According to the new report published by Industry Research Place US Plastic Storage Bins Market is valued at USD 287.32 Million in 2020 and is expected to reach USD 398.09 Million by 2026 with the CAGR of 4 % over the forecast period
This report analyses the US market for Plastic Storage Bins. The report will enable the user to understand and gain insights into the current and forecast market situation. The market is comprehensively analyzed by geography to give complete information on the US scenario. The qualitative and quantitative data provided in this study can help user understand which market segments, regions are expected to grow at higher rates, factors affecting the market and key opportunity areas. The report also includes competitive landscape of key players in the industry along with emerging trends in the market.
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Based on product types, the market for U.S. Plastic Storage Bins Market is segmented into 12 Gallon and 27 Gallon. Household segment dominated the application segment and was worth of USD 157.80 Million in 2019 and it is expected to reach USD 213.21 Million in 2027.
Based on applications, the market for U.S. Plastic Storage Bins Market is segmented into household and industrial. 27 Gallon segment dominated the type segment and was worth of USD 147.24 Million in 2019 and it is expected to reach USD 180.94 Million in 2027.
2.IRIS USA, Inc.
5.Akro-Mils / Myers Industries, Inc.
6.Edge Plastics Inc.
Above mentioned companies were scrutinized to assess competitive landscape of US Plastic Storage Bins Market. Report provides company profiles of each player. Each profile include company product portfolio,business overview, company governance, company financials, business strategies, manufacturing locations and production facilities, company sale, recent developments and strategic collaborations & partnerships, new product launch, company segments, application diversification and company strength and weakness analysis.
US Plastic Storage Bins Market COVID-19 impact Analysis
COVID-19 has changed the consumer behavior which affects-consumer confidence, which reduces downstream demand in many segments. Polymer demand is impacted in the short, medium, and long term. The intensity of the effect differs according to the market segments.
The transition to plastics sustainability faces new challenges but remains a global priority even with the pandemic, oil price, economic downturn. The issues are not going away but rather need to be addressed in a more challenging environment than envisioned just a few months past.
Plastics will also advantage from increased spending on household cleaning, hygiene, and personal protection products, as well as higher domestic food consumption from a more home based life. However, because this crisis will also cause deep destruction of personal wealth and economic uncertainty, consumers will also reduce discretionary spending on leisure, entertainment, travel and tourism, and eating out, which will impact related plastics consumption. Apart from these areas of the economy, major sectors including automotive and white goods will also face tremendous headwinds.
During COVID-19 epidemic the plastic bins were extensively used for various purposes like-
Health-care waste including used PPEs (gloves, masks, goggles, fluid-resistant apron) collected in clearly marked lined bins and sharp safe boxes, and stored, preferably on-site prior to treatment and safe disposal.
Treatment of medical waste containing used plastics by incineration followed by safe disposal. Sealed and disinfected bins were used to separate and safe storage of medical waste in secured area if treatment facility is temporarily unavailable.
Infectious waste generated from the impacted and non-impacted sources is advised to be segregated at the source itself using colored-coded bins.
Further, color-coded bins were deployed at the community level to ensure proper collection and disposal of such used PPEs. Moreover, the deployment of mobile treatment facilities to manage infectious plastic waste on-site must be considered.
Some buildings have clothing and/or a household goods donation bin on site. One of the buildings also has a textile waste diversion bin for clothes and other textiles that are not in a reusable condition and cannot be donated but are rather sent for recycling or to be turned into wiping rags.
Rise of Single-Use Plastic and Lifted Bans
The battle for reducing plastic waste has been, on the whole, a hot initiative. Countries around the world started banning single-use plastics, including Colombia, parts of the United States, China, Zimbabwe, Albania, Cameroon, Romania, and many other countries. Companies were announcing targets that they planned to meet by a certain year in the effort to become as sustainable as possible. Unfortunately, when COVID-19 began, consumers became concerned that a person could get the virus by touching a surface or object that has the virus on it and then touching their mouth, nose, or another person. The virus seems to be able to survive on cardboard for about 24 hours, and on plastic for up to three days. Even though the exact danger was unknown, sustainability programs decreased or paused in the early months of the pandemic. Several countries and US states have paused and lifted bans on single-use plastics and have even banned reusable bags temporarily.
Supermarkets saw an increase in single-use plastics for wrapping products. This was the immediate safety response that places initiated for the health and safety of people across the globe. In the US, some states like New York and New Jersey, have been calling for delays on plastic bans, fearing that reusable bags carry the virus. This pushback increased demand for products like bottled water and disposable sanitizers.
