The market for wheeled bins includes the international trading and distribution of containers with wheels and handles that are mostly used for waste material storage and transportation. The increasing usage of mobile containers in different end user industries is fueling the demand for wheeled bins.
NEWARK, DE / ACCESSWIRE / August 30, 2024 / The wheeled bin market is on an upward trajectory, with a projected CAGR of 4.7% during the forecast period. Estimated at USD 6.4 billion in 2024, the market is likely to reach USD 10.1 billion by 2034. The wheeled bin industry is being driven by several factors, including increasing urbanization and industrialization worldwide. As urban populations grow, the demand for efficient waste management solutions rises in tandem.
Stringent regulations aimed at promoting recycling and waste segregation initiatives are compelling municipalities and businesses to invest in durable and sustainable waste containers like wheeled bins. Additionally, technological advancements in material sciences have led to the development of high-quality, weather-resistant plastics and other materials, enhancing the durability and longevity of wheeled bins, further driving market growth.
The wheeled bin industry faces certain challenges that could impede its expansion. One significant restraint is the increasing cost of raw materials, particularly plastics, which are the primary materials used in manufacturing wheeled bins.
Fluctuations in oil prices and environmental concerns surrounding plastic usage have led to rising material costs, squeezing profit margins for manufacturers. Additionally, competition from alternative waste management solutions, such as composting and incineration, poses a threat to the wheeled bin market, especially in regions where these alternatives are gaining traction.
The shift towards smart waste management systems, including IoT-enabled bins and waste collection vehicles, opens up new avenues for innovation and market expansion. Additionally, the rising awareness of environmental sustainability among consumers and businesses is driving demand for eco-friendly wheeled bins made from recycled materials. Innovations in the wheeled bin industry are shaping the future of waste management.
One notable trend is the integration of technology, such as RFID tags and GPS tracking systems, into wheeled bins to enable real-time monitoring of waste collection routes and bin fill levels. Moreover, customization options, including color-coded bins for different types of waste and customizable branding for municipalities and businesses, are gaining popularity.
Additionally, manufacturers are focusing on designing wheeled bins with ergonomic features for ease of handling and maneuverability, catering to the needs of waste collection workers and improving operational efficiency.
"The wheeled bin industry presents lucrative opportunities for growth, particularly in emerging markets with burgeoning urban populations. Governments and municipalities in these regions are increasingly investing in waste management infrastructure to address the growing volume of municipal solid waste." Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study
The wheeled bin market in the United States is poised for restrained yet stable expansion, with a projected CAGR of 2.9%.
In the United Kingdom, growth is anticipated to be steady but tempered, with a CAGR of 2.7%, reflecting the maturity of this market.
Germany's wheeled bin market is expected to experience steady growth, projected at a CAGR of 2.3% through 2034.
India's wheeled bin sector is set for significant expansion, driven by a robust CAGR of 6%, fueled by rapid urbanization and initiatives focused on efficient waste management.
China offers promising growth opportunities, with a CAGR of 5.7%, supported by rapid urban development and substantial investments in infrastructure.
Wheeled Bin Germany Market is set to hit worth of USD 439.4 million at CAGR of 3.1% during forecast period of 2024 to 2034
How Will Government Initiatives Drive the Wheeled Bins Market Growth
The increasing demand for mobile containers and effective waste handling systems to prevent the occurrence of various chronic diseases is expected to spur the wheeled bins market growth in the upcoming years. The rising usage of these bins in the pharmaceutical and food and beverage industries is another major factor that is likely to augur well for the global market.
Improper waste management can often lead to soil contamination, as well as air and water pollution. Animals that rely on the environment are also negatively affected because of waste materials. To prevent such conditions, governments are expected to join hands with private NGOs and invest huge sums to create innovative waste disposal systems. Spurred by the aforementioned factors, the global market for wheeled bins is set to grow at a fast pace.
