The global plastic pails market is set to gain impetus from their increasing applications in various industries, such as food & beverages,cleaning solvents,petroleum & lubricants,inks & dyes, and paints & coatings. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Plastic Pails Market Size, Share & Industry Analysis, By Type (Open Top Plastic Pails, Closed Top Plastic Pails), By Capacity (Upto 3 Litres, 3 Litres to 10 Litres, 10 Litres to 20 Litres, 20 Litres to 50 Litres, above 50 Litres), By Application (Food & Beverages, Paints & Coatings, Inks,Dyes & Pigments, Industrial Chemicals, Petroleum, Cleaning Solvents, Others) and Regional Forecast, 2022-2029.” The report further states that plastic pails have slanted or straight sides, as well as plastic or metal handles. They are also known as buckets.
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Drivers & Restraints-
Rising Demand for Cost-effective Packaging Solutions to Bolster Growth
Numerous manufacturers worldwide are presently striving to incline towards cost-effective packaging solutions. This is occurring because of their aim to overcome bulk packaging solutions. Plastic pails are cheaper and lighter. Thus, they are considered to be the ideal products that can be used for a wide variety of packaging solutions. Besides, plastic pails have high durability and strength. These beneficial properties make them suitable for usage in food & beverages, as well as dyes & pigments industries.
However, fluctuations in the prices of raw materials can affect the plastic pails market growth in the near future. Prices of polymers, such as acrylonitrile butadiene styrene (ABS) and polyvinyl chloride (PVC) depend upon the prices of crude oil. Also, the imposition of stringent government regulations on the preservation of natural resources is anticipated to restrain growth.
A list of all the prominent plastic pails manufacturers operating in the global market:
Key Players Focus on Acquisition Strategy to Improve Their Portfolios
The market for plastic pails houses multiple big, small, and medium-sized enterprises. They are mainly focusing on adopting the strategy of mergers & acquisitions to either improve their existing product offerings or to deliver much better service to their customers. Below are the two latest industry developments:
July 2019: Berry Global Group, Inc. successfully acquired RPC Group Plc worth USD 6.5 billion. This new acquisition would help the former to strengthen its dominant position in the plastic and recycled packaging industry.
February 2019:Greif, Inc. acquired Caraustar Industries, Inc. to enhance its existing portfolio of packaging solutions, including plastic pails. Additionally, it would help the company to provide better service to its customers.
Asia Pacific to Dominate Backed by High Demand for Food Items from Developing Nations
Geographically, Asia Pacific is set to lead throughout the forthcoming years by earning the largest plastic pails market share. This growth is attributable to the rising usage of the product in food & beverages, as well as construction industries. Also, the high demand for cheap packaging solutions from the masses would propel growth. Developing economies, such as South Korea, India, and China would experience a high demand for food items, which, in turn, is likely to aid growth.
In North America, the increasing storage and transportation of various chemicals would generate the need for plastic pails. Europe, on the other hand, is expected to grow steadily backed by the urgent need to carry cleaning solvents and lubricants for automobiles. In addition to this, the higher adoption of these products in the paints & coatings industry would augment growth in this region.
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