Plastic Bucket Market Size, Share, Growth, and Industry Analysis, By Type (PP and HDPE), By Application (Food and Beverages, Chemical Industries, Construction, Household, and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Plastic Bucket Market Report Overview

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The global plastic bucket market size was USD 5681.77 million in 2021 and is projected to touch USD 10723 million by 2031, exhibiting a CAGR of 6.56% during the forecast period.

Plastic buckets are one of the most important items in the household. They have been used for decades for a wide range of activities, from bathing to the packaging of expensive goods. In the previous 20 years, the market environment has undergone a full transformation due to the evolution of raw materials from metal to plastic buckets. These buckets are less expensive and lower in weight. They are primarily constructed from a number of materials, including PP, PET, and HDPE, for usage in a range of industries, including food, home, industrial, chemical, and others. In the paint and coatings sector, buckets are also used for the bulk or retail delivery and storage of materials. 

Additionally, due to their high strength and longevity, they are frequently used to pack paint and coating products in both developing and industrialized nations. These buckets are fragmented in nature, and various manufacturing processes these buckets. These buckets are made of plastic resins such as polyethylene terephthalate, high and low-density polyethylene, and polypropylene. These buckets are used in various household and chemical industries, construction, food and beverages, paint, and other industries. 

COVID-19 Impact: Lack of Labor Led To Lower Production of the Product

The global COVID-19 pandemic has been unprecedented and staggering, with plastic buckets experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Pandemic affected the growth of all sectors. The countries declared a sudden health emergency to avoid the vital spread of infection. Transportation and factories were closed during the pandemic. The lockdown hampered the manufacturers' production capabilities due to the labor shortage and supply chain disruption. The COVID-19 outbreak harmed the plastic bucket market growth. The consumer goods and advanced materials industries experienced a downfall in supply and demand. The product price increased due to the high price of raw materials. However, the population developed a concern for safety and cleanliness, leading them towards properly storing garbage, medicines, food, and others. 

LATEST TRENDS

"Growing Household Population to Drive Market Trend"

The market for plastic buckets has grown dramatically in recent years due to the development of customized products. Manufacturers of plastic buckets are looking for improvements to their current product lineup to boost their market presence and obtain a competitive edge. Due to the fast-rising global household population, it is anticipated that the need for buckets will only continue to rise. The packaging of paints and coatings for retail markets is also done with this only product. The need for buckets is anticipated to increase as the market for paints and coatings expands. Using buckets for shipping, processing, and transporting goods has many advantages. These factors are expected to boost the plastic bucket market growth.

Plastic Bucket Market Segmentation

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• By Type Analysis

By type, the market is segmented into PP and HDPE.

• By Application Analysis

Based on application, the market is classified into food and beverages, chemical industries, construction, household, and others.

DRIVING FACTORS

"Growing Use of Rigid Plastic Containers in the F&B Sector to Create Growth Opportunities"

Containers that are rigid generally have rigid shapes and forms. Due to their strength and low weight, rigid plastic containers are becoming more and more popular in the food and beverage industries. These characteristics make food safe, extend its shelf life, and shield it from chemicals, light, and moisture. Additionally, because of its lightweight qualities, it is a useful packaging material for storing and transporting food items and beverages. The need for rigid containers in the food and beverage industries will rise due to shifting consumer purchasing patterns and changing lifestyles. The demand for the product is rising due to the rapid expansion of the food and beverage industry. These factors are estimated to surge the plastic bucket market growth.

"Expanding Pharmaceutical Industry to Foster Growth in the Market"

Glass containers were frequently used in the past in the pharmaceutical sector to package prescriptions and medications. But recently, this business has shifted its preference away from glass items to plastic buckets since they are more affordable, simple to use, leak-resistant, and lightweight. Polyethylene, polypropylene, polyvinyl chloride, and polystyrene are the materials used for containers that are most frequently preferred in the industry. Additionally, plastic-based containers are resistant to corrosion and chemically inert, protecting the pharmaceuticals and prolonging their shelf life. As a result, the demand will be stimulated during the projection period by the pharmaceutical industry's quick expansion.

RESTRAINING FACTORS

"Strict Government Regulations on Use of Plastics to Hinder Market Expansion"

The decomposed form of plastic is also harmful to the environment, which is forecasted to hamper the market expansion. Plastic decomposition is slower, leaving a long-term impact on the environment. This plastic's decomposition process is lengthy, including shipping, selling, melting, resolving, and shipping again. Moreover, the chemicals found in conventional plastics, such as phthalates, bisphenol-A, and polystyrene, create toxic industrial waste and are hazardous to nature. The government has restricted the use of plastic due to its toxic decomposition. 

Plastic Bucket Market Regional Insights

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"North America to Lead the Market Share Due to the Expanding Food and Pharmaceutical Industry"

North America is predicted to lead the plastic bucket market share by virtue of the rising pharmaceutical and food industry. The food and pharmaceutical companies use these buckets to store their products. 

Asia Pacific is anticipated to show significant growth in the global market due to the higher consumption and production of plastic buckets. The presence of emerging countries leads to higher construction activities which ultimately boosts the demand for products.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in the Market"

To achieve consistent market growth, businesses are implementing various organic and inorganic strategies. To acquire a significant competitive advantage in the global market, corporations are implementing ways to improve their portfolios. The major players fund the product's development and research. The businesses also indulge in retaining a competitive edge in the marketplace. The leading players also strongly emphasize implementing various tactics to support market expansion. Businesses also use cutting-edge methods and procedures to develop new technology. To boost sales, players are concentrating on acquisitions and investments. Because there are so many large companies in the market, it is competitive.

List of Market Players Profiled

• Greif (U.S.)
• Priority Plastics (U.S.)
• NCI Packaging (Australia)
• MandM Industries (U.S.)
• Pro-western (Canada)
• Paragon Manufacturing (U.S.)
• Xingguang Industrial (China)
• Encore Plastics (U.S.)
• CL Smith (U.S.)
• BERRY PLASTIC (U.S.)
• Jokey Group (Germany)
• Leaktite (U.S.)
• Ruijie Plastics (U.S.)
• Hitech Group (India)
• Zhonglianbang (China)
• Parekhplast (India)
• Qianyuan Plastic (U.S.)
• RPC (U.S.)
• BWAY (U.S.)
• Industrial Container Services (U.S.)
• Hofmann Plastics (Canada)
• Pro-design Group (Kuwait)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.