The global pails market is poised for robust growth with a projected Compound Annual Growth Rate (CAGR) of 4.6%. Anticipated to reach a market value of US$ 2 billion in 2023, the market’s revenue is forecasted to experience further expansion, surging to US$ 3.1 billion by 2033.
In response to growing environmental concerns, a notable trend within the pails market is the emphasis on sustainable practices. Market participants are actively encouraging their clients to evaluate their carbon footprint, offering tools like the ‘Green Tool’ for assessing the environmental impact of packaging materials. This approach not only simplifies the process but also aids in making informed environmentally conscious decisions while facilitating local reporting.
Leading companies are aligning with broader sustainability objectives, prioritizing a circular economy, reduced greenhouse gas emissions, and fostering diversity, equity, and inclusion initiatives. Offering a diverse array of containers, tubs, and pots in various sizes, shapes, and materials, these players cater to specific brand requirements across sectors such as food, pharmaceuticals, and industry. Their commitment extends to preserving product freshness and minimizing food wastage through innovative design and technical expertise. As these trends gain traction, the global pails market holds promise for environmentally mindful and inclusive growth.
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Concurrently, steel pails are recognized as the best packaging solutions for several end users and industrial commodities such as lubricants, chemicals, adhesives, product coatings, and fuel. Steel pails are used by end users to transport and store liquid or dry commodities. End-user industries have used them extensively for the storage and transportation of dry and liquid goods for many years. The increasing number of building projects in the United States is expected to continue to climb as a result of increased international and local investment. A few of the leading construction projects that have significantly increased demand for high-density polyethylene plastic pails in the United States include the Washington State Convention Center in Seattle, the Comcast Technology Center in Philadelphia, the Atlanta Falcons Stadium, and the One Thousand Museum in Miami.
Concerns about environmental footprints have resulted in a considerable movement toward the use of recyclable and post-consumer polymers in the production of plastic pails. This is expanding worldwide acceptance of plastic pails across various end-user industries, such as the packaging industry, and so quickening the category spend momentum. Plastic pails’ high customization capability in terms of size, shape, moldability, and the material used in their manufacturing process is supplementing category demand for packaging a diverse range of products such as food and beverages, chemicals, paints and adhesives, pharmaceutical products, and lubricants. Furthermore, the growing awareness of the need for newborn cleanliness in emerging economies is boosting demand for baby diaper pails. Working moms are willing to pay a premium for organic and eco-friendly items sold by vendors such as Seventh Generation, which manufactures their goods from plant-based resources.
Additionally, several sectors, such as chemical and pharmaceutical, require lightweight, robust, and low-cost packaging materials. This is perfect for carrying both solid and liquid bulk materials, which increases demand for plastic pails. Furthermore, rising demand from the food and beverage industries for pails to avoid contamination and transportation is expected to drive the pails market growth throughout the research period.
However, stringent government regulations on the use of plastic are expected to stymie the growth of the global pails market. High raw material prices, as well as the high price of metal pails compared to that plastic ones, are other challenges faced by the pails industries.
Key Takeaways:
- During the projected period, the United States is likely to have significant market growth for pails. Key players make their pails to meet the most stringent food container specifications.
- China is likely to lead the global pail market over the forecast period. China’s market participants provide a wide selection of sizes in both lacquered and unlacquered finishes. A multitude of other conceivable adjustments, such as custom engraving, adding or deleting handles, and more, are also available to meet any purpose.
- Owing to its popularity as a strategy to reduce CO2 emissions and reduce the need for fossil fuels, the plastic material type is expected to hold the greatest revenue, through the forecast period.
- As pails are extensively used for construction projects across the world, the paints & coatings” end-user type, is the most creative segment for key companies, accounting for a sizable portion.
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Competitive Landscape:
Given the existence of both international and domestic competitors, the global pails market share is divided. Several companies have a substantial market share in their respective industries. Large firms often respect organic changes such as product approvals and the preference of industrial chemical makers for cost-effective, lightweight, yet long-lasting packaging solutions. As a result of these reasons, the global pails industry is predicted to expand quickly.
Key Players:
- Greif Inc.
- Mauser Group N.V.
- Rieke Corporation
- Berry Global Inc.
- M&M Industries Inc.
- Involvement Packaging Ltd.
- IPL Plastics Inc.
- Plast Service Pack Company
- Jokey Plastik Wipperfürth GmbH
- Corcoran Products,
- Pro-Western Plastics Ltd.
- Affordable Plastics Llc
- Viscount Plastics Ltd.
- Northern Container
- United States Plastic Corp.
Recent Developments:
- In August 2021, Berry Global built a new location in Bangalore, India. The company’s expanding presence in the area is likely to boost its capacity to service the Indian and South Asian markets by including R&D and production in Medtech and packaging.
- In February 2022, Novvia Group bought Andicor Specialty Chemicals’ container distribution operation in Canada. The acquisition was made to better serve current and prospective clients and to develop the Canadian market.
The pails market value is expected to surpass US$ 1.91 Bn in 2022. One of the primary growth factors fuelling the demand for plastic pails market is their ability to meet various needs such as storage, transportation, and dispensing in many industries. For instance, in the chemical industry, pails are used as a container with an airtight lid that helps prevent spills during liquid product transportation.
The market therefore stands to benefit greatly from the agriculture sector since plastic pails are extremely compatible for storage of agricultural fertilizer due to their non-corrosive nature. Another factor fuelling the demand for pails is their use in professional painting jobs, where they can be used to safely transport heavy loads around a site.
Pail manufacturers are leveraging their in-house research and development capabilities to develop products that meet specific customer needs, such as smooth plastic pail surfaces and print-ability. This will allow brand owners to market their products by improving product attractiveness with increased storage capacity and longer shelf life.
Undoubtedly, manufactures’ demand for recyclable materials in packaging will increase in the years to come. Businesses are taking responsibility for sustainable growth, causing manufacturers opting for product offerings that are environment friendly and fulfil the packaging requirements. This is likely to boost the demand for pails in the years to come.
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Key Segments Profiled in the Pails Market Survey
By Material Type:
- Plastic
- Metal
By End User:
- Paints & Coatings
- Inks, Dyes & Pigments
- Petroleum & Lubricants
- Agrochemicals & Fertilizers
- Food & Beverage
- Other Industrial
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East & Africa
- Europe
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)
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