Global paint cans market expected to grow
The global paint cans market is expected to grow at a CAGR of 4.1% between 2021 and 2031, according to research analysis by FMI.
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 customisation 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.