NEWARK, Del, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The global industrial pails market is projected to reach a value of US$ 12.1 Bn by 2032, with the market expanding at an average CAGR of 4.6% from 2022 to 2032. Predicted to reach an estimated US$ 7.8 Bn in 2022, the industrial pails market is propelled by elevated preference for optimum sized industrial pails for various purposes.
A rising demand for bulk packaging solutions with superior barrier properties in multiple industry verticals is spurring the growth of the industrial pails market over the forecast period.
Anticipated to grow 1.6x the current market value over the assessment period, the industrial pails market is fueled by the increasing application in different end-use industries like chemicals, agriculture, oil & lubricants, food & beverage, building & construction, and others.
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The escalating demand for safe, secure, durable, and bulk packaging materials further supplements the market expansion of industrial pails. Industrial pails ensure security and protection of chemicals from the external environment and lessen the risk of spillage while transportation. This bodes well for the market as it aids in the safe transportation in the advancing chemical industry.
With continuously growing demand for sustainable bulk packaging solutions that are far more effective than the traditional choices, the industrial pails market is likely to grow at a steady rate as it fulfills most of the requirements. The growing demand for safe packaging and transportation of high-value commodities will also drive the target market growth.
Along with safe transportation of hazardous chemicals, industrial pails are also utilized to pack liquid and granulated/ powder product forms. Moreover, industrial pails are not only a safe bulk packaging solution but also a sustainable one. All of these factors promote the growth of the industrial pails market over the projected period.
“Rising demand for sustainable, safe, and bulk packaging solutions will propel the market growth of the industrial pails over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising demand for spill-proof packaging solutions to boost market prospects.
- Germany will likely account for about 20% of the industrial pails market share in Europe.
- China industrial pails market is anticipated to expand 1.7x its current value.
- By material, the metal-based chemical resistant buckets will witness a surge in demand.
- In terms of end use, the chemicals industry coupled with the oil & lubricants sector will account for 2/5th of the market share.
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Competitive Landscape
Mauser Packaging Solutions, Berry Global Group, CL Smith, Schoeller Allibert Services B.V., Alpla Werke Alwin Lehner GmbH & Co KG, Vestil Manufacturing Corporation, IPL, Inc., P. Wilkinson Containers Ltd., Engel Group, Time Technoplast Ltd., ParekhPlast India Limited, Great Western Containers Inc., M&M Industries, SAPIN K.S.A., and Polyethylene Containers, Inc., among others are some of the major players in the industrial pails market profiled in the full version of the report.
Leading market players are concentrating on developing their product portfolios to cater to consumer demands. These organizations are keen on expanding their capacities and resources to strengthen their market presence.
More Insights into Industrial Pails Market Report
In its latest report, FMI offers an unbiased analysis of the global industrial pails market, providing historical data from 2012 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type (plastic, metal), capacity (less than 1 gal, 1-3 gal, 4-6 gal, 7-10 gal, above 10 gal), end use (chemicals, agriculture, food & beverage, building & construction, oil & lubricants, automotive, others (mining, etc.)), and region.
According to the latest FMI reports, based on region, the industrial pails market in Germany is predicted to thrive over the forecast period. The country will likely hold about 20% of the market share in Europe. Rising export of paint products in the country is the primary growth driver of the industrial pails market in Germany.
The industrial pails market in China is expected to expand 1.7x the current value over the assessment period. This growth can be attributed to the swiftly growing chemicals sector in this region.
Based on segmentation, by material type, the metals segment is expected to contribute the most to the target market growth. In terms of end use, the chemicals sector is leading the market growth, followed by the oil & lubricants segment.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Impact of Covid-19
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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