Liters
Above 20 Liters
By End Use:
Paints & Coatings
Inks, Dyes & Pigments
Petroleum & Lubricants
Agrochemicals & Fertilizers
Food & Beverage Ingredients
Other Industrial
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
[06-01 15:34] Shilpa Banerjee
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[06-01 15:35] Shilpa Banerjee
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