Over the last few decades, the global manufacturing sector is not only evolving in terms of quantity and quality of the products produced, but also witnessing a dynamic shift in terms of storage, packaging, and transportation of products. Manufacturing industries, such as food & beverages, pharmaceutical, and chemical, are trying to strengthen their supply chain capability in order to meet the increasing demand from customers. Industrial pails play an important role in overcoming challenges such as requirement for effective packaging at a low cost. Pails is considered the most common form for liquid packaging. Pails are cylindrical in shape. They are made of metals or plastic. Generally, they have a capacity of about 3–50 liters.
Growth of chemical and pharmaceutical sectors is projected to be a major driving factor for the industrial pails market. Pharmaceutical and chemical companies are demanding cost-effective and lightweight yet durable packaging solutions for their requirements in terms of bulk liquid packaging. This leads to increase in the demand for industrial pails in chemical and pharmaceutical sectors. Moreover, increasing demand for coatings, paints, and adhesives across the globe is also driving the demand for industrial pails worldwide. Increasing use in sectors such as pharmaceutical, construction, and food & beverages is opening new avenues for the global industrial pails market.
However, high and fluctuating prices of raw materials required for the manufacture of industrial pails is a major restraint of the global industrial pails market. High initial investments and high regular maintenance costs of industrial pails are other restraining factors for the industrial pails market.
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Furthermore, rising prices of raw materials, such as glass and metal, is another factor hampering the market. The global market for industrial pails is also restricted due to availability of several substitutes such as cans and bottles. Moreover, strict rules and regulations on the use and recycling of plastic industrial pails imposed by governments of various countries are hampering the global industrial pails market.
The global industrial pails market can be segmented based on material type, capacity, end-user, and region. Based on material type, the market can be classified into metal, plastic, and paperboard. In terms of capacity, the global industrial pails market can be divided into less than 500 mL, 1L – 3L, 3L – 10L, 10L – 20L, and more than 20L. Based on end-use, the market can be segregated into chemical, food & beverages, lubricants, and petroleum.