Which Factors Are Likely to Hinder the Wheeled Bins Market Growth
The high cost of large-sized wheeled bins may hamper the growth as not many people residing in underdeveloped countries can afford them. In addition to that, the lack of knowledge about proper waste disposal methods among people living in these countries may obstruct the demand for wheeled bins in the forthcoming years.
Why is the Emergence of Smart Bins Pushing North America Wheeled Bins Market
Increasing awareness about the availability of technologically advanced garbage bins across the U.S. and Canada is likely to boost the North America wheeled bins market share in the assessment period. The emergence of smart trash bins that contain wireless ultrasonic sensors is set to propel the North America market.
The ongoing development of smart cities to enhance lifestyles in urban areas is another crucial factor that is anticipated to drive the regional market. In addition to that, the surging complexity in the logistics of waste collection is likely to propel the need for efficient waste management solutions. It is also set to contribute to the North America market growth.
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Competition Outlook of the Wheeled Bin Market
In the competitive landscape of the wheeled bin industry, major players are innovating to meet the evolving demands for waste management solutions. SSI SCHAEFER, a leading provider headquartered in Germany, continues to invest in research and development to enhance its product offerings.
With a focus on sustainability, SSI SCHAEFER is integrating advanced materials and technologies into its bins, aiming to improve durability and environmental performance. Additionally, the company is expanding its market presence through strategic partnerships and acquisitions, strengthening its position as a key player in the global wheeled bin market.
Another prominent player, Otto Waste Systems, based in the United States, is leveraging its extensive experience and expertise to introduce innovative bin designs tailored to diverse customer needs. Recognizing the growing emphasis on smart waste management solutions, Otto Waste Systems is integrating IoT (Internet of Things) technology into its bins, enabling real-time monitoring and data-driven decision-making.
By offering customizable solutions and responsive customer service, Otto Waste Systems is poised to capitalize on emerging opportunities in the wheeled bin industry, driving growth and innovation in the market.
Leading Companies in the Industry
Euro Stampi S.R.L.
Nieros International
Henkel GmbH
One Plastics Group
Remcon Plastics Inc.
Craemer Holding GmbH
SULO Verwaltung und Technik GmbH
Recent Developments:
In 2023, Euro Stampi S.R.L., based in Italy, recently expanded its production capacity with the acquisition of cutting-edge gear. Among its acquisitions are a cutting-edge BMB 3500Ton machine for testing new molds and a high-performance drilling equipment, the IMSA MF 1500 BB1.
In 2023, One Plastics Group has made significant expenditures to modernize waste management and recycling solutions through its subsidiary Straight PLC in the United Kingdom. This multimillion-pound investment comprises the installation of two modern injection molding machines, which are going to define the future of innovative waste management solutions.
How is the Development of New Products Fueling the Asia Pacific Wheeled Bins Market
Asia Pacific is likely to remain in the second position followed by North America in the evaluation period. This growth is attributable to the surging government initiatives to reduce illegal dumping of garbage across emerging countries, such as India and China. The increasing demand for waste management solutions is also estimated to create new growth opportunities for companies based in Asia Pacific.
Several manufacturers located in this region are rapidly developing a wide range of products for customers to conveniently handle waste. Besides, they are providing marking and printing services on wheeled bins through embossing, stickers, and thermal-transfer imprinting techniques. This factor is also set to expand the Asia Pacific wheeled bins market size in future years.
Key Segments of Market Report
By Material:
The wheeled bin market offers bins made from various materials such as plastic, including HDPE, PVC, steel, FRP, and wood.
By Capacity:
These bins come in different capacities, ranging from up to 50 liters, 51 to 100 liters, to above 100 liters.
By Sales Channel:
Sales channels for wheeled bins include direct sales and distribution through distributors.
By End Use:
End use sectors for wheeled bins encompass commercial, industrial, residential, agricultural, and municipal applications.
By Region:
Regions included in the report are North America, Latin America, Europe, East Asia, South Asia and Pacific, and Middle East and Africa.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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