Paint cans market to be worth $7.28bn by 2030
The paint cans market size is projected to be worth $7.28 billion by 2030, according to a new report by GreyViews.
The market has been studied for the segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa.
These are the key regions where the paint cans market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Paint Cans market are present across various countries in the above-mentioned regions.
The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the material, capacity, end-user and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Paint Cans market are Ball Corporation, RPC Group Plc, Silgan Containers LLC, Kian Joo Can Factory Berhad, Colep Portugal, S.A, BWAY Corporation, National Can Industries Pty. Ltd, Allied Cans Limited, Aaron Packaging Inc, Allstate Can Corporation, Lancaster Container, Inc, Baltic Packaging A/S, Envases Universales Group among others.
To achieve a substantial market, share in the worldwide Paint Cans market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Consumers’ growing preference for decorative wall will accelerate the market for paint cans’ rate of growth.
The expansion of the worldwide market is also being driven by an increase in paint operations in a variety of industries, including automotive, marine, coil, wood, aerospace, rail, and package coatings.
Furthermore, increased urbanisation, and increasing level of disposable income will fuel ‘market’s expansion. Additionally, the market for paint cans will have slower development because to growing knowledge of the harm caused by plastic goods and the numerous advantages offered by metal cans.
The rigorous government laws governing the usage of plastic paint cans are a crucial factor affecting the market’s growth pace. Leading players in the paint industry are investing an increasing amount in new product launches, which will spur new market opportunities and accelerate market growth.
Additionally, an increase in strategic alliances and the emergence of new markets will act as market drivers and increase favourable prospects for the market’s growth rate. Because of people’s growing propensity for customisation and maintenance work, the need for spray paints has increased in the automobile sector. The market for paint cans may not expand as anticipated as a result of this.
Market stagnation for plastic cans is predicted to result from the implementation of strict rules and regulations prohibiting the use of plastic. Additionally, there are plastic bottles and pails, as well as various alternatives to paint cans, on the market for packaging paint. Due to their excellent recyclability and durability, FMI study predicts that metal cans will remain popular for the next 10–12 years despite the aforementioned problems.