Dubai, U.A.E, July 6, 2020
Dubai, U.A.E, July 6, 2020 /PRNewswire/ -- Future Market Insight's recent report on the global plastic pails market predicts that the market is scheduled to cross a threshold of US$ 656 Mn, expanding at a positive rate across the assessment period 2020-2030.
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.
Key Takeaways from FMI's Plastic Pails Market Research Report
Global Plastic Pails Market- Key Trends
Global Plastic Pails Market- Region-wise Analysis
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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.
Plastic Pails Market Taxonomy
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About the Plastic Pails Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global plastic pails market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the plastic pails market on the basis of product type (open top/head and close top/head), material type (Polyethylene (PE), Polypropylene (PP), Polyethylene terephthalate (PET), Polyvinyl chloride (PVC) and others), capacity (up to 3 liters, 3 to 5 liters, 5 to 10 liters, 10 to 20 liters and above 20 liters), end use (paints & coatings, inks, dyes & pigments, petroleum & lubricants, agrochemicals & fertilizers, food & beverage ingredients and other industrial end uses) and across seven regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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