The global plastic pail market is set to experience significant growth over the next decade, according to a recent report by Future Market Insights. Valued at US$ 569,627 million in 2023, the market is projected to reach an impressive US$ 859,308 million by 2033, registering a robust CAGR of 4.2% during the forecast period.
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Key Factors Driving Market Growth
1. Packaging Industry Expansion: The increasing demand for packaging products across various industries, including food and beverages, pharmaceuticals, agriculture, and chemicals, is driving the adoption of plastic pails. Their versatility makes them an ideal choice for numerous applications.
2. Durability and Versatility: Consumers are increasingly seeking durable, cost-effective, and versatile packaging solutions. Plastic pails meet these demands effectively, offering robust storage solutions for a wide range of consumer and industrial products.
3. Lightweight Advantage: Plastic pails are favored by end-use industries due to their lightweight nature, which significantly reduces transportation costs and enhances logistical efficiency.
4. Sustainability Focus: With growing concerns over environmental pollution, the shift towards sustainable packaging solutions is gaining momentum. Plastic pails, known for their recyclability, are becoming increasingly popular, meeting the sustainability criteria of modern consumers and businesses.
5. Safety and Convenience: The high safety standards of plastic pail packaging are making them increasingly popular, especially in the pharmaceutical and food sectors. Their convenience and ease of use further bolster their adoption.
6. Customization and Branding: Manufacturers are offering customizable plastic pail solutions, allowing businesses to advertise their products through personalized labels, logos, and enhanced brand visibility. This trend is fueling market growth as companies leverage packaging for marketing purposes.
7. Regulatory Compliance: Stringent regulations and guidelines focused on reducing hazardous materials in packaging are driving manufacturers to maintain high-quality standards. Compliance with these regulations ensures the production of safe and reliable plastic pails.
8. Technological Advancements: Advancements in manufacturing and plastic molding technologies are enhancing the performance and aesthetics of plastic pails. Manufacturers are incorporating innovative features to meet evolving consumer demands.
9. Global Trade: The demand for plastic pails plays a crucial role in global trade, facilitating the shipping and transportation of goods across borders. Their importance in logistics and supply chain operations is contributing to market growth.
Challenges Facing the Market:
- Environmental Concerns: Increasing awareness about environmental issues and the push for eco-friendly packaging solutions are limiting the demand for plastic pails in some regions.
- Price Volatility: Fluctuations in raw material prices impact profit margins, posing challenges to market growth.
- Economic Factors: Economic downturns affecting consumer spending may reduce demand for plastic pails in certain countries.
- Supply Chain Disruptions: Global crises, natural disasters, and geopolitical tensions can disrupt supply chains, impacting the availability of raw materials and manufacturing capacity.
- Shifting Consumer Preferences: Changing consumer preferences toward alternative packaging styles may reduce the demand for plastic pails.
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.
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.
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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)
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.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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