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 a burgeoning sector within the packaging industry, fueled by rising demand for packaging solutions that are both resilient and cost-effective across various applications. These plastic pails, with a five-gallon capacity, are frequently used for packing industrial chemicals, paints, coatings, adhesives, and other high-viscosity products.
The five-gallon plastic pails market can be categorized based on material type, end-use industry, and region. The market can be classified into high-density polyethylene (HDPE), polypropylene (PP), and other materials based on material type. HDPE is the most commonly used material in the manufacturing of five-gallon plastic pails due to its chemical resistance, durability, and cost-effectiveness. The market can be segmented into paints and coatings, chemicals, food and beverage, and other industries based on end-use. North America, Europe, Asia-Pacific, and the Rest of the World can be divided into regions.
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According to a recent market research report, the global five-gallon plastic pails market is projected to grow at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028, reaching a market value of approximately $1.6 billion by the end of the forecast period. The HDPE segment is expected to hold the largest market share during the forecast period, due to its widespread use in the packaging of chemicals and industrial products.
North America is currently the largest market for five-gallon plastic pails, driven by the presence of major players in the industry and the high demand for packaging solutions in the region. Europe is also a significant market for five-gallon plastic pails, particularly in the paints and coatings industry where plastic pails are increasingly being used as a replacement for metal containers. Asia-Pacific is expected to be the fastest-growing market for five-gallon plastic pails, driven by the increasing demand for industrial chemicals and 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
The paints and coatings segment is predicted to dominate the market share during the forecast period based on end-use industry, primarily due to the high demand for affordable and durable packaging solutions in this sector. On the other hand, the food and beverage segment is projected to experience faster growth, primarily driven by the escalating need for plastic pails to store bulk food products like 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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