Plastic Pails Market will register a CAGR of 4.5% between 2022 and 2030

The market for plastic pails is expected to reach US$ 1,743.1 Mn by 2030, at a projected CAGR of 4.5% from US$ 1,223.6 Mn in 2022. The PE and PP material type segments of the plastic pail market are expected to collectively account for about 72% of market share in 2022, according to a study by Future Market Insights.

The market valuation of these segments is forecast to increase at a CAGR of 4.3% and 4.9%, respectively, during the forecast period of 2022–30. East Asia is predicted to lead the plastic pail market and will account for a sizeable 36% of global sales in 2022.

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“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

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.

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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.

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

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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