MARKET OVERVIEW- GLOBAL PLASTIC PAILS MARKET
Plastic pails are widely known for their excellent stacking strength and have temper evident locking which makes them ideal for industries where liquid products are widely preferred. Also, plastic pails are considered to be corrosion-free, rust-free, and have no contamination which plastic pails are highly preferred in the manufacturing industry. Moreover, in the last few years, as environmental awareness is increasing across the globe, many of the key market players are focusing upon producing recyclable plastic pails which is likely to increase the market share of plastic pails across the globe. Additionally, demand for plastic pails has been widely demanded by the paints & coating, since this industry is growing at a rapid pace owing to the growth in construction industry and plastic pails are considered to be airtight and do not leak liquid, which makes them suitable for paints and coating industry.
MARKET DRIVERS
The global Plastic Pails market is driven by the growing chemical industry on a global level. the chemical industry has witnessed rapid growth since it has been used in many other industries as well for the manufacturing of various products. In emerging economies such as India, China, Germany, etc. the chemical industry is playing an important role in the economy as well, for instance, the chemical industry of India contributes 6% of the country's GDP and this industry covers more than 80,000 commercial products while employing more than 2 million people. The chemical industry helps the manufacturing industry to grow in a certain way, and as globalization is taking place in almost every part of opportunities, the import-export of various chemicals is increasing every year, which is propelling the growth of the plastic pails market as well, as they are convenient for the transportation and they can be handled easily. is expected to give the market a rise of growth during the estimated period.
MARKET OPPORTUNITIES
The market is expected to have a new opportunity with the increased demand for plastic pails from the paints and coating industry is expected to provide ample new growth opportunities in the market during the forecast period. The construction industry has been witnessing rapid growth, owing to numerous reasons which majorly include growing per capita income, increased rate of urbanization, increased population, easy finance through financial institutes, emphasis by regulatory bodies on various house projects, etc. which are leading towards increased housing projects across the globe and the rate of house construction is also increasing. For instance, according to the Census data released by the US, New home construction starts jumped 6.8% in February, and a whopping 22% compared with the same time a year ago and this factor is expected to provide rising new growth opportunities for the market over the forecast period.
MARKET RESTRAINTS
The market has major restraining factors like recycling & environmental Concerns Associated with plastic pails. Packaging has a lot of environmental impacts, while it also represents a significant cost in the current supply system. As per the World Economic Forum, every year, at least 8 million tons of plastic leak into the ocean, which is correspondent to discarding the substances of one garbage truck into the ocean every minute. This is anticipated to increase to two per minute by 2030 and four per minute by 2050, which can destroy the ecosystem. Approximately 90% of all the trash in the oceans is from plastic. Thus, as plastic trash is increasing at a rapid pace, there has been a constant question about the use of plastic pails to be used in the packaging industry.
MARKET GROWTH CHALLENGES
The Covid-19 pandemic hampered the growth of the market to a major extent which has created a major challenge for market growth. Also, a lack of a skilled workforce is expected to be a major hampering the market growth over the forecast period.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global Plastic Pails market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing demand for various Plastic Pails in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
COVID-19 IMPACT ANALYSIS ON GLOBAL PLASTIC PAILS MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global Plastic Pails market. In addition, complete analysis of changes in the global Plastic Pails market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The severe negative impact of the pandemic on the activity of many end-use industries in the plastic bucket market disrupted the demand for covered products in 2020. COVID-19, drastically affects the world supply chain and industrial sector growth. Furthermore, the spread of the COVID-19 pandemic, first in China and South Korea and then in Europe and the United States was swift and caught most sectors, governments, and citizens off-guard. This global health crisis developed into an economic crisis and a supply chain crisis within weeks.
PLASTIC PAILS MARKET SEGMENTAL OVERVIEW
The global Plastic Pails market comprises different market segments like product type, material type, capacity, application, and geography.
PLASTIC PAILS MARKET BY PRODUCT TYPE
By type, the Plastic Pails includes a key segment of
- Open Top/Head
- Close Top/Head
With 4.22 percent of CAGR, the Open Top/Head plastic pails lead the market. Plastic pails are cylindrical plastic containers and are often used for storage and handling. Pail is a term used to refer to a cylindrical transport container. Usually, the capacity is from 3 to 50 liters. Plastic pails for industrial products, paints and coatings, food, and more, such as containers for storing large quantities of manufactured products. These are usually portable round containers used to transport or store small quantities of various materials. The transition from metal fabrication to plastic packaging solutions has completely changed the market landscape in the last two decades.
