A recent report on the global market outlook for can and closure sealants from 2020-2025 was added to ResearchAndMarkets.com‘s offerings. This 255-page comprehensive report on the can and closure sealants market estimates the current as well as future growth opportunities for the market participants until 2025. The report segments and analyses the market in the most detailed manner in order to provide a panoramic view of the market.
The can and closure sealants market is projected to grow at a plausible rate over the next five years to reach $ 647.7 million by 2025.
Rapid urbanization, rising disposable income, and changing lifestyles and consumer preference towards packaged food products instead of bulk products are extrapolated to continue driving the demand for packaging products, benefiting the metal packaging as well as the sealants used in metal cans and closures. Another trend that is the further fueling the growth of the can and closure sealants market is the demand for personalized and sophisticated packaging.
The sealants market for can and closure applications has reportedly undergone a remarkable evolution over the years. Also, the functions of sealants have grown beyond simply allowing easy access. The packaging is a convoluted process that requires meticulous attention of a multitude of things from distribution to shelf life including materials used for packaging, products that are packaged, and technology used to maintain product quality as well as freshness. Sealants are preferably used in the packaging industry to preserve products with a prime aim to extend their shelf life.
However, the advancements in technologies have a dual-edge impact on the demand for sealants used for cans and closures. For instance; in recent years, the metal can packaging industry has experienced a transition from three-piece can to two-piece can as a result of which the market has depicted a decline in sealant sales.
The market is segmented based on the application type as can and closure. Can is likely to remain the growth engine of the market during the forecast period, according to the report. Plastic pollution is one of the most important environmental concerns today. The Ocean plastic is being directly linked to health concerns as it breaks down and gets into the food and water supplies that human consume. Due to this, the demand for metal can packaging for RTD (ready-to-drink) tea and coffee drink, craft beer, packaged water, wine, etc. has been soaring.
Based on the product type, the market is classified as PVC-free sealants and PVC-based sealants. The PVC-free sealant is likely to remain the most dominant as well as the faster-growing product type during the forecast period. PVC-based sealants are rarely used for food and beverage packaging because of undesired substances that may get migrated into food.
Based on the end-use industry type, the market is segmented as food, beverage, aerosol, and others. Food is likely to remain the largest consumer of can and closure sealants over the next five years in terms of value, whereas, in terms of volume, the beverage is likely to remain the largest consumer of can and closure sealants. The aerosol is likely to witness the highest growth over the next five years.
North America and Europe are also likely to generate even-handed demand for can and closure sealants in years to come. The North American market is largely driven by the U.S. which is expected to remain the largest can and closure sealants market globally during the forecast period, driven by a fair growth in the metal packaging industry coupled with the presence of a large number of tier players including metal can manufacturers and distributors.