New York , Feb. 12, 2024 (GLOBE NEWSWIRE) -- The global can coatings market size is estimated to attain at 5% CAGR from 2023 to 2035. The market is expected to garner a revenue of 4 USD billion by the end of 2035, up from a revenue of USD 3 billion in the year 2022. The growth in the food and beverages industry is anticipated to foster the can coating market growth. The coatings on cans for the food and beverages are utilized on both interior and exterior surfaces for the long-lasting preservation of beverages and food content. The global consumption of packed beverages is increasing globally. For instance, packed water consumption exceeded almost 472.1 billion liters, and it became the most consumed packed beverage in the world. Secondly, the worldwide consumption of packaged alcoholic beverages was around 261 billion liters.
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Consumption of dairy drinks amounted to 246 billion liters and energy drinks amounted to almost 81 billion liters in the year 2021. Hence, on the back of the rising consumption of packaged alcoholic and non-alcoholic beverages, the market is expected to garner remarkable growth in the forecasted period. Furthermore, people are inclined to buy canned soft drinks as Coca-Cola claims to sell almost 1.91 billion servings in around 200 countries each day. To preserve the food and maintain its organoleptic properties, can be used widely, subsequently, can coatings market is anticipated to flourish in the coming time duration. Various manufacturing companies are focusing on giving better coating solutions to the consumers such as corrosion resistance. Hence, the rising demand for specially designed coatings for protecting metal is anticipated to fuel the market growth.
Can Coatings Market: Key Takeaways
- Market in North America to propel highest growth
- Beverage segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Growth in Demand for Processed Food to Boost Market Growth
The canned food helps to preserve the perishable foods to be consumed to a later date. Because of the hectic lifestyle of the people nowadays, they are preferring canned food in recent years. On the back of the retention of high amounts of the large amounts of nutrients, flavor, and color canned food has become one of the most demanding foods among consumers. Coatings are used to make everyday food products and play an essential role in the world’s economy, and recycling system. Furthermore, the steady growth in demand for sodas, sparkling waters, energy drinks, and alcoholic drinks is also expected to fuel the market growth. It has been estimated that almost 18.6 billion units of aerosol cans are made in the year 2023. Moreover, the interior coatings are also responsible for providing a layer between the food and the package. Almost all the cans are coated externally and internally with the use of films of 1 to 10 nanometer thickness. The packaged food industry is rising, and the usage of can coating is also increasing remarkably fuelling the market growth.
Can Coating Industry: Regional Overview
The global can coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Presence of ample of industries for food and beverages to Drive Growth in the North American region
The can coatings market in the North American region is estimated to garner the largest revenue by the end of 2035. The growth of the market in the North America region is occurring because of the presence of ample industries. It has been estimated that a total of 10900 packaging companies in the United States are present. Furthermore, it has been estimated that almost 82.1% of adults include processed foods in their diets. Hence, the rising consumption of processed food in the North American region is also responsible for the increasing market growth. There is rising consumption of energy drinks is estimated to fuel the market growth. The average caffeine consumption stands at almost 136 mg per capita. On the back of this, the market is estimated to garner remarkable growth in North American region.
Increasing Urbanisation to Drive the Growth in the Asia Pacific Region
The Asia Pacific can coatings market is estimated to garner the largest revenue by the end of 2035. The rising population and urbanization in the region are increasing the demand for food and beverages and other canned products. The developing economies such as Japan, India, and China led to an increase in the consumption of canned beverages, thus resulting in increased demand for the can coatings. For instance, almost 13,300 children between the ages of 9-14 years reported that almost 93.2% of the children ate the packed food. On the back of rising urbanization, the can coatings market is expected to garner remarkable growth.
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Can Coatings Segmentation by Type
- Acrylic
- Epoxy
- Polyester
The epoxy segment is anticipated to hold the largest revenue by the end of 2035. The epoxy-based can coatings industry accounts for a major share on the back of rising awareness about metal cans for food preservation. The epoxy coatings are easy to apply, cost-effective, and flexible. The epoxy resins can also withstand various shape-shifting processes during the can manufacturing.
Can Coating Segmentation by Application
- Beverage Can
- Food Can
- General Line Can
- Aerosol Can
The beverage can segment is anticipated to hold the largest revenue by the end of 2035. The growth of the market can be attributed to high consumption of the beer, soda, and others. For instance, global beer consumption stood at approximately 178 million kilolitres in the year 2020. On the back of this, the beverage is expected to garner remarkable growth in the coming duration.
A few of the well-known market leaders in the global can coatings market that are profiled by Research Nester are BALL CORPORATION, Kupsa Coating, Kansai Nerolac Paints Ltd, The Sherwin Williams Company, PPG Industries Inc, TOYOCHEM CO., LTD, VPL Coatings Gmbh & Co KG, National Paints Factories Co. Ltd., IPC Gmbh & Co. KG, Axalta Coatings Systems, and CSC BRANDS, L.P., and other key market players.
Recent Development in the Market
- In August 2022, PPG Industries, Inc, declared PPG INNOVEL PRO, an enhanced internal spray coating that uses no biphenol-A substances and provides more application properties for the infinitely recyclable aluminium beverage can.
- In July 2022, PPG Industries, widened its facility in Delaware, Ohio, the United States for addition in the development of over varnish coatings for the beverages can.
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