The global pails market is projected to have a high-paced CAGR of 6.4% during the forecast period. The current valuation of the pails market is US$ 2 billion in 2023. The value of the pails market is anticipated to reach a high of US$ 3.1 billion, by the year 2033.
The availability of buckets in various sizes and colors is a critical aspect in driving pail market expansion. Rapidly expanding chemical businesses in emerging nations, as well as expanding pharmaceutical enterprises, are likely to boost the global pails market in the future. In terms of bulk liquid packaging demands, industrial chemical companies worldwide are currently focused on lightweight, cost-effective container options. Plastic pails satisfy these requirements and are thus frequently utilized in the industrial chemical sector.
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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.
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.
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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.
Key Takeaways from Pails market
Many sectors, such as chemical and pharmaceutical, seek lightweight, robust, and low-cost packaging materials for shipping solid and liquid bulk materials. This is expected to drive the pails market at 4.3% CAGR.
China is expected to dominate the overall pails market, with a market share of around 20% throughout the forecast period.
The India pails market is projected to register a CAGR of 6.1% during the forecast period.
Paints and coatings sector will remain dominant end user of pails.
Plastic pails sales are expected to contribute maximum revenue within the global pails market.
“As competition grows, market players are expected to focus on various strategies to gain competitive edge. Recent developments are indicating strategic collaborations and acquisitions as primary tactics undertaken by pail manufacturers to expand their regional footprint and portfolio,” says a lead analyst at FMI.
Paints & Coating is the Key Driver of the Pails market
According to FMI, the primary factor encouraging sales within paint and coating industry is the surging demand for leakage-proof packaging of chemicals and paint materials. Also the focus on lightweight transportation is considerably high within the industry to lower transportation costs. This makes pails ideal packaging solution for the storage and transit of bulk materials, without adding much weight to transport.
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The market for paint buckets is expanding at a rapid pace owing to rising architectural and infrastructure development in various nations. Focus on commercial construction activities, including the construction of malls, restaurants, and offices has resulted in increasing spending on paint. This is expected to create conducive environment for the growth of the market over the course of the forecast period.
Pails Market Landscape
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 Plastic Wipperfürth GmbH, Corcoran Products, Pro-Western Plastics Ltd, Involvement Packaging Ltd., Affordable Plastics Llc, ,Viscount Plastics Ltd, Northern Container, United States Plastic Corp., are some of the leading market players. These companies are adopting mergers and acquisitions as their key strategy to gain competitive advantage within the market.
Future Market Insights, in its new report, offers an unbiased analysis of the global market for Pails Market by Material Type(plastic and metal) (Up to 5 litre ml,6-10 litres,11-20 litres and above 20 litres , by End user (Paints & Coatings, Inks, Dyes & Pigments Petroleum & Lubricants Agrochemicals& Fertilizers, Food & Beverage Other Industrial), by region (North America, Latin America, Europe, South Asia, East Asia, Middle East and Africa, Oceania).
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