LONDON--(BUSINESS WIRE)--According to the latest procurement market intelligence report from Technavio, the global plastic pails market is expected to grow at a CAGR of 4% over the next five years due to the growth of the construction and housing segment that consumes paint, adhesives, and other industrial products, which are usually packaged in plastic pails.
The research report titled ‘Global Plastic Pails Market: Procurement Intelligence Report 2016-2020’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the plastic pails market will be driven by growth in the construction and housing segment, especially in the developing countries of Asia and the Middle East, as plastic pails are popular packaging materials for paints, lubricants, and wall joint compounds used in the construction industry,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, there has been a shift in consumer preferences toward plastics due to advantages in terms of cost, durability, and weight,” adds Angad.
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Cost Saving Opportunities in the Plastic Pails Market
The adoption of various cost-optimization levers helps buyers of plastic pails market realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the plastic pails market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Adoption of latest technologies such as adaptive process control helps to reduce the amount of waste generated. Other technologies such as barrier technology and blow molding help to protect paints and chemicals from light and oxygen, and enhance production capacity.
The adoption of the above technologies enhances the ability of suppliers to provide pails that meet the shape, size and quality specifications that buyers require in a cost-effective manner, thus generating cost-savings to the extent of 20%.
Supplier Competition saving aspects
Optimization of supply pool is critical in the global plastic pails market. Category spend managers suggest competitive bidding to procure price discounts and enable negotiations on value-adds such as labeling and decorating.
Paints and other chemicals require special plastic pail packaging and suppliers should be able to supply these pails that adhere to the specifications of buyers. Suppliers should have the ability to design and color plastic pails to consolidate buyers’ requirements and obtain cost savings to the extent of 10%.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global plastic pails market is the bundling strategy, which facilitates bundling of services such as hazardous material handling and inbound and outbound logistics management. Buyers prefer to engage with suppliers who are willing to adhere to the necessary regulatory standards and provide logistics support as it helps to reduce costs substantially.
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