The global sales of pail lids are estimated to be worth USD 4.3 billion in 2021 and are anticipated to reach a value of USD 5.9 billion by 2031. Sales are projected to rise at a CAGR of 3.3% over the forecast period between 2021 and 2031. The revenue generated by pail lids market in 2020 was USD 4.2 billion.
Ever-growing demand for the industries of food & beverages, chemicals, and construction has led to an increasing tendency toward efficient and safe packing; therefore, pail lids are in high demand. Correspondingly, a growing trend toward sustainable packaging has caused higher demand for recyclable and eco-friendly lid materials, which thereby fuels the growth of the market.
The rise of e-commerce and industrialization in emerging economies is increasing the requirement for efficient packaging solutions. Other technological advancements in lid designs, offering improved sealing and tamper evidence performance, also continue to be a key driver. Strict regulations pertaining to the safety and hygiene of packaging, especially in the food and pharmaceutical industries, complete the major contributors to market growth.
Global Pail Lids Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 4.2 billion |
| Estimated Size, 2021 | USD 4.3 billion |
| Projected Size, 2031 | USD 5.9 billion |
| Value-based CAGR (2021 to 2031) | 3.3% |
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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.
From the past few years, the USA and Canada have become significant markets for pail lids and it is expected to show significant growth in the forecasted period 2021 to 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 USA and Canada region. As with growth in these all industries the USA and Canada pail lids market will grow automatically.
A tight-fitting, secure cover is 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 have been happening.
Thus to solve the issues of spillage and damage, manufacturers are concentrating on cost-effective and efficient packing 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 in the European pail lids market.
Some of the leading manufacturers of pail lids
These are the key players driving market demand for Pail lids and it is investing in adopting advanced technology to manufacture pail lids.
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.
Pail Lids Market
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