The market is set to register a CAGR of 4.1% between 2021 and 2031, reaching the market valuation of 4.7 Bn by 2021 end. The global sales of paint cans are expected to reach up to 10,086 Mn Units by 2021 end.
Metal paint cans dominate the paint cans market. This can be attributed to the growing awareness regarding negative impacts of plastic products along with various features offered by metal cans.
Sustainable demand for paint cans in the construction and wall decoration segments will boost paint can sales at a steady pace over the next few years , as shown in a new report released by Future Market Insights (FMI)
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Paint Cans Market – Outlook
The global paint cans market is anticipated to accelerate at a moderate CAGR during the forecast period. A significant boost to the paint cans market is from the fact that packaging is no longer about the look but about the value of convenience, transportation, and storage. As a result, steel and aluminium remain highly sought-after materials for the manufacturing of painting cans.
Growth in the demand for spray paints has been recorded in the automotive industry, on the back of the increasing inclination for personalization and maintenance activities. This could act as a deterrent to the growth of the paint cans market during the forecast period.
In addition, the possibility of air transmission of coronavirus reestablished trust among individuals regarding paint cans away from spray paints, which is likely to uphold the sales during the forecast period. However, the demand for paint could decrease during the pandemic, owing to the lockdown imposed in different geographies across the world.
The FMI report contains detailed competitive conditions, including profiles and ratings of paint can manufacturers operating in the global paint can market. Major manufacturers of profiled paint cans include
National Can Industries Pty. Ltd is included. .. , Allied Cans Limited, Aaron Packaging, Inc., Allstate Can Corporation, Lancaster Containers, Inc., Baltic Packaging A / S, Envases Universales Group, P. WilkinsonContainers Ltd., Sarten Ambalaj Sanayi Ve Ticaret AS, and KW Plastic Inc.
Applications in construction and wall decoration will continue to be major growth drivers
A significant portion of the demand for paint cans is generated by the construction sector, so there is a need for high capacity packaging solutions. This is achieved with plastic containers and buckets that have a capacity well over 5000 ml. The 5 gallon container of latex paint on the market comes in a plastic container. Plastic buckets and bulk containers help reduce the weight of the package and ensure user convenience. High demand for hard plastic pail in the construction sector can, to some extent, hinder the growth of the global paint can market.
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The building and construction sector is expected to grow steadily over the next few years, especially in high-growth countries such as Brazil, India and China. Also, an increase in the number of new construction projects and households is expected to boost the growth of the wall paint market, which in turn is expected to represent a favorable opportunity for the global paint can market during the forecast period. ..
China is expected to generate the largest incremental $ opportunity in the paint can market by the end of the forecast period. India’s strong economic growth is a major driver of the local paint industry. India’s paint consumption has recorded double-digit numbers over the past few years, making it very attractive in terms of the growth rate of the paint can market.
The continued expansion of the building and construction industry in countries such as Indonesia, Thailand, South Korea and Japan could represent huge growth opportunities for the paint can market during the forecast period. Overall, the Southeast Asian region is projected to witness significant growth in the paint can market throughout the forecast period.
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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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