Plastic Pails Market 2022-2030 Global Analysis, Size, Share, Incredible Growth, Detailed Analysis and Business Prospects | Future Market Insights, Inc.

Press Release from Future Market Insights

The worldwide plastic pails market is assessed at US$ 1,223.6 Mn in 2022 and is projected to arrive at US$ 1,743.1 Mn by 2030, at a CAGR of 4.5% from 2022 to 2030.

Produces are progressively searching for options in contrast to standard bundling to conquer mass bundling difficulties. Reception of plastic pails has altogether helped in this regard by lessening costs and presenting lightweight bundling. In this way, the plastic pails market has enrolled a critical increase in the beyond couple of years.

The call for ecological supportability has provoked state run administrations to carry out extreme regulations on plastic use. Plastic contamination has arisen as a significant test since the twentieth hundred years, compromising the normal balance. Spilling over landfills because of gathering of non-biodegradable plastic waste have produced desperate ramifications for the climate.

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Understanding this, makers have been putting seriously in delivering biodegradable and recyclable plastic. Reused plastic pails have demonstrated instrumental in lessening the worldwide carbon impression as it diminishes reliance on petroleum products. Furthermore, reused plastic pails consider cost-saving, consequently expanding their client base.

“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

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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 4/5 th  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.

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.

What Is the Impact of COVID-19 Pandemic on the Global Plastic Pails Market?

The plastic pails market was severely impacted due to the outbreak of the COVID-19 pandemic. The strong negative impact of the pandemic on the trade activities of several end-use industries of the plastic pails market resulted in disrupting demand for target product during the year 2020.

Furthermore, the demand for plastic pails from the industries like paints & coatings, inks, dyes & pigments, petroleum & lubricants was also severely dampened as a result of the pandemic. However, plastic pails market growth bounced back after the first quarter of 2021 as a result of a decline in the number of restrictions imposed by national governments of several countries on trade activities.

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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)

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