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.
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Business Growth Opportunities:
- Customization and Personalization: Offering customizable and personalized pail solutions for different industries and applications can attract a broader customer base. Tailoring products to meet specific needs enhances customer satisfaction and loyalty.
- Sustainable Packaging: As environmental concerns rise, there is an opportunity for growth by providing eco-friendly and sustainable pail options. Developing packaging solutions with reduced environmental impact can appeal to environmentally conscious businesses and consumers.
- Digitalization and E-Commerce: Embracing digital platforms and e-commerce channels can expand market reach. Establishing an online presence, optimizing supply chain processes, and facilitating easy online transactions can enhance business growth.
- Global Expansion: Exploring and entering new international markets can open up significant growth avenues. Identifying regions with high demand for pails and adapting to local regulations and preferences can lead to increased sales and market share.
- Technological Innovation: Investing in research and development to introduce innovative features or materials in pail manufacturing can set a business apart. This could involve advancements such as smart packaging, improved durability, or novel materials.
Trends in the Pails Industry:
- Recyclable Materials: The market is witnessing a trend toward increased use of recyclable materials in pail manufacturing. Companies are focusing on creating packaging solutions that align with circular economy principles.
- Smart Packaging: Integration of smart technologies into pail design is gaining traction. This includes features such as IoT sensors for tracking and monitoring contents, ensuring better control over storage conditions and logistics.
- Lightweight Packaging: There is a growing preference for lightweight pail designs, driven by the desire to reduce transportation costs and improve overall efficiency. Lightweight materials that maintain durability are becoming increasingly popular.
- E-Commerce-Friendly Packaging: With the rise of online shopping, packaging designs that cater to the specific needs of e-commerce, such as easy stacking, secure sealing, and compactness, are becoming more prevalent in the pails market.
- Health and Safety Standards: Compliance with stringent health and safety standards is a key trend. Pail manufacturers are focusing on materials that meet food-grade and other safety requirements, ensuring the suitability of their products for a wide range of applications, including food and pharmaceuticals.
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.
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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