Five Gallon Plastic Pails Overview:
Five Gallon Plastic Pails Market size was valued at USD 303.10 Million in 2021, registering a CAGR of 5.8% during the forecast period (2022-2030), and the market is projected to be worth USD 496.22 Million by 2030.
Plastic pails are open-head containers used for storing and packing of a range of products including, food, beverages, chemicals, and paints among others. The plastic pails are available in different volume capacities ranging from 0.3 gallons to over 5 gallons. The five-gallon plastic pails are mainly used for industrial purposes due to the large volume capacity. Further, plastic pails are mainly available in two grades including industrial grade and food grade. Rising adoption of plastic pails in the construction, food & beverage, chemical, and paint & adhesives industries is spurring the market growth of the five-gallon plastic pails. The increasing global population and rise in disposable income in emerging economies is leading to a rise in industrial output. The increased industrial output from construction, chemical, and food & beverage among other industries leading to a high demand for five-gallon plastic pails.
Market Dynamics:
Driver:
Plastic pails are containers that are primarily made of HDPE (high-density polyethylene), polypropylene, and other similar materials. Food-grade plastic pails are often utilized in the food & beverage industry for holding large quantities of food products and for packaging applications. The properties of plastic pails including high resistance to corrosion and rust, excellent stacking strength, tamper resistance along with their tight-fitting lid and leak-proof sealing are the primary factors driving its demand for food & beverage packaging.
For instance, according to Euromonitor, the consumption of food packaging in China is projected to increase from 399,858 million packaging items in 2018 to 447,066 million in 2023, among which plastic packaging is expected to hold the largest share. Moreover, according to the Packaging Industry Association of India, the food & beverage packaging industry is considered to be one of the industries with high growth in India and it accounted for 55% of the total packaging consumption in India in 2021.
Restraint:
The overall cost of plastic pails is primarily dependent on the cost of production, followed by the cost of raw materials such as HDPE (high-density polyethylene), polypropylene, and more used in the manufacturing of plastic pails. As a result, fluctuations in the prices of raw materials are hindering the growth of the market.
Additionally, the fluctuating prices of crude oil have resulted in higher transportation costs of raw materials, logistics, and more, which is causing significant disruption in the supply chain, which is expected to affect the cost of materials used in the production of plastic pails.
Five Gallon Plastic Pails Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Million) | 496.22 Million |
| CAGR (2022-2030) | 5.9% |
| 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 |
Market Segmentation:
By Type
The type of segment is divided into food grade and industrial grade. The industrial grade pails accounted for the largest market share with a revenue of USD 195.86 million in 2021 and is also expected to grow with the highest CAGR of 5.9% for the forecast period of 2022-28. Factors such as heat resistance, rust resistance, and chemical resistance are fueling the adoption of five-gallon plastic pails for a wide range of application in industries such as chemical and building & construction.
By Application
On the basis of applications, the five-gallon plastic pails are classified into food & beverage, construction, and chemical industries. The construction application accounted for the largest market share with a revenue of USD 122.72 million in 2021 and is also expected to grow with the highest CAGR of 6.0% for the forecast period of 2022-28. In the construction industry five-gallon plastic pails are used for storing and carrying a wide range of materials including paint, cement, sand, concrete, and so on. The surge in trend towards improving the infrastructure of the cities is one of the key factors driving the growth of the construction industry, in tun fueling the demand for five-gallon plastic pails.
By Region:
The regional segment includes North America, Europe, Asia Pacific, the Middle East, and Africa, Latin America. The Asia Pacific region accounted for the largest market share with a revenue of USD 110.81 million in 2021 and is also expected to grow with the highest CAGR of 5.9% for the forecast period of 2022-28. Presence of a large number of emerging economies comprising of key manufacturers of chemicals, food & beverage, and petrochemicals is one of the key factors driving the growth of the five-gallon plastic pails market in the Asia Pacific region. Furthermore, the surge in the trend towards urbanization owing to the rising population in the region is another factor that is anticipated to positively impact the growth of the five-gallon plastic pails market across the Asia Pacific region.
Five Gallon Plastic Pails Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Application launches have accelerated the growth of the Five Gallon Plastic Pails market. Key players in the market include-
- MAUSER PACKAGING SOLUTION
- Time Technoplast Ltd.
- BERRY GLOBAL GROUP INC
- Hitech Group
- NCI Packaging
- Jokey SE
- Leaktite Corporation
- Affordable Buckets, LLC
- Great Western Containers
Table of Content
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