Albany, NY -- (SBWire) -- 01/21/2019 --Manufacturers across industries are gradually shifting to cheaper yet efficient packaging solution to overcome bulk packaging challenges. The shift from the manufacturing of metal to plastic packaging solutions has entirely changed the market landscape over the last two decades. Thus, novel packaging solutions such as plastic pails, which are lighter in weight as well as comparatively cost-effective, play a defining role in overcoming these challenges. Plastic pails are cylinder-shaped containers, usually with a capacity of about 3 liters to 50 liters, primarily used for the storage of liquid/powder products.
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Plastic Pails Market: Dynamics
The increasing demand from food & beverage ingredients, oil lubricants and chemical sectors is expected to be the key driving factor for the global plastic pails market. Globally, industrial chemical manufacturers are inclined towards the use of cost-effective and lightweight yet long-lasting packaging solutions for bulk liquid packaging requirements. Plastic pails meet these requirements and thus, find foremost application in the industrial chemical sector. Additionally, the growing demand for dyes, coating, paints, adhesives, etc. across varied geographies is playing a pivotal role in propelling the demand for plastic pails.
Fluctuation of raw material (polymer) prices for the manufacturing of plastic pails is anticipated to be a prime restraining factor for the global plastic pails market growth.
Plastic Pails Market: Company Developments and Industry-Level Trends
Key market participants across the globe that operate in the bulk industrial packaging market are focusing on acquisitions and collaborations with local/regional unorganized players that provide bulk packaging products.
In October 2018, Schoeller Allibert Group B.V., a Europe-based prominent manufacturer of returnable plastic packaging for material handling, inaugurated a new a state-of-the-art production plant in Beringen, Belgium
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In 2010, The Mauser Group announced the takeover of the business of American Container Net, Inc. (ACN) along with its wholly-owned subsidiary, Strawser Steel Drum of Ohio, Ltd. (SSD)
The global plastic pails market has been segmented into seven regions, namely Latin America, North America, Eastern Europe, Western Europe, Middle East and Africa (MEA), Asia Pacific Excluding Japan (APEJ) and Japan.
As of 2017, Asia Pacific was a prominent market for plastic pails, accounting for above 50% of the global production of industrial bulk chemicals. Moreover, with countries such as China & India in Asia Pacific exhibiting lucrative growth opportunities in terms of industrial chemical packaging, the demand for plastic pails is expected to witness substantial growth over the forecast period.
Global Plastic Pails Market Is Driven by Increasing Demand from Food & Beverage Ingredients and Chemical Sectors
Fluctuation of raw material (polymer) prices for the manufacturing of plastic pails is anticipated to be a prime restraining factor for the global plastic pails market growth.