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.
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].
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Growth Drivers:
- Increasing Demand for Sustainable Packaging: The plastic pail market is driven by a growing demand for sustainable packaging solutions, prompting manufacturers to explore eco-friendly materials and production processes.
- Rising Adoption in the Construction Sector: The construction industry’s expanding use of paints, coatings, and adhesives is a significant growth driver for the plastic pail market, as these materials often require durable and secure packaging.
- E-commerce Packaging Needs: The surge in e-commerce activities is boosting the demand for robust packaging, driving the plastic pail market as companies seek reliable containers for the safe transportation of goods.
- Stringent Regulations on Chemical Packaging: Increasing regulatory standards for the safe transportation and storage of chemicals favor the use of plastic pails, contributing to market growth in chemical and industrial sectors.
- Versatility in End-Use Applications: Plastic pails find versatile applications across various industries, from food and beverage to chemicals, leveraging their adaptability and durability as a key driver for market expansion.
Business Trends:
- Customization and Branding: Businesses in the plastic pail market are increasingly focusing on customization options and branding to differentiate their products, meet consumer preferences, and create a unique market identity.
- Technological Advancements in Materials: Ongoing advancements in plastic technologies are influencing the market, with innovations in materials leading to improved strength, lightweight options, and enhanced sustainability features.
- Collaborative Sustainability Initiatives: Collaborative sustainability efforts within the industry are emerging as a trend, with companies partnering to develop and promote environmentally friendly practices and materials in plastic pail manufacturing.
- Shift Towards Recyclability: A notable trend in the plastic pail market is the industry’s shift towards recyclable materials and designs, aligning with global efforts to reduce plastic waste and enhance environmental responsibility.
- Digitalization in Supply Chain Management: Businesses are increasingly adopting digital tools and technologies for supply chain management in the plastic pail market, improving efficiency, reducing costs, and enhancing overall operational processes.
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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)
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.
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