In the United States, the plastic pail market is expected to maintain steady growth with a projected CAGR of 3% until 2033. Several factors are contributing to this growth, including regulatory compliance driven by stringent requirements from agencies like the Food and Drug Administration, which is increasing the demand for plastic pails in food chemical storage and packaging due to enhanced safety standards. The rapid expansion of the e-commerce sector is also fueling demand for plastic pails as consumers increasingly opt for online shopping, requiring secure and reliable packaging.
Furthermore, the agriculture and agribusiness sectors are driving the adoption of plastic pails, particularly for agricultural chemicals and related products, given the significant demand in the United States. Additionally, the manufacturing and chemical industries in the country rely heavily on plastic pails for various applications such as chemicals, coatings, paints, and more. Lastly, sustainability initiatives are playing a crucial role in shaping the market, with key companies emphasizing environmental responsibility and implementing recycling programs to reduce carbon footprints.
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In Canada, the plastic pail industry is set to register a notable CAGR of 3.7% during the forecast period, reflecting the country’s growth in this sector. Several key factors are driving the Canadian plastic pail market, which include… [continue with the information on Canada’s market factors].
The global plastic pail market is anticipated to capture a valuation of US$ 569,627 million in 2023 and reach up to US$ 859,308 million by 2033. The global industry is estimated to register a CAGR of 4.2% in the global market during the forecast period.
Manufacturers Bring Opportunities to Uplift the Market Revenue
Advanced Materials: Manufacturers are seeking advanced and high-quality materials to enhance chemical compatibility and high-temperature resistance requirements.
Innovation in Closure Mechanisms: The ongoing innovation in closure mechanisms, such as child-resistant closures, is bringing lucrative opportunities in several industries, such as consumer goods and pharmaceuticals.
Supply Chain Solutions: The rapidly surging supply chain solutions offer quick deliveries and promote inventory management solutions.
Collaboration with Startups: Manufacturers are promoting their brands with collaborating startup companies. They are working with startups for new ideas, innovations, and novel packaging solutions to upsurge the industry size.
International Expansion: Emerging economies and expanding manufacturing production are expanding international markets with increasing demand for reliable packaging solutions.
Internet of Things Integration: The rising integration of the Internet of Things for smart and advanced packaging solutions is increasing the adoption of plastic pails. These advanced integrations track and monitor the transportation and storage of goods, which are driving market opportunities.
Market Diversification: The rising demand for packaging solutions, including accessories and lids, is increasing the industry share.
Consumer Preferences: Consumers prefer reusable, aesthetic, and better quality with innovative design plastic pails to enhance packaging solutions.
“Growing hazardous pollution in environment due to cheap quality of packaging solutions bring toxicity in air, water and land. The ongoing technologies are bringing new ideas to develop plastic pails that reduce carbon emission during packaging of several products,” infers a prominent FMI analyst.
Key Takeaways:
- The plastic pail industry is registering a CAGR of 4.2% between 2023 to 2033.
- The United States is expected to register a CAGR of 3% by dominating the global market by 2033.
- Canada is anticipated to capture a CAGR of 3.7% of the global market by 2033.
- India is anticipated to register a CAGR of 4.9% in the global market by 2033.
- China significantly drives the global market with a CAGR of 5.5%.
- With a CAGR of 4.7%, Indonesia is rapidly advancing in the global market.
- The 5 to 10 liters capacity is estimated to lead the global market during the forecast period.
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 industry 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.
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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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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What to Expect in Our Report?
(1) A complete section of the Global Plastic Pails market report is dedicated for market dynamics, which include influence factors, market drivers, challenges, opportunities, and trends.
(2) Another broad section of the research study is reserved for regional analysis of the Global Plastic Pails market where important regions and countries are assessed for their growth potential, consumption, market share, and other vital factors indicating their market growth.
(3) Players can use the competitive analysis provided in the report to build new strategies or fine-tune their existing ones to rise above market challenges and increase their share of the Global Plastic Pails market.
(4) The report also discusses competitive situation and trends and sheds light on company expansions and merger and acquisition taking place in the Global Plastic Pails market. Moreover, it brings to light the market concentration rate and market shares of top three and five players.
(5) Readers are provided with findings and conclusion of the research study provided in the Global Plastic Pails Market report.
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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