Market Outlook:
The Latin America plastic pails & buckets market was valued at USD 233.5 million in 2020 and is expected to reach USD 277.7 million by 2028. Plastic pails are durable containers that are ideal for storing large volumes of materials for the industrial, paint and coatings, petroleum, food, janitorial & sanitation industries, animal feed, and solvents industries. These are built to be tough and perform heavy-duty tasks.
Market Dynamics
According to the World Health Organization (WHO), by 2026, half of the world's population is expected to live in water-stressed areas. As a result, water and wastewater treatment systems are projected to grow substantially in the future. As a result, demand for Plastic Pails & Bucket is expected to rise. The modular architecture of wastewater treatment plants lowered the initial large amount of investments, making them economical.
PVC buyers are using modern pumping equipment instead of the conventional method of manufacturing for reducing maintenance and operational costs and saving energy, which is projected to boost the demand for Plastic Pails & Bucket during the forecast period. Another aspect that stimulates growth is technology developments, such as the invention of 3D printed impellers and the use of modelling software. These innovations help to improve pump performance, reduce production costs, and produce high flow rate and outlet pressure. These factors are expected to boost the Plastic Pails & Bucket market.
The plastic pail & bucket market is reflecting a customized product offering trend, in which manufacturers are manufacturing products that meet specific storage and transportation requirements of end customers. This trend creates the source of value creation, such as cost effectiveness, larger storage capacity, longer shelf life, and protection, enabling large scale industrial customers to assess significant long-term cost savings.
Stringent government regulations governing the use of plastic materials are expected to restrain the growth of the market. Manufacturers reconsider their strategies as governments throughout the world impose tough rules and regulations on the usage of plastic.
Fluctuation in raw material (polymer) costs for the manufacture of plastic pails is expected to be a major restraining factor for the growth of the global plastic pails market. Primary raw materials used in plastic manufacture are crude oil and natural gas. Changes in the price of oil and gas are instantly reflected in the price of plastic materials and resin, as producers pass these fluctuations on to buyers.
Overflowing landfills have been a point of conflict in recent years, as non-biodegradable plastic has disastrous implications. Government support and stringent laws have a significant influence on plastic recycling. Use of recycled materials in the production of plastic pails reduces the dependency on raw material prices and is projected to reduce CO2 emissions and eliminate the need for fossil fuels in the manufacture of new plastic. As a result, increasing consumer awareness about the overall benefits of plastic recycling is projected to boost the market by creating opportunities for the plastic pail market.
Segmental Outlook
Based on types, the plastic pails & buckets market is divided into rectangular, cylindrical, and others. The rectangular segment is anticipated to expand at a significant rate during the forecast period. The cylindrical segment is expected to account for a significant market share in 2020, due to its wide applications in the paints & coatings and petroleum & lubricants industries.
Based on capacities, the plastic pails & buckets market is divided into upto 3 liters, between 3 and 5 liters, between 5 and 10 liters, between 10 and 20 liters, between 20 and 50 liters, and 50 liters & above. The 50 liters & above capacity segment is expected to hold a significant share of the global market, owing to large volume offered by the product for storage and transportation.
On the basis of material types, the plastic pails & buckets market is divided into HDPE, PP, PVC, LDPE, and others. The PP segment is expected to expand at a significant CAGR during the forecast period, owing to chemical and acid-resistant properties provided by the material. The HDPE segment is anticipated to hold a significant share of the global market, owing to its high tensile strength and resistance to temperature.
In terms of top/head, the plastic pails & buckets market is categorized into with lid and without lid. The with lid segment is anticipated to expand at a significant rate during the forecast period, due to high storage protection provided by them when compared to without lids. The growth of the without lid segment is attributed to its usage in the agriculture industry.
On the basis of end-use industry, the plastic pails & buckets market is classified into paints & coatings, industrial chemicals, petroleum & lubricants, food & beverage, agriculture, and others. The petroleum & lubricants segment is anticipated to hold a significant share of the market in 2020, owing to high usage of pails for packaging a wide range of lubricants for commercialization purposes.
Regional Outlook
On the basis of regions, the market is segmented into regions, namely Latin America which further divided into countries namely Brazil, Mexico, Peru, Colombia, Colombia, Chile, Bolivia, Rest of Latin America. Brazil and Mexico have the highest consumption of plastic pails & buckets in Latin America among Peru, Colombia, Bolivia, and rest of Latin America. Consumers are increasingly preferring plastic pails & bucket packaging over other products, as plastic packages are light and easy to handle. Furthermore, significant firms choose to adopt plastic packaging alternatives, due to low production costs.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Healthcare Cold Storage Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Healthcare Cold Storage Market Performance
Segments
By Types
- Rectangular
- Cylindrical
- Other
By Capacity
- Up to 3 Liters
- Between 3 and 5 Liters
- Between 5 and 10 Liters
- Between 10 and 20 Liters
- Between 20 and 50 Liters
- 50 Liters and above
By Material Type
By Top/Head
By End-use Industry
- Paints & Coatings
- Industrial Chemicals
- Petroleum & Lubricants
- Food & Beverage
- Agriculture
- Others
By Latin America Country
- Brazil
- Mexico
- Peru
- Colombia
- Chile
- Bolivia
- Rest of Latin America (LATAM)
Key Market Players Profiled in the Report
- Berry Global Group, Inc.
- BWAY Corporation
- Greiner AG
- Plasticos AL
- M&M Industries, Inc.
- PYMSA
- TOROSQUI S. A de C.V
Competitive Landscape
Key players operating in the global Plastic Pails & Buckets market include Berry Global Group, Inc., BWAY Corporation, Greiner AG, Plasticos AL, M&M Industries, Inc., PYMSA, TOROSQUI S. A de C.V
Request For Customization
Enquiry Before Buying
Speak With Analyst
