Future Market Insights predicts that the global plastic pails market will witness opportunities between 2020-2030 as recycling becomes changes the game for plastic industry. Plastic pails, predominantly used for storing paints, inks, and pigments, will thus see high uptake of recycled plastic.
Recycled resin pails aid in striking this balance and thus are gaining popularity amongst the manufacturers in associated end-use industries. Technological advancement, such as Technological advancement, such as circularity of unrecyclable polyethylene terephthalate (PET) plastic waste that is diverted from landfill and transformed into new, virgin-quality feedstocks, is expected to play a crucial in production of plastic pails.
Analysts also anticipate that increased production of chemicals required across a wide range of industries such as pharmaceuticals, automotive, and agro is expected to up the demand for plastic pails. The anti-rust, light in weight, and excellent resistance to water, makes these pails ideal packaging solution for chemicals. Sturdiness and stack ability make them well-suited for shipment and transportation.
Key Takeaways of Plastic Pails Market Study
- Inks, dyes & pigments industry is estimated to be the key end user of plastic pails market and it is poised to account for 1/4th of the plastic pails global market by 2030
- Open top/head plastic pails are estimated to have an incremental opportunity of US$ 389 Mn by 2030
- Polyethylene (PE) as a material is estimated to account for 40% of the global market by value, and reach slightly over US$ 676 Mn in 2030.
- 10-20 litres by capacity is estimated to account for more than 40% by value of the market share
- East Asia is estimated to have an incremental opportunity of US$ 280 Mn by 2030 with presence of large number of industrial products manufacturers
- South Asia projected to grow by 1.8x by value during 2020-2030. Absolute $ opportunity in South Asian market is forecasted to be US $ 114 Mn during 2020-2030
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“Undoubtedly, demand for recyclable materials in packaging will increase in the years to come. Businesses are taking responsibility for sustainable growth resulting in manufacturers opting for product offerings that are environment friendly and fulfil the packaging requirements. This is likely to boost the demand for plastic pails in the years to come, which are being made with recycled plastic.” says an FMI analyst.
Customizations and Printing Ability to Steer Demand for Plastic Pails
Plastic pail manufacturers are leveraging their in-house research and development capabilities to innovate products that suits specific requirement of the customers. The global plastic pails market is reflecting on customized product offering trend where manufacturers are developing products that meets end users’ specific requirements of storage and transportation. These developments are the undercurrent of value creation such as cost efficiency, increased storage capacity, longer shelf life, and protection, which allow large scale industrial customers to gauge the substantial long-term cost benefits. Smooth surface of plastic pails, which enhances the printability, will provides brand owners an opportunity to market their products by improving product attractiveness. This trend is also expected to play a pivotal role in adoption of plastic for packaging over other materials.
Advantages also include light weight and cost competitiveness against conventional products available in the market such as metal pails, in addition to material enhancements, corrosion and impact resistance, and non-reactive characteristics are likely to boost demand for plastic pails market.
Impact of COVID-19 on Plastic Pails Market
Demand for plastic pails is dependent on industrial activities. The end-users of the plastic pails are industrial ingredients, petroleum, industrial chemic, and solvent industries. As impact of COVID-19 has caused disruption across the globe, the economic activity has come to a halt. Unfortunately, quick recovery of the situation is unlikely, as the second wave of COVID-19 is predicted across the globe. However, as global supply chains are disrupted, governments across various regions are considering stimulus packages to boost the economy.
To tackle the major supply chain disruptions, companies have started to relocate or ramp-up the production of critical industrial supplies such as lubricants, greases, petroleum products, fertilizers, food & beverage ingredients. However, demand for paints & coatings has decreased owing to the reluctance of the consumers to spend on interiors and new constructions during the pandemic. In addition, construction activities have shut down or halted due to absence of workforce except for those working on essential projects. This is anticipated to hinder the growth of plastic pails market globally.
Plastic Pails Market Landscape
Greif Inc., Mauser Group N.V. and Berry Global Group, Inc. are the top players operating in the plastic pails market. Furthermore, Time Technoplast Limited, Balmer Lawrie & Co. Ltd, Rieke Corporation, NCI Packaging, FDL Packaging Group and Great Western Containers Inc. are prominent players in the plastic pails market. The Tier 3 players in the market hold 75-80% in the global plastic pails market. In conclusion, key players contribute almost 1/5th of the global market.