Five Gallon Plastic Pails Market Measured Current Value into an Industrial Standard Forecast 2022-2030 in Market Research Community
- June 2, 2023, 6:56 a.m.
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Five Gallon Plastic Pails Market Insights:
Five Gallon Plastic Pails market size of USD 303.10 million in 2021, and it is expected to achieve a projected CAGR of 5.8% from 2022 to 2030. Based on this growth rate, the market is estimated to reach USD 496.22 million by 2030.
The market for five-gallon plastic pails is experiencing significant growth within the packaging industry. This growth is driven by the increasing demand for packaging solutions that offer durability and cost-effectiveness across a wide range of applications. These plastic pails, with a capacity of five gallons, are commonly used for packaging industrial chemicals, paints, coatings, adhesives, and other high-viscosity products.
The market for five-gallon plastic pails can be divided into categories based on material type, end-use industry, and region. Based on material type, the market can be classified into high-density polyethylene (HDPE), polypropylene (PP), and other materials. HDPE is the most widely used material for manufacturing five-gallon plastic pails due to its chemical resistance, durability, and cost-effectiveness. The end-use industry segment includes paints and coatings, chemicals, food and beverage, and other industries. In terms of regions, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
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Based on a recent market research report, the global market for five-gallon plastic pails is estimated to experience a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. By the end of the forecast period, the market is projected to achieve a value of approximately $1.6 billion. The HDPE segment is anticipated to dominate the market, holding the largest market share throughout the forecast period. This can be attributed to the extensive utilization of HDPE in the packaging of chemicals and industrial products.
The market for five-gallon plastic pails is currently dominated by North America, primarily due to the presence of major industry players and a strong demand for packaging solutions in the region. Europe also holds a significant market share for five-gallon plastic pails, particularly in the paints and coatings industry where these pails are increasingly replacing metal containers. In the Asia-Pacific region, the market for five-gallon plastic pails is expected to witness the highest growth rate, driven by the rising demand for industrial chemicals, paints, and coatings in the region.
Market Segmentation
By Type:
Food Grade, Industrial Grade
By Application:
Food and Beverage, Chemical, Construction
By Geography:
North America– (U.S., Canada, Mexico)
Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe)
Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific)
Latin America- (Brazil, Argentina, Chile, Rest of Latin America)
Middle East and Africa- (GCC, Turkey, South Africa, and the Rest of MEA)
Key Players:
MAUSER PACKAGING SOLUTION, Time Technoplast Ltd., BERRY GLOBAL GROUP, INC, Hitech Group, NCI Packaging, Jokey SE and Leaktite Corporation
Based on the end-use industry, the paints and coatings segment is expected to hold the largest market share during the forecast period. This dominance is primarily attributed to the significant demand for cost-effective and long-lasting packaging solutions in this sector. Conversely, the food and beverage segment is anticipated to witness rapid growth, fueled by the increasing requirement for plastic pails to store large quantities of food products such as syrups, sauces, and condiments.
In conclusion, the five-gallon plastic pails market size is a growing segment of the packaging industry, driven by increasing demand for durable and cost-effective packaging solutions across a wide range of applications. The market can be segmented by material type, end-use industry, and region, and is projected to reach a market value of approximately $1.6 billion by 2028. With increasing demand for industrial chemicals, paints, coatings, and bulk food products, the five-gallon plastic pails market is expected to continue to grow in the coming years.
The study provides answers to the following key questions:
- What type of customers buying the products and services from companies operating in the Five Gallon Plastic Pails Market?
- What will be the roadmap for the product manufacturers operating in the Five Gallon Plastic Pails Market industry for the forecast period, 2022 to 2030?
- What are the recent developments in the competitive landscape to look out for during the estimated period?
- What are the major trends influencing customers’ lives and their buying behaviour?
- How can brands best communicate with the customers they intend to target?
- When, where and how the customers want to use or consume the products or services?
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