The global plastic pails market is estimated at US$ 1,223.6 Mn in 2022 and is projected to reach US$ 1,743.1 Mn by 2030, at a CAGR of 4.5% from 2022 to 2030.
Manufactures are increasingly looking for alternatives to mainstream packaging in order to overcome bulk packaging challenges. Adoption of plastic pails has significantly helped in this respect by reducing costs and introducing lightweight packaging. Therefore, the plastic pails market has registered a significant uptick in the past few years.
The call for environmental sustainability has prompted governments to implement tough legislations on plastic usage. Plastic pollution has emerged as a major challenge since the 20th century, threatening the natural equilibrium. Overflowing landfills due to accumulation of non-biodegradable plastic waste have generated dire consequences for the environment.
Realizing this, manufacturers have been investing intensively in producing biodegradable and recyclable plastic. Recycled plastic pails have proven instrumental in reducing the global carbon footprint as it reduces dependence on fossil fuels. Additionally, recycled plastic pails allow for cost-saving, thereby increasing their customer base.
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“Growth of the global plastic pails market is expected to remain steady across the forecast period, owing to increased production of recycled pails. However, reducing oil prices worldwide are inducing a southward trend in the value of plastics, making companies question the feasibility of recycling. As a consequence, the commitment to sustainability is not being met, impeding growth prospects,” infers a prominent FMI analyst.
Global Plastic Pails Market- Key Trends
Global Plastic Pails Market- Region-wise Analysis
Global Plastic Pails Market- 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 market 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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Aug 10, 2022