Global Plastic Pails Market Players Hope to Benefit From Circular Economy Initiatives Future Market Insights
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
- The global plastic pails market is slated to record a 4.4% CAGR between 2020 and 2030
- By end-users, inks, dyes & pigments manufacturers shall utilize the maximum amount of plastic pails, capturing a quarter of the market share
- 2/5th of the revenue share in terms of material type is accounted for by polyethylene (PE) based plastic pails, reaching a value of US$ 676 Mn by 2030
- Capacity-wise, the 10 to 20 liters segment shall capture over 40% of the global plastic pails market
- Collectively, East Asia and North America will capture a market value share exceeding half across the forecast period. However, South Asia looks to offers even more lucrative growth prospects
Global Plastic Pails Market- Key Trends