In its research report, Market Research Future (MRFR), highlights that the Global Jerry Cans Market 2023 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy 4.30% CAGR over the review period.
Drivers and Restraints
Growing car sales and diverse manufacturing activities across emerging economies are opening up new opportunities for business growth. Specific chemicals, oils and lubricants are packaged and transported using jerry cans. Growing demand for leak-free and moisture-resistant packaging is expected to create opportunities for growth for the jerry cans industry. However, various packaging-related regulations and standards can hinder market growth.
The global market for jerry cans was divided into four segments: content, power, molding process, end use and area. The market was segmented into plastic and metal, based on content. Plastic accounts for the largest market share under the Content group. Due to their long-lasting, leakage-free, che mical and temperature-resistant, and lightweight features, plastic jerry cans are preferred which drive their preference to some degree.
The market was segmented on the basis of efficiency as follows: 10 liters, 10 to 25 liters and more than 25 litres. Jerry cans under 25 liters dominate the market capacity category, and the same is slated to rise at the highest CAGR over the review period. Growing demand from diverse end-used applications such as food & beverages and agrochemicals is driving this segment's growth. The segment of 10–25 liters is expected to make a significant contribution during the forecast period mainly due to increased demand for petroleum and lubricants.
The market was segmented into blow molding, injection molding, and extrusion molding, based on the molding process. Blow molding dominates the market segment of the molding cycle, and is expected to rise during the forecast period at the highest CAGR. The growth of this segment is also driven by increased demand for transportation of oil, chemicals, and other industrial uses. The segment of injection molding is expected to contribute to growth during the forecast period, due mainly to an rise in oil and lubricants.
The market has been segmented, based on end-use, as chemicals & agrochemicals, pharmaceuticals, oil & gas, food & beverages and others. Oil & gas dominates the end-use segment, and is expected to rise over the forecast period at the highest CAGR. Demand for jerry cans is rising across the oil & gas segment due to increasing vehicle sales and manufacturing activities. The segment of Food & Beverages is also expected to make a significant contribution during the forecast period mainly due to increased demand for palm oil and other vegetable oils.
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
The Asia-Pacific region had the largest market share, followed by Middle East & Africa and Europe in 2016. Asia-Pacific is expected to grow in the forecast period, at the highest CAGR. Factors influencing this market's growth are rising vehicle sales leading to a high demand in this region for petroleum and lubricants. Due to GDP growth in developing economies and rapidly increasing manufacturing activities and expansion of the industrial sector, China and India are the biggest contributors in this region, driving market growth. The major driving factors are rapid growth in industrialization and various manufacturing activities. The Asia-Pacific major markets are China, Japan, India and Singapore. Growing sales of the region's vehicles are also driving market development. The Middle East region is projected to make a major contribution in the rest of the world during the forecast period mainly due to greater petroleum oil exportations.
The major market players operating in the global market as identified by MRFR are Mauser Group B.V. (Netherlands), Scepter Canada Inc. (Canada), Schneider GmbH & Co.KG (Germany), Greif Inc. (US), Barrier Plastics, Inc (USA), Yates Steels Ltd (UK), Elkhart Plastics, Inc. (Indiana), WERIT Kunststoffwerke W. Denios AG (Germany), Parekhplast India Limited (India), and SCHÜTZ GmbH & Co. KGaA (Germany) among others.
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