COVID-19 IMPACT ANALYSIS ON APAC 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 APAC Plastic Pails market. In addition, complete analysis of changes in the APAC Plastic Pails market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of a pandemic on APAC economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The COVID-19 pandemic has been a surprising test for communities, businesses, and consumers causing economic hardship and widespread concern across the globe. As movement restrictions and lockdowns were enforced in several economies to respond to the increasing outbreak, many of the industries suffered a great loss owing to restricted supply chain, lack of labor supply, and temporary shut-down of offices and retail stores, which decreased the sale of plastic pails as well.
MARKET OVERVIEW- APAC PLASTIC PAILS MARKET
Plastic pails are widely known for their excellent stacking strength and have temper evident locking, making 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 APACly, many of the key market players are focusing on producing recyclable plastic pails which are 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 the 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 APAC Plastic Pails market is driven by the growing transportation and logistics services for various products around the world that are very expensive. The APAC material handling and transportation market are regularly impacted by government regulations regarding working hours and other related restrictions. The transport and logistics sector is also sensitive to economic factors such as fluctuations in the price of crude oil. Plastic pails are lighter than metal pails, reducing shipping costs.
MARKET OPPORTUNITIES
The market is expected to have a new opportunity with the increased demand for plastic pails for transportation is expected to provide ample new growth opportunities in the market during the forecast period. Plastic pails can be used for storing corrosive materials, as metal pails are not suitable for storing corrosive materials. Plastic pails can be used to store various lubricants, coolants, or surfactants. The oxidation rate of these products can be controlled or reduced by storing them in non-reactive plastic containers, thus preserving the shelf life of the lubricant. Plastic containers can be used to safely store combustible materials in certain types of approved plastic containers.
MARKET RESTRAINTS
The market has major restraining factors like storage space requirements. Storage space requirements and potential material loss are limiting the growth of the reusable plastic container market. The question is where to store the return package you receive. Thanks to their design and robustness, the storage of reusable empty packaging take up more space than single-use options.
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 APAC 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.
PLASTIC PAILS MARKET SEGMENTAL OVERVIEW
The Asia PacificPlastic Pails market comprises different market segments like product type, material type, capacity, application and Country.
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. The 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. APAC 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 APAC plastic pails market.
PLASTIC PAILS MARKET BY COUNTRY
The APAC 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 APAC growth of Plastic Pails with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Plastic Pails 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)
- Parekhplast (India)
- Shenzhen Zhenghao Plastic & Mold Co., Ltd.
- PlasticTecnic (M) Sdn Bhd (Malaysia)
