The square pails market is on an upward trajectory, poised to achieve a substantial CAGR of 6% from 2022 to 2032. In 2022, the market is valued at a substantial US$ 20 billion, and this figure is expected to soar to an impressive US$ 35.82 billion by 2032. This remarkable growth can be attributed to the relentless efforts of key players who are constantly innovating at the product level to enhance user-friendliness.
One notable innovation is the incorporation of built-in hand grips in some square pail designs, ensuring that users can easily handle the product, even in cases where the handle may break. Additionally, tear-tab lids are being offered separately to securely seal the contents within these pails.
Polyethylene, known for its robust characteristics, has become a popular choice for manufacturing square pails. Furthermore, manufacturers are diversifying their product offerings by producing square pails in various sizes, catering to a wide range of customer needs, from personal use to commercial applications. This adaptability and innovation are driving the remarkable growth of the square pails market in the coming years.
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The Advent of Sustainable and Intelligent Packaging Solution Skyrocketing the Demand for Square Pails
With rising environmental concerns and implementation of stringent regulations regarding the use of plastic across the U.S., China, India, the U.K., Germany, and others, a substantial rise in the adoption of sustainable packaging solutions is experienced across various end use industries.
In accordance to this, numerous packaging companies are shifting their focusing of manufacturing sustainable packaging using 100% recycled plastics, biodegradable plastics, and plastic alternatives such as paper. Hence, introduction of novel sustainable packaging solutions is expected to create lucrative demand opportunities in the market.
Also, emergence of intelligent packaging with the integration of artificial intelligence (AI), internet of things (IoT), and data science have improved the demand for Square Pails market. Hence, key players are incorporating novel technologies such as AI and IoT to increase their revenues, propelling the sales.
Key Square Pails Market Takeaways and Projections
- The U.S. is expected to lead the North America Square Pails market, projecting the fastest growth in the region between 2022 and 2032
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2032.
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Report Benefits & Key Questions Answered
- Square Pails Historical Market Analysis: The detailed survey by FMI, examines key factors in the Square Pails market that affected the growth in the market for the last assessment period 2016-2020 and also studies their consequent impact. It also provide refined the sales projection of the Square Pails market for the forecast period 2022-2032.
- Square Pails Demand Outlook Analysis: Future Market Insight’s (FMI’s) exhaustive study provides crucial insights into key drivers and upcoming opportunities driving the demand for Square Pails for the assessment period. As per the study, the demand for Square Pails will grow at a robust CAGR between 2022 and 2032.
- Square Pails Market Trend Analysis: The latest study by FMI on the Square Pails market offers compelling insights into key expansion strategies adopted by top-tier players with respect to current trends. It discloses details regarding upcoming trends in the packaging industry to assist market players in constructing an effective strategy to capitalize on them.
Competitive Landscape Analysis
The market survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of Square Pails market. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
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Global Square Pails – Market Segmentation
Globally the square pails market is segmented on the basis of the material type, by capacity and on the basis of the end use.
On the basis of the material type the square pails are available in various materials such as
- plastic and galvanized metals
- high density polyethylene (HDPE) plastic
- steel
- aluminium
- iron
On the basis of the capacity, square pails are manufactured in different capacities ranging from
- 3 to 5 litres
- 5 to 10 litres
- 10 to 25 litres
- 25 litres & more.
On the basis of the end use the square pails are used in chemical industries to store
- hazardous
- non-hazardous chemicals
- packaging of the paints home care
- pharmaceutical industries
- petrochemical industries
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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