Global Plastic Pails Market Overview
The Plastic Pails Market Size was estimated at 7.43 (USD Billion) in 2022. The Plastic Pail Industry is expected to grow from 7.69(USD Billion) in 2023 to 10.5 (USD Billion) by 2032. The Plastic Pails Market CAGR (growth rate) is expected to be around 3.52% during the forecast period (2023 - 2032).
Key Plastic Pails Market Trends Highlighted
Growing demand for packaging solutions in various industries, such as food, beverages, chemicals, and construction, has propelled the expansion of the plastic Pails Market. Increased consumer preference for convenient and lightweight packaging options has also contributed to its growth. The rise of e-commerce and the need for secure and durable packaging for online orders have further boosted market demand. Additionally, the growing awareness of sustainability and the shift towards recyclable and eco-friendly packaging materials present opportunities for the plastic Pails Market. Recent trends include the adoption of advanced technologies, such as injection molding and blow molding, to enhance product quality and efficiency.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Plastic Pails Market Drivers
Rising Demand for Convenient and Hygienic Packaging
One of the main factors contributing to the growth of the plastic Pails Market is the increased demand for convenient and hygienic packaging solutions. In comparison to the traditional means of packaging, such as metal or glass pails, plastic pails have been preferred for a number of reasons, including reduced weight, increased durability, and the ability to preserve the product’s freshness. The growing use of plastic pails in food, chemicals, and pharmaceutical industries, which represent a significant portion of all the pails sold, as more weight and emphasis is placed on individually wrapped portions in the context of portion control.
The food and beverage sector serves as one example of the major market of plastic pails, and the products packaged include dairy, sauces, and so on. The packaging solutions and meant to be light, ensuring the food is not too heavy to transport and cheap to streamline the production process. Additionally, the increased distribution of ready-to-eat meals and the expansion of the convenience food industry motivate the demand for plastic pails in the food and beverage sector.
The chemical industry is another major author of plastic pails, which are used to store and transport such chemicals as solvents, acids, and bases. Importantly, these products are highly resistant and durable, which ensures the safety of package handling. With that said, the demand for chemicals, partially motivated by the growth of alternative industries, such as manufacturing, horticulture, and so on, will also increase the demand for plastic pails.
The pharmaceutical industry is expected to be an important destination for increasing plastic pail production as the demand for pharmaceuticals globally continues to grow.
Growing Environmental Concerns and Sustainability Initiatives
The increasing realization of environmental issues and the adoption of sustainability are driving the demand for eco-friendly packaging solutions. Plastic pails made from recycled or biodegradable materials are also proving to be popular because of the growing consumer awareness and demand for eco-friendly products. Additionally, governments and regulatory constitute bodies, both state and nation-wide, are enacting policies to promote eco-friendly packaging.
All these factors are driving the growth of the eco-friendly plastic Pails Market. The food and beverage industry is one of the major consumers of eco-friendly plastic pails. As consumers become more conscious of their impacts on the environment, the demand for eco-friendly packaging for food and beverages is also growing. Additionally, many companies in the food and beverage industry are responding to this demand by using recycled or biodegradable plastic pails.
This is also adding to the growth of the market. The increasing adoption of sustainable packaging systems, such as reusable and refillable plastic pails, can also be considered a contributor to the overall growth of the eco-friendly plastic Pails Market in the food and beverage sector. On the other hand, the chemical industry is another major consumer of eco-friendly plastic packaging. Continuing, these companies are using recycled or biodegradable plastic pails to decrease their contribution to waste pile-up and comply with environmental regulations.
Thus, the growth of the eco-friendly plastic Pails Market is also driven in part by the demand in the chemical sector.
Advancements in Technology and Innovation
Moreover, technological progress and innovation are propelling the growth of the worldwide plastic Pails Market. Different manufacturers are investing in research and development to enhance the quality, mechanism, and cost-efficiency of their products. The introduction of new materials and techniques resulted in the development of the plastic pail with different properties, such as higher durability, improved resistance to chemicals and temperature extremes, and superior barrier properties.
In the food and beverage industry, the concern with the latest technology is the plastic pails that will keep the products fresh and of high quality. The use of advanced materials combined with innovative design is providing manufacturers with the ability to create plastic pails with improved oxygen and moisture barriers. The pails are prolonging the shelf life of the food and beverage products. As for the chemical industry, manufacturers have started experiencing benefits from technological advancements in the plastic Pails Market.
Nowadays, plastic pails offer improved chemical resistance and durability. Manufacturers are utilizing advanced materials and techniques in the production of plastic pails that can withstand hazardous chemicals and temperature extremes.
