Pail Lids Market Forecast and CAGR
According to the latest research, the pail lids market is expected to witness significant growth during the forecasted year 2021-2031. The end-use of pail lids in several end-use industries is expected to be the key reason behind the growth of the pail lids market around the globe.
What is Driving Demand for Pail Lids Market?
The pail lids market is fragmented thus the pail lids manufacturers are opting for merger and acquisition activities in order to increase their business holding significant market share and also to have a wide presence across the globe.
The acquisition strategy is supposed to assist manufacturers in expanding their scale and improving their core strengths. Acquisition-based inorganic growth is a faster and less risky strategy than organic growth.
The purchase of another firm can generate a pool of opportunities for the manufacturer's untapped market due to the business's saturation in a geographical region.
In addition to this, plastic pollution is one of the biggest challenges in the current time. Non-degradable plastic can lead to some serious consequences. Thus several plastic product manufacturers are using recyclable plastic to manufacture their products which is also helping them to make their plastic products environmentally sustainable.
This method of using recyclable plastic in the manufacturing of plastic products will offer enormous opportunities for plastic lids manufacturers to make their products environment-friendly and also to reduce their carbon footprint.
Moreover, Plastic pail lids manufactured from recycled materials will reduce dependency on raw material prices, allowing producers to provide low-cost plastic pail lids to end-user sectors.
For instance, Mauser Group N.V. who is one of the leading manufacturers of pail lids manufactures 100% recyclable plastic pail lids with twin shot technology that incorporates recycled materials.
The demand for pail lids is dependent on the end-use industries. Due to the current situation of covid-19, there has been a slowdown in several industries which are gradually harming sales of pail lids and automatically hamper the pail lids market.
The US and Canada Pail Lids Market Outlook
From the past few years, the US and Canada have become significant markets for pail lids and it is expected to show significant growth in the forecasted period 2021-2031.
Pail lids are used in several industries such as agriculture, chemical, pharmaceuticals, plastic & rubber, automotive, mining & metals, food & beverage, petrochemical and many other.
The end-use of pail lids in so many industries is one of the key reasons behind the growth of the pail lids market in the US and Canada region. As with growth in these all industries the US and Canada pail lids market will grow automatically.
Europe Demand Outlook for Pail Lids Market
A tight-fitting, secure cover used to guarantee that products stored inside the pail are well-protected from contamination by the sun and other elements. Moreover during the transportation of several industrial products several incidents of spillage and damage has been happening.
Thus to solve the issues of spillage and damage, manufacturers are concentrating on cost-effective and efficient plastic packaging solutions and hence opting for pail lids. Hence the acceptance of pail lids by several industrial manufacturers to ensure the safe transportation of industrial products is expected to propel growth to the European pail lids market.
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Who are the key manufacturers and suppliers of Pail Lids?
Some of the leading manufacturers of pail lids are
- The Cary Company
- Orora Packaging Australia Pty Ltd
- Berry Global Inc.
- FDL Packaging Group
- Fibrestar Drums Ltd and Sonoco
- Industrial Container Services
These are the key players driving market demand for Pail lids and it is investing in adopting advanced technology to manufacture pail lids.
Pail Lidse Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
An Adaptive Approach to Modern-day Research Needs
- Low-Density Polyethylene
- High-Density Polyethylene
- Other Materials
- Food & Beverage
- Plastic & Rubber
- Mining & Metals
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.