Consumer Preferences and E-Commerce Demands
With strict quarantine occurring in the first few months of the pandemic and long lines at grocery stores to buy weeks’ worth of food to limit frequent visits, stores worldwide were seeing groceries and products running out quicker than usual. Many people are expecting the virus to negatively affect their finances and way of life as a whole until there is a vaccine. There have been shifts in consumer behavior both by category and by channel. Consumers are being mindful about what they want to spend their money on. Since older people are the most vulnerable to the virus and in some instances not able to leave their homes in certain countries, older generations have had to incorporate online shopping and adopt e-commerce because it is the safest option for them. This has caused an increase in only buying what is necessary, such as grocery and household supplies, and taking price into consideration. Online customer base has increased during the pandemic and many consumers say they plan to continue online shopping even when brick and mortar stores reopen. Acceleration of online shopping will continue to occur as there are more consumers online and because we do not know when the pandemic will end.
Direct to consumer has been the focus through an e-commerce platform with the stay at home orders in all aspects of consumer spending. Due to this trend, there is an increase with single-use packaging and wrapping for parcels shipped by e-commerce suppliers. This has caused an increase in e-commerce demands for one’s safety as shoppers are buying online and accelerating home-delivery services. Ecommerce spending is up by 18% in 2020 and Amazon has a giant 38% market share in the United States. Packaging has grown significantly globally, that a trillion dollars will be reached by the middle of next year in 2021.
This report highlights the impact of the Covid-19 pandemic on US Plastic Storage Bins Market. By combining data from a range of industry sources, as well as predictive modeling and market trend analysis, we provide an evidence-based set of projections that will allow organizations to plan their strategies more effectively. The report gives in depth analysis of short term and long term impacts of epidemic on the industry.
The COVID 19 impact assessment of US Plastic Storage Bins Market is divided into following sections:
Section1: Pre Lockdown
This part of the report looks at how market changed throughout early 2020, as the spread of COVID-19 intensified on different geographies.
Section2: During Lockdown
This part of the report collects data from across the sector to know how people have responded to lockdown. It analyses the impact of the epidemic on the workforce in the industry and disruption in various regions and countries
Section3: Post Lockdown
This part of the report project what sector recovery could look like and summarizes ways in which the business landscape could shift.
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USPlastic Storage Bins Market Trends and Opportunities
Today, the continued push to automate the warehouse is driving a shift in that material selection. In some cases, seeing more polypropylene, which is stronger, lighter and more durable by nature, used to accommodate different deflection requirements and tolerances of automated materials handling equipment.
Private labeling that helps distributors retain their customers. More companies are using private label containers to keep the focus on themselves. Distributors are trying to protect their interests and hang on to their customers. Bin manufacturers are getting more requests from the distributors for their labeling.
Returnable and reusable bins
Returnable and reusable plastic storage bins let companies to function more sustainably. With more organizations focused on lessening their carbon footprints and implementing eco-conscious business practices, the supply chain is home to at least some of these initiatives. There, more companies are moving toward using more returnable and bins. Recent return on investment study that found it makes more financial sense to reuse plastic storage bins. More companies moving away from cardboard where tops are torn off and the box is pitched into the garbage
Light weight bins
The push to make bins lighter, yet still as durable and accommodating as their predecessors, is on. As those containers lighten up, they still must meet the specifications of the application. Trend in weighting and trying to find ways to continue to keep the weight of the container down so more product can be put in the container.
E-commerce act as the ultimate driver of innovation of bins. E-commerce continues to play a major role in the way storage bins are designed, made and used. Companies are seeking out new container solutions and then integrating them into existing operations. Segmenting those choices across different aspects of e-commerce, including direct-to-retail, direct-to-consumer, and so forth.
The integration of bins
The integration of bins onto a holistic warehousing approach. By taking a holistic approach to the entire warehousing setup, companies select the bins that make the most sense for their specific operations. Let's say, bins may have to interface with a pallet, or have to work with other solutions in order to get a complete order staged for delivery.
Recent Development in US Plastic Storage Bins Market
IRIS USA, Inc. has introduced 4th US manufacturing & distribution facility set to open in Hazle Township, PA.
•An overview of the US Plastic Storage Bins Market
•In depth analysis of market dynamics and major factors such as drivers, restraints, opportunities and trends influencing the US market
•US Plastic Storage Bins Market revenue data historic and forecast analysis (2016 to 2026)
•Characterization and quantification of the market segments for Plastic Storage Bins Market
•Market share analysis of key market participants and their competitive landscape
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Important Questions Answered by US Plastic Storage Bins Market Report
•What is the impact of COVID 19 epidemic on the US Plastic Storage Bins Market?
•Which is mostly affected region, country?
•Which is the current largest and fastest-growing region?
•What is the market size and growth rate of the US Plastic Storage Bins Market?
•What are current factors affecting the growth of market?
•What are Key trends and opportunity areas?
•Within Plastic Storage Bins Market, which segments are fastest growing & emerging strongly? What are the drivers and restraints for each segment? What are vendor competencies by segment?
•What are the major strategies adopted by leading market companies?
•What are company challenges and essential success factors by market segment?
•How company offerings and supply chain capabilities are shifting to meet emerging market needs?
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