Plastic Pails Market Segment Insights
Plastic Pails Market Type Insights
The Plastic Pails Market is segmented based on type, such as Open Head Pails, Tight Head Pails, and Conical Pails. Among these products, Open Head Pails accounted for the maximum revenue share in 2023, and the product type is predicted to continue its dominance over the forecast period. Open Head Pails are used to package a wide range of products, including paints, chemicals, lubricants, and food items. Open Head Pails are easy to fill and dispense and, thus, are widely used in the market. Tight Head Pails are anticipated to grow at a higher CAGR over the forecast period.
Tight Head Pails provide increased safety from contamination and leaking, and thus, high demand is noticed from chemical and pharmaceutical companies to securely store and transport hazardous chemicals and sensitive products. Combination Pails are generally used to pack dry products, including powders, granules, and flakes. The pails are conical in shape and designed in a manner that supports easy pouring and avoids the accumulation of products at the bottom of the pail. Combination Pails are used by a variety of industries, including food and beverages, construction, and others.
As per the research, the Plastic Pails Market was sized at USD 7.69 billion in 2023, and by the year 2032, the market is projected to reach USD 10.5 billion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Plastic Pails Market Material Insights
The Plastic Pails Market is segmented by material into High-density Polyethylene, Low-density Polyethylene, and Polypropylene. Of these, the HDPE segment had the greatest market share in 2023 and is expected to have the largest market share during the forecast period as well. This is owing to its high strength, durability, and resistance to chemicals and moisture. The LDPE is another commonly used material to manufacture plastic pails as it is flexible, cheap, and easy to process. PP, being lighter in weight, higher in strength, and resistant to heat and chemicals, is also set to become an increasingly popular material for making plastic pails.
The Plastic Pails Market revenue for HDPE will be approximately USD 3.5 billion by the end of 2032, as opposed to the USD 1.4 billion it was in 2023.
Plastic Pails Market Capacity Insights
Segment Insight and Overview The Plastic Pails Market segmentation by capacity includes Less than 5 gallons, 5 to 15 gallons, 15 to 30 gallons, and 30 gallons and above. Among these, the 5 to 15 gallons segment held the largest share of the market in 2023, accounting for around 45%. This segment is projected to continue dominating the market over the forecast period, owing to the high demand for pails in this capacity range for various applications such as storing and transporting food, chemicals, and other liquids. The less than 5 gallons segment is expected to witness significant growth over the forecast period due to increasing demand from the household and industrial sectors.
The 15 to 30 gallons segment is also expected to grow steadily, driven by rising demand from the construction and agriculture industries. The 30 gallons and above segment is expected to account for a smaller share of the market, but it is projected to grow at a steady pace due to increasing demand from the chemical and petrochemical industries.
Plastic Pails Market Application Insights
The Application segment of the Plastic Pails Market exhibits a diverse landscape, with various industries utilizing plastic pails for storage and transportation. Among the key applications, the Food and Beverage industry holds a significant share of the market. In 2023, the Food and Beverage segment accounted for approximately 35% of the Plastic Pails Market revenue, primarily driven by the increasing demand for packaged food and beverages. The Chemicals and Petrochemicals industry follows closely, with a market share of around 28%, owing to the need for safe and efficient storage of chemicals and petrochemical products.
The Pharmaceuticals industry also presents a growing market for plastic pails, with a projected market share of 15% by 2024. The Paints and Coatings industry, with its need for durable and leak-proof containers, accounts for a market share of approximately 12%. Lastly, the Construction industry utilizes plastic pails for storage and transportation of construction materials, contributing to a market share of around 10%. These insights highlight the diverse applications of plastic pails across various industries, reflecting the market's adaptability and growth potential.
Plastic Pails Market Regional Insights
The regional segmentation of the Plastic Pails Market offers valuable insights into the geographical distribution of market growth and opportunities. In 2023, North America held the largest market share, accounting for over 35% of the revenue. Europe followed closely, with a market share of approximately 30%. The APAC region is projected to witness significant growth over the forecast period, driven by increasing demand from emerging economies such as China and India. South America and MEA are also expected to contribute to the overall market growth, albeit at a slower pace.
By 2024, the Plastic Pails Market is estimated to reach a valuation of USD 8.2 billion, with the regional segments continuing to play a crucial role in shaping the market landscape.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Plastic Pails Market Key Players And Competitive Insights
There is fierce competition in the plastic Pails Market that leads major companies to try to outperform each other. As a result, leading Plastic Pails Market players are investing massively in product research and development. For example, Greif, Inc. developed new high-density polyethylene plastic pails when it realized that customers needed to store and transfer different materials. Another major advantage of Greif, Inc. is its sustainable packaging product portfolio, which offers different ways to improve companies’ sustainability profiles. Other major competitors in the plastic Pails Market concentrate on related markets and consider pail production to be an additional advantage. For instance, Berry Group, Inc., which is a major manufacturer of packaging materials, produces plastic pails as part of the pail packaging product offers. Its advantage over other manufacturers is that it produces the pails in a sustainable way, ensuring a circular chain of production.
