Dubai, U.A.E, July 6, 2020 /PRNewswire/ -- Future Market Insight's recent report on the global plastic pails market predicts that the market is scheduled to cross a threshold of US$ 656 Mn, expanding at a positive rate across the assessment period 2020-2030.
Manufactures are increasingly looking for alternatives to mainstream packaging in order to overcome bulk packaging challenges. Adoption of plastic pails has significantly helped in this respect by reducing costs and introducing lightweight packaging. Therefore, the plastic pails market has registered a significant uptick in the past few years.
The call for environmental sustainability has prompted governments to implement tough legislations on plastic usage. Plastic pollution has emerged as a major challenge since the 20th century, threatening the natural equilibrium. Overflowing landfills due to accumulation of non-biodegradable plastic waste have generated dire consequences for the environment.
Realizing this, manufacturers have been investing intensively in producing biodegradable and recyclable plastic. Recycled plastic pails have proven instrumental in reducing the global carbon footprint as it reduces dependence on fossil fuels. Additionally, recycled plastic pails allow for cost-saving, thereby increasing their customer base.
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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.
Key Takeaways from FMI's Plastic Pails Market Research Report
- The global plastic pails market is slated to record a 4.4% CAGR between 2020 and 2030
- By end-users, inks, dyes & pigments manufacturers shall utilize the maximum amount of plastic pails, capturing a quarter of the market share
- 2/5th of the revenue share in terms of material type is accounted for by polyethylene (PE) based plastic pails, reaching a value of US$ 676 Mn by 2030
- Capacity-wise, the 10 to 20 liters segment shall capture over 40% of the global plastic pails market
- Collectively, East Asia and North America will capture a market value share exceeding half across the forecast period. However, South Asia looks to offers even more lucrative growth prospects
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.
- Availability of raw materials and strengthening of supply chains are poised to return growth to normal trajectory across East Asia, Europe and South Asia.
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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 4/5th 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.
Plastic Pails Market Taxonomy
- Open Top/Head
- Closed Top/Head
- Polyethylene (PE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Up to 3 liters
- 3 to 5 liters
- 5 to 10 liters
- 10 to 20 liters
- Above 20 liters
- Paints & Coatings
- Inks, Dyes & Pigments
- Petroleum & Lubricants
- Agrochemicals & Fertilizers
- Food & Beverage Ingredients
- Other Industries
- Nordic countries
- Southern Africa
- North Africa
- South Korea
- New Zealand
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About the Plastic Pails Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global plastic pails market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the plastic pails market on the basis of product type (open top/head and close top/head), material type (Polyethylene (PE), Polypropylene (PP), Polyethylene terephthalate (PET), Polyvinyl chloride (PVC) and others), capacity (up to 3 liters, 3 to 5 liters, 5 to 10 liters, 10 to 20 liters and above 20 liters), end use (paints & coatings, inks, dyes & pigments, petroleum & lubricants, agrochemicals & fertilizers, food & beverage ingredients and other industrial end uses) and across seven regions.
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About Future Market Insights (FMI)
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