A recent study conducted on the paint cans market by FMI offers captivating insights into key drivers and restrains impacting the growth of the market. The report discloses hidden prospects across various segments in terms of product type, material type, and capacity. It also uncovers market size and potential scope for expansion from 2021 to 2031
DUBAI, UAE, Sept. 16, 2021 /PRNewswire/ -- As per a research analysis conducted by FMI, the global paint cans market 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 constructions activities and infrastructural spending along with the surging consumption of exterior paints. The rising demand for wall decor to enhance the aesthetic beauty of homes is further propelling the demand for paints. Driven by this, the sales of pain 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. Also, the increasing demand for spray paints in the automotive industry for maintenance and customization purposes is expected to creating 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 of these executions, they have emerged as sought-after packing solutions for paints. 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.
As per the FMI, the top five players in the global paint cans market is expected to hold a combine share of 15% to 20% in 2021. The intensity of competition is estimated to be high due to presence of few significant players in the landscape.
Leading manufacturer are emphasizing of adopting various organic and inorganic expansion strategies such as new product launch, collaboration, merger, acquisition, and product approvals to expand their market share. For instance,
In October 2018 Brittpac, a can manufacturing company based in U.K. announced launching a comprehensive range of PET paint cans using rPET. These cans are available in two options with handle and without handle.
In April 2021, Mauser Packaging Solutions, a leading company in solutions and services across the packaging, announced acquiring a company based in Italy, Global Tank Srl. The acquisition will assist the company to widen its offering of industrial packaging products and services in the Italy.
Some of the key players in the paint cans market profiled by FMI are:
RPC Group Plc.
Silgan Containers LLC
Kian Joo Can Factory Berhad
Colep Portugal, S.A.
BWAY Corporation (MAUSER Packaging Solutions)
National Can Industries Pty. Ltd.
Allied Cans Limited
Aaron Packaging, Inc.
Allstate Can Corporation
Lancaster Container, Inc.
Baltic Packaging A/S
Envases Universales Group
P. Wilkinson Containers Ltd.
Sarten Ambalaj Sanayi Ve Ticaret A.S.
KW Plastic Inc.
More Insights on the Paint CansMarket Survey
The latest study on the paint cans market by Future Market Insights gives a detailed outlook on key segments for the forecast period of 2021-2031. In order to gain a better perspective of the global paint cans market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
The report offers detailed insights into paint cans market demand outlook for 2021-2031
The market study also highlights projected sales growth for paint cans market between 2021 and 2031
Paint cans market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Paint cans market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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