Consequently, major competitors in the Plastic Pails Market choose two main production paths when deciding on the final production process. Both Greif, Inc. and Berry Group, Inc. produce plastic pails. For the former, producing and selling plastic pails is the main business of the company, while Berry Group does it as a part of its plastic dominium. In the case of Berry Group, it is apparent that the company produces pails in an eco-friendly way, which is one of the reasons why its production of packaging materials and pails has been positively received and led to significant market share.
Key Companies in the Plastic Pails Market Include
- Orora
- Graham Packaging
- S. Plastic
- Berry Global
- Morris Packaging
- Plastic Extrusions
- DS Smith
- Buckhorn
- Enflex Corporation
- Pactiv Evergreen
- Supremex
- IBEX Industries
- GLS Corporation
- RTP Company
Plastic Pails Market Industry Developments
The Plastic Pails Market is projected to grow from USD 7.69 billion in 2023 to USD 10.5 billion by 2032, at a CAGR of 3.52%. Increasing demand for packaged food and beverages is driving the growth of the plastic Pails Market. Plastic pails offer several advantages over traditional packaging materials, such as low cost, durability, and recyclability.
Recent news developments in the Plastic Pails Market include:
In March 2023, Berry Group, Inc. announced the acquisition of RPC Group Plc, a leading manufacturer of plastic packaging products. This acquisition strengthens Berry's position in the plastic Pails Market and expands its product portfolio.
In January 2023, Greif, Inc. announced the expansion of its plastic pail manufacturing capacity in Europe. This expansion is in response to the growing demand for plastic pails in the region.
These developments indicate that the Plastic Pails Market is poised for continued growth in the coming years.
Plastic Pails Market Segmentation Insights
Plastic Pails Market Type Outlook
- Open Head Pails
- Tight Head Pails
- Conical Pails
Plastic Pails Market Material Outlook
- High-density Polyethylene (HDPE)
- Low-density Polyethylene (LDPE)
- Polypropylene (PP)
Plastic Pails Market Capacity Outlook
- Less than 5 gallons
- 5 to 15 gallons
- 15 to 30 gallons
- 30 gallons and above
Plastic Pails Market Application Outlook
- Food and Beverage
- Chemicals and Petrochemicals
- Pharmaceuticals
- Paints and Coatings
- Construction
Plastic Pails Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
Report Attribute/Metric
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Details
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Market Size 2022
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7.43(USD Billion)
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Market Size 2023
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7.69(USD Billion)
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Market Size 2032
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10.5(USD Billion)
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Compound Annual Growth Rate (CAGR)
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3.52% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Orora, Graham Packaging, U.S. Plastic, Berry Global, Morris Packaging, Plastic Extrusions, DS Smith, Buckhorn, Enflex Corporation, Pactiv Evergreen, Supremex, IBEX Industries, GLS Corporation, RTP Company
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Segments Covered
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Type, Material, Capacity, Application, Regional
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Key Market Opportunities
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Growing demand from the food and beverage industry Increasing use in chemical and automotive industries Expansion of e-commerce and online sales channels Rising environmental concerns and focus on sustainability Technological advancements and innovation
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Key Market Dynamics
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Growing demand for packaging solutions in the food and beverage industry Increasing use of plastic pails in chemical and construction industries Shift towards sustainable and lightweight plastic materials Technological advancements and product innovation Fluctuations in raw material prices
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The Plastic Pail Market is expected to reach a valuation of 7.69 USD Billion in 2023.
The Plastic Pails Market is projected to grow at a CAGR of 3.52% from 2023 to 2032.
The growth of the Plastic Pails Market is primarily driven by the increasing demand for plastic pails in various industries such as food, beverage, chemical, and construction.
Asia-Pacific is expected to hold the largest market share in the Plastic Pails Market due to the growing population and increasing urbanization in the region.
Some of the major players in the Plastic Pails Market include Berry Global, Greif, Inc., Mauser Group, Schoeller Allibert, and IPL Plastics.
Plastic pails are available in various types, such as open head pails, tight head pails, and conical pails.
Plastic pails are widely used for packaging and storing a variety of products, such as food, beverages, chemicals, and construction materials.
Some of the key trends shaping the future of the Plastic Pails Market include the increasing adoption of sustainable packaging solutions and the growing popularity of e-commerce.
The Plastic Pails Market faces challenges such as the volatility of raw material prices and the increasing environmental concerns associated with plastic waste.
The Plastic Pails Market is expected to reach a valuation of 10.5 USD Billion by 2032.