The global plastic pails market is experiencing significant growth, driven by a CAGR of 4.5% from 2022 to 2030, with estimated market values of US$ 1,223.6 Mn in 2022 and a projected US$ 1,743.1 Mn by 2030. According to Future Market Insights, the market’s landscape is primarily shaped by the dominance of PE and PP material types, collectively accounting for about 72% of the market share in 2022. Anticipated CAGR rates of 4.3% for PE and 4.9% for PP between 2022 and 2030 highlight their substantial role in market expansion.
The East Asia region stands out as a key driver, contributing to around 36% of the market share in 2022. Notably, China plays a pivotal role, with a projected 4.9% year-over-year growth in 2022. Future Market Insights predicts a total valuation of approximately US$ 447 Mn for the plastic pails market in East Asia in 2022. This robust growth trajectory underscores the market’s significance and potential in the coming years.
Realizing this, manufacturers have been investing intensively in producing biodegradable and recyclable plastic. Recycled plastic pails have proven instrumental in reducing the global carbon footprint as it reduces dependence on fossil fuels. Additionally, recycled plastic pails allow for cost-saving, thereby increasing their customer base.
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“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
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.
- Availability of raw materials and strengthening of supply chains are poised to return growth to normal trajectory across East Asia, Europe and South Asia.
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.
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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What to Expect in Our Report?
(1) A complete section of the Global Plastic Pails market report is dedicated for market dynamics, which include influence factors, market drivers, challenges, opportunities, and trends.
(2) Another broad section of the research study is reserved for regional analysis of the Global Plastic Pails market where important regions and countries are assessed for their growth potential, consumption, market share, and other vital factors indicating their market growth.
(3) Players can use the competitive analysis provided in the report to build new strategies or fine-tune their existing ones to rise above market challenges and increase their share of the Global Plastic Pails market.
(4) The report also discusses competitive situation and trends and sheds light on company expansions and merger and acquisition taking place in the Global Plastic Pails market. Moreover, it brings to light the market concentration rate and market shares of top three and five players.
(5) Readers are provided with findings and conclusion of the research study provided in the Global Plastic Pails Market report.
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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