The demand for the product to store chemicals is also high, which can boost market prospects. In addition, the market is getting boosted by the rising demand set by contract manufacturing companies. This will further enjoy the traction set by nano-enabled packaging methods.
The global canister market is slated to grow with a 7% CAGR during the forecast period covering 2017 to 2023. Market Research Future (MRFR) made an analysis of the market and realized that the market could register growth with substantial traction from sectors like pharmaceuticals, packaging industry, healthcare sector, automotive, and others.
The report on the global canisters market has been segmented on the basis of configuration, application, and end-user. These segments have data regarding factors and revenues that can impact various market decisions.
By configuration, the global report on the canisters market has been segmented into 3 gm and above, 1–2 gm, 2–3 gm, 0.5–1 gm, and others.
By application, the global study on the canisters market has been segmented into storage, packaging, and others. The packaging segment includes nutraceuticals packaging, diagnostic packaging, pharmaceutical packaging, and others. The pharmaceutical packaging segment will enjoy notable traction.
By end-user, the global discussion on the canisters market has been segmented into automotive, healthcare, pharmaceutical, retail industries, chemical, domestic, and others. The pharmaceutical industry will have a huge impact on the global market platform.
The global market for canisters is witnessing better growth in the Americas as the regional pharmaceutical sector is creating huge demand for the same. In addition, the demand for better packaging in diverse end user industries and impact landed by various investment plans in the US and Canada are expected to boost the regional market growth.
The global canister market is witnessing substantial growth due to the strategic moves made by companies like Swastika international co, Zibo Uni-Shine Industry Co., Ltd., Ashirwad chemicals, Stanley Black & Decker, Dyson Ltd., Electrolux Group, TTI Floor Care, Miele, Oreck Corporation, Clariant, Sanner GmbH, Eureka Forbes Ltd, and Haier Group, and others. These companies rely on methods like mergers, acquisitions, collaborations, and innovations to influence their portfolio. On the other hand, these companies are spending a substantial amount on research and development projects to influence changes through the launching and branding of products.
In May 2020, BAE Systems won a contract worth $42.8 million to develop MK 41 Vertical Launching System (VLS) canister and ancillary hardware. As per the contract, the company will produce Mk 41 Vertical Launching System canisters, make an attempt to renew and produce Mk 13 Mod 0 canisters Mk 13 Mod 0, Mk 21 Mods 1 through 3 and Mk 29 Mod 0 canisters under the modification. The initial offer value of $954.5M contract was for the update and repair of Mk 41 VLS canisters that would serve the service branch and include various FMS customers from Japan, Denmark, and South Korea. The company targets July 2023 as its deadline and they will work in Dakota and Minnesota.
In May 2020, Rockler Woodworking and Hardware announced that they had made a combination of the broad tool compatibility of the FlexiPort couplers with dust containment of a canister and a reusable 10-micron filter. This endeavor marks an attempt to launch an upgrade of the dust bags that are normally available with many small power tools. The Dust Right FlexiPort Dust Canister is available with four interchangeable rubber couplers that helps in the handling of small handheld power tools.