Can & Closure Sealants Market to reach US$ 647.7 million in 2025
February 03, 2020
The Can & Closure Sealants Market is projected to grow at a plausible rate over the next five years to reach US$ 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 fuelling the growth of the can & closure sealants market is the demand for personalized and sophisticated packaging.
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Can & Closure Sealants Market Segment Insights:
By Application Type:
The market is segmented based on the application type as can & closure. Can is likely to remain the growth engine of the market during the forecast period. 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.
By Technology Type:
Based on the technology type, the market is segmented as water-based sealants and solvent-based sealants. Water-based sealant is likely to remain the more dominant as well as the faster-growing segment over the next five years in terms of both value as well as volume. Water-based sealant is gaining traction in the metal can & closure application because they are suitable for all types of cans used for food, beverages as well as general-line packaging. This sealant offers a wide range of benefits to the can & closure manufacturers as well as to the environment.
By Product Type:
Based on the product type, the market is classified as PVC-free sealants and PVC-based sealants. 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.
By Application Region:
Based on the application type, the market is segmented into packaging, commercial, newspaper, and others. Packaging application is expected to remain the most dominant segment of the market during the forecast period. The food & beverages, cosmetics & toiletries, and healthcare are the major applications of the packaging Can & Closure Sealants Market. Increase in the demand for sustainable packaging and flexible packaging along with cost-effectiveness and reduced packaging waste is the prime factor, driving the growth of the packaging segment. All the application types are expected to witness healthy growth during the forecast period.
By End-Use Industry Region:
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 & closure sealants over the next five years in terms of value, whereas, in terms of volume, beverage is likely to remain the largest consumer of can & closure sealants. Aerosol is likely to witness the highest growth over the next five years.
By Material Type:
Based on the material type, the can & closure sealants market is segmented as silicone, polyurethane, acrylic, and others. Silicone is likely to remain the most dominant as well as the fastest-growing sealant material during the forecast period. Polyurethane is likely to remain the second-largest sealant material type over the same period.
By Region:
In terms of regions, Asia-Pacific is projected to remain the largest and the fastest-growing market during the forecast period. China and India are the growth engines of the Asia-Pacific’s can & closure sealants market. Globally, China is likely to remain the second-largest can & closure sealants market during the forecast period.
North America and Europe are also likely to generate even-handed demand for can & closure sealants in years to come. The North American market is largely driven by the USA which is expected to remain the largest can & 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.
Key Players:
The supply chain of this market comprises raw material suppliers, sealant manufacturers, food & beverage packaging companies, and end-users. Siloxane, glycol, PVC, isocyanate, and other polymers are some of the raw materials used to make sealants. Henkel AG & Co. KGaA, Altana AG, UBIS (Asia) Public Company Limited, Fukuoka Packing Co., Ltd., Tekni-Plex, Inc., and Advanced Chemical Industries S.A.E. are the major suppliers of sealants for can & closures globally. It is anticipated that the market is likely to remain consolidated in years to come. New product development, application development, and execution of M&As are the imperative growth strategies, adopted by most of the market participants in order to better position themselves in the market.
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