The global jerrycans market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global jerrycans market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increase in demand from end-user industries. Chemical, pharmaceuticals petrochemicals food and beverages and other industries are the significant end-users of jerrycans. In these industries, jerrycans are used for the storage, transportation, and packaging of various products in the supply chain.
As per Technavio, the increased focus on lightweight packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global jerrycans market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global jerrycans market: Increased focus on lightweight packaging
Vendors in the global jerrycans market are focusing on redesigning jerrycans to reduce their weight without compromising on the quality. Therefore, vendors are increasingly exploring growth opportunities by developing innovative jerrycans that are lightweight and offer higher customer convenience. Lightweighting is one of the ways by which end-user industries aim to achieve reduced cost of packaging and improve overall production sustainability.
“Factors such as improved sustainability and higher cost-efficiency in the use of lightweight jerrycans is driving the vendors to reduce the weight of the metal cans. This is driving the need for lightweight plastics jerrycans, augmenting the growth of the market during the forecast period,” says a senior analyst at Technavio for research on metal & glass containers.
Global jerrycans market: Segmentation analysis
This market research report segments the global jerrycans market by material (plastic and steel) and geographical regions (APAC, EMEA, and the Americas).
The plastic segment held the largest market share in 2018, accounting for over 65% of the market. This material segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018, and the region is expected to dominate the market through 2023.
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Five Forces Analysis
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