Paint cans market expected to grow globally
A recent study conducted on the global paint cans market by Future Market Insights (FMI) has revealed that it is anticipated to exhibit growth at a CAGR of 4.1% during the forecast period 2021-2031. Backed by the rising demand for paints across various industries such as construction, furniture, marine and others, the sales of paint cans is projected to total 10,086 million units, surpassing a valuation of 4.7 billion by 2021.
The market is largely driven by increasing construction activities and infrastructure spending along with the surging consumption of exterior paints. The rising demand for wall decor for homes is further propelling the demand for paints. Driven by this, the sales of paint cans are estimated to increase at year-on-year (YoY) growth of 4% in 2021.
Paints also are gaining traction as protective coatings against sun and water for metal fixtures, walls, and wooden structures. Furthermore, the increasing demand for spray paints in the automotive industry for maintenance and customisation purposes is expected to create attractive sales opportunities.
Over the past decade, packaging has evolved from just adding aesthetic values to a product to a method of value creation, offering convenience of transportation and storage and ease of use. As paint cans fit all features, they have emerged as sought-after packing solutions. The demand for metal cans will remain exceptionally high due to their rigid structure, recyclability, and impact resistant features.
“With growing environmental concerns along with implementation of stringent regulations, leading manufactures are aiming at developing eco-friendly paint cans, using sustainable material. This will bode well for the market,” says the FMI analyst.
Key points from the study
- The US is estimated to contribute maximum sales in the North America, driving the regional market at a CAGR of 2.7% during the assessment period.
- Germany is forecast to lead the paint can market in Europe, owing to increasing demand from the automotive industry.
- Japan is expected to account for 23% of revenue share in the East Asia market, on the back of the increasing number of single-person households in the country.
- Favoured by the rapid growth of the building and construction industry, the market in China is anticipated to project robust growth between 2021 and 2031.
- Based on material type, metal is anticipated to dominate the segment due to its recyclable and reusable features.
As per the FMI study, the top five players in the global paint cans market is expected to hold a combined share of 15% to 20% in 2021. The intensity of competition is estimated to be high due to the presence of a few significant players in the landscape.
Leading manufacturers are emphasising the adoption of various organic and inorganic expansion strategies such as new product launches, collaborations, mergers, acquisitions, and product approvals to expand their market share. For instance,
- In October 2018 Brittpac, a can manufacturing company based in the UK announced launching a comprehensive range of PET paint cans using rPET. These cans are available in two options – with a handle and without a handle.
- In April 2021, Mauser Packaging Solutions, announced the acquisition of Global Tank Srl. in Italy. The move will assist the company in widening its offering of industrial packaging products and services in Italy.
More information about the report can be found at: www.futuremarketinsights.com/reports/sample/rep-gb-6677.