As increase in construction is observed, it expected that the global paint cans market would grow at a steady pace. This will be owing to an increase in demand for paints. Another factor that would drive the market is wall décor. Here again, a demand for paint would drive market for cans. It comes as no surprise then that the paint cans market is set to grow at a modest CAGR (Compound Annual Growth Rate). This would translate to a considerable market worth by the end of 2027.
Global Paint Cans Market: Notable Development
Any market sees its future unfold in the way in which players shape its landscape. The competition and advancements, mergers and acquisitions, all determine the next step and the step further. It is not very different for global paint cans market.
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Over the decade one of the most game changing paint con innovation has been that of a Twist & Pour Paint Container. For this container, Dutch Boy also received mention in Brand Packaging Magazine’s “10 Best Packages of the Decade.” The idea addressed multiple concerns of storing, shelving, opening and pouring that were faced by users so far. It also corrected the one major mess that paint bottles, especially metal ones, created. Therefore, it comes as no surprise that it led to the market see the importance of providing easy-to–use designs.
The global paint cans market is fairly fragmented. Prominent names include Ardagh Group, Ball Corporation, RPC Group Plc., Silgan Containers LLC, Kian Joo Can Factory Berhad, Colep Portugal, S.A., BWAY Corporation (MAUSER Packaging Solutions), and National Can Industries Pty. Ltd.
Global Paint Cans Market: Key Trends and Drivers
The global paint cans market is in a steady growth phase. The trends and drivers it is set to witness over the forecast period of 2019 to 2027 will chart its growth. Some of the primary factors the market would experience are spelled out below.
- As per Global Construction 2030, a report sponsored by PwC, construction volume is set to increase by 86%, generating USD 15.5 trillion of market worth by 2030. Here, India, China and the United State with bite into 57% of all growth charted. As the volume rises, in the form of both commercial and residential real estate, so would the demand for paint. That would be a good booster to the paint cans market. Besides, with rising living standards, a result of strong economic growth in certain regions, a preference for wall décor is building up. That again is a growth propeller for the cans market.
- A trend is observed, particularly in developing nations to use paint as a protective coating against water and sun for walls, as well as metal fixtures. All this paint is often required in cans with high capacity. Thus, it is leading to positive growth in the global paint cans market. Besides, these nations build homes mainly using bricks and cement, making it a necessity to use paints as an uplifting and aesthetic coating.
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Global Paint Cans Market: Regional Analysis
The region that is set to show impressive growth is Asia Pacific. Major reasons behind the higher trajectory are significant urbanization, shift to nuclear families and steady growth of construction related activity. Among the countries in the region, China and India will register the notable growth, owing to strong economic growth Besides, the expansion of construction industry into Indonesia, Thailand, South Korea and Japan would also create opportunities for paint cans market. Therefore, it is only a logical consequence that manufacturers are eyeing the region to rightsize supply.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.