Global industrial pails market size is poised to rake around US$ 9,585 Mn by 2027 and anticipated to grow at a CAGR of 5.2% over forecast period 2020 to 2027
LOS ANGELES, April 09, 2020 (GLOBE NEWSWIRE) — Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Industrial Pails Market Size, Company Share, Revenue, Growth Opportunities, Trends and Forecast, 2020 – 2027”.
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An industrial pail refers to the containers in a cylindrical structure with straight or slanted sides and usually with bail or handle to convenience in handling. These are made up of various types of materials including polyethylene, polypropylene, steel, aluminum, and tin among others. Basically it’s a technical term for buckets used in industrial purposes. The global industrial pails market is segmented into material type, capacity, and end-user. The capacity range starts from 1 gal to 13 gal. By the end-user, the global industrial pails market is bifurcated into agriculture, chemical, pharmaceuticals, food & beverage, petrochemical, building & construction, plastic & rubber, automotive, and mining & metals.
By material type, industrial pail manufactured with high-density polyethylene material is leading the global industrial pail market with major share. The properties associated with high-density polyethylene such as excellent toughness and cut & wear as well as very good chemical resistance are supporting the market value. Furthermore, Stackable high-density polyethylene pails are available in the market with effortless handling and recessed lip. Manufacturers are also providing pails to conform to USDA specifications and FDA compliance. The easy storage and shipping due to the tapered body which allows one pail to nest inside another are also propelling the market growth.
In 2019, Asia Pacific held the major share of the global Industrial pails market and expected to lead over the estimated period. The market is also projected to register the fastest growth over the forecast period. Increasing exports from emerging economies like China and India is majorly supporting the market value. Rapidly increasing industrialization and urbanization coupled with rising consumer spending and changing lifestyles are additionally contributing to the regional market value. However, the availability of substitutes such as cans and bottles are projected to hamper the growth to an extent in the regional market during the estimated period.
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Some of the leading competitors are Balmer Lawrie & Co. Ltd, Delta Containers Direct Limited, FDL Packaging Group, Fibrestar Drums Ltd, Grief Inc., Industrial Container Services, Mauser Group B.V., Orora Packaging Australia Pty Ltd, SCHÜTZ GmbH & Co., and Sonoco. The major industrial pails companies have announced mergers and acquisitions to expand their position in the industrial pails industry. Major players are also moving into new regions or advanced technologies for gaining competitive advantage.
Some of the key observations regarding industrial pails industry include:
- TriMas Corp. has signed an agreement to buy Plastic Srl, an Italian molder of plastic caps and closures. The deal was scheduled to close in 2019. After the acquisition Plastic Srl was intended to become a wholly-owned division of TriMas’ Rieke Packaging Systems business. Whereas, Rieke makes specialty dispensing systems including plastic and steel closures, caps, and pail enclosures among others.
- In 2019, Reliance Products LTD and Bucket Innovations, LLC have announced a new North American distribution partnership agreement, which allows Reliance Products the licensing rights to manufacture and market Bucket Innovations’ industrial-grade high-density polyethylene (HDPE) pails with a patented, integrated handle throughout North America. The new Reliance 5-Gallon Pail was scheduled to be available from the beginning of July 2019 through both Reliance’s industrial and outdoor recreation decisions. Furthermore, Bucket Innovations, LLC has developed a patented bucket design by integrating a molded handle into the bottom of industrial-grade pails. The new 5 gallon pail improves efficiency and ergonomics for the user and also adds a beneficial safety layer over traditional five-gallon pails.
- BMB SpA, an Italian injection molding machinery maker is exhibiting its eKW55Pi/7000 hybrid injection molding machine at NPE2018. The machine is producing a 5-gallon industrial pail made from high-density polyethylene in a cycle time of 14 seconds. The 550-tonne hybrid press is designed to run much faster than conventional molds that are built for plastic industrial pails, which leads to a 25% improvement of output in parts per hour.
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