The global oily waste can market is anticipated to be valued at US$ 6 Billion in 2022, forecast to grow at a CAGR of 3.5% to be valued at US$ 8.46 Billion from 2022 to 2032. From 2021 to 2022, the market experienced a y-o-y incline of 3.4%.
The Oily Waste Can Market is experiencing remarkable growth, driven by increased environmental regulations and the growing emphasis on sustainable waste management practices. Oily waste cans play a crucial role in preventing the improper disposal of oily rags, absorbents, and other flammable waste materials that can pose serious environmental and safety hazards.
The Oily Waste Can Market refers to the global industry that revolves around the manufacturing, distribution, and sales of specialized containers designed for the safe storage and disposal of oily waste materials. These cans are engineered to mitigate the risks associated with spontaneous combustion and effectively contain flammable materials until proper disposal can be carried out.
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Which are Some Prominent Drivers Spearheading Oily Waste Can Market Growth?
The rising adoption of oily waste can in various end-users as these are critical for ensuring workplace security by offering a proper manner to organize risky rubbish stock at limited work areas is expected to fuel market value growth. Furthermore, factors such as the exceptional qualities of oily waste can such as the robust frame, the minimized hole of the lid, and pleasant convenience drive demand for the market during forecast period.
The Key Players Are:
- Eagle Manufacturing Company
- Justrite Mfg. Co., L.L.C
- Shanghai SYSBEL Industry & Technology Co., Ltd.
- TENAQUIP Limited
The government’s different laws and regulations addressing heavy-duty workplace protection, as well as a rise in knowledge about oily waste can across diverse industries are expected to raise market value. Building long-term relationships with raw material suppliers and attempting to reinvent their commodity standards, which provide profitable chances for market growth throughout the projection period.
What are the Challenges Faced by the Oily Waste Can Industry?
The increasing number of specialists in the oily waste can exchange would be a hurdle to the market’s growth pace during the forecasted period. The rising variation in raw material costs is also expected to have a negative impact on the industry, limiting its expansion.
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Why is North America emerging as an Opportunistic Oily Waste Can Market?
North America is expected to demonstrate profitable growth due to massive shareholdings in the oil and fuel sectors across the area, which will support market growth.
For example, rising manufacturing production in the area, as well as a strong emphasis on health and safety procedures in the workplace, are likely to boost the oily waste can market in the coming years.
In North America, the United States is expected to continue its market share lead, while Canada is expected to maintain its growth rate throughout the projection period.
How is Europe Contributing to Growth of the Oily Waste Can Market?
According to Future Market Insights, Europe dominates the oily waste can market and will maintain its dominance throughout the forecast period as a result of the safety measures implemented by end users in the area during the forecast period. During the projected period, the European area is predicted to be extremely appealing for market share of oily waste can.
The growing emphasis on workplace safety and the development of end-users across the European area are projected to drive substantial demand for oily waste can in the coming years. In Europe, Germany and the United Kingdom are expected to continue at the forefront in terms of oily waste can market share and to increase at a significant CAGR throughout the projection period.
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Market Competition
Some of the key participants present in the global Oily Waste Can market include Eagle Manufacturing Company, Justrite Mfg. Co., L.L.C, Shanghai SYSBEL Industry & Technology Co., Ltd., and TENAQUIP Limited, among others.
Key Segments Profiled in the Oily Waste Can Industry Survey
Material Type:
- Steel Oily Waste Cans
- Plastic Oily Waste Cans
Can Lid Type:
- Foot Operated Self Closing Oily Waste Cans
- Hand Operated Self Closing Oily Waste Cans
Capacity:
- Oily Waste Cans Upto 10 Gallons
- Oily Waste Cans from 11 to 15 Gallons
- Oily Waste Cans from 16 to 20 Gallons
- Oily Waste Cans Above 20 Gallons
End-Users:
- Oily Waste Cans for Auto Repair Shops
- Oily Waste Cans for Warehouse
- Oily Waste Cans for Construction Sites
- Oily Waste Cans for Marinas
- Oily Waste Cans for Machine Shops
- Oily Waste Cans for Printing Operations
- Oily Waste Cans for Furniture Refinishers
- Oily Waste Cans for Manufacturing Plants
Region:
- North America
- Latin America
- Europe
- Middle East & Africa
- South Asia
- East Asia
- Oceania
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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