PLASTIC PAILS MARKET BY MATERIAL TYPE
The Plastic Pails market has major material types in
- Polyethylene (PE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- High-Density Polyethylene (HDPE)
- Low-Density Polyethylene (LDPE)
With 4.57 percent, Polyethylene (PE) leads the market. Global demand for polyethylene is expected to increase significantly due to the growing demand for packaging products and changing consumer lifestyles. In addition, the availability and low price of the PE are expected to contribute to market growth. However, environmental protection and consumer health awareness are expected to be major restrictions on the market. In addition, properties such as high hardness make polyethylene suitable for industrial use. It is mainly used for packaging cars and electrical spare parts.
PLASTIC PAILS MARKET BY Capacity
The Plastic Pails market has a capacity like
- Up to 3 Liters
- Between 3 and 5 Liters
- Between 5 and 10 Liters
- Between 10 and 20 Liters
- Between 20 and 50 Liters
- 50 Liters and above
The major usage of plastic pails is between 10-20 liters and between 20 and 50 liters, These pails are used in food and beverage materials, industrial chemicals, detergents and polymers, resins, and, adhesives. The food ingredient market consists of the sale of food ingredients by entities (organizations, sole proprietors, and partnerships) that produce food ingredients that are added to food to improve taste, texture, and appearance. Food additives are substances added to food during production, storage, or packaging to achieve a specific technical or functional purpose. Food ingredients are used to improve the safety, freshness, and nutritional value of food.
PLASTIC PAILS MARKET BY END USERS
The Plastic Pails market has major end users like
- Paints & coatings
- Industrial chemicals
- Inks, dyes, and pigments
- Petroleum and lubricants
- Cleaning solvents
- Polymers, resins & adhesives
- Food & beverage ingredients
- Agriculture & allied industry (fertilizers / pesticides)
Inks, dyes, pigments, petroleum and lubricants, and food & beverage ingredients are some of the major applications for this market. High-density polyethylene plastic pails are used in conjunction with other containers, such as barrels and trays for bulk packaging of adhesives and sealants. This product can extend the shelf life of paints by up to one year if properly sealed and stored. The 5-gallon product is one of the most popular HDPE pails for packing and storing adhesives and other liquids. The market for high-density plastic pails is driven by the growing demand from the paint packaging industry. The growing demand for plastic pails for food and beverages, lubricants, and chemicals is expected to be a major factor in the global plastic pails market.
PLASTIC PAILS MARKET BY GEOGRAPHY
The global Plastic Pails market is studied for the following region
- North America
- Europe
- Asia-Pacific
- Rest of the world (RoW)
The Asia Pacific is anticipated to witness increasing demand for Plastic Pails owing to the presence of well-established market players. This region is known to be one of the fastest developing regions in aspects of technology and economy which is why industrialization is growing rapidly in this region and helping the packaging industry to grow further and creating the demand for plastic pails as well. In the Asia-Pacific region, China is considered to be the major country, since this country is one of the largest producers of chemicals, paints and coating, inks and dyes, and many more. Also, the country is widely recognized as a hub for the packaging industry. Moreover, in this region, India is also considered to be one of the important countries for plastic pails, since the construction industry is growing at a faster rate here and helping to boost the paint industry, also there has been a great utility of plastic pails in the paint industry. Moreover, the country has emerged as an important manufacturing hub, helping the plastic pails market to grow further.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Plastic Pails market is majorly focused on expanding the global growth of Plastic Pails with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Plastic Pails has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in the market are
- Time Technoplast Ltd.(India)
- Mauser Group N.V.(United States)
- NCI Packaging (Australia)
- Berry Global, Inc.(United States)
- M&M Industries, Inc. (United States)
- Parekhplast (India)
- C.L.Smith (United States)
- MJS Packaging (United States)
- TranPak (United States)
- Advance Drum Service Inc. (United States)
- JohnPac, LLC (United States)
- PlasticTecnic (M) Sdn Bhd (Malaysia)
- Containers Plus (United States)
RECENT DEVELOPMENT:
April 2021: Mauser Packaging Solutions is pleased to announce the acquisition of Italian company Global Tank Srl through Joint Venture NCG-Maider in Italy. Mauser Packaging Solutions will expand its business of industrial packaging products and services in the Italian market as a result of this acquisition, while also strengthening its position as a global market reconditioning leader. The manufacturing sites will be located in Villastellone, Mira, and Magnago in Italy. These sites are equipped with state-of-the-art wash lines for reconditioning IBC, HDPE, and steel drums, as well as the recycling of HDPE plastics.
