United States, Rockville MD, June 29, 2022 (GLOBE NEWSWIRE) -- The global Can Coating market is valued at US$ 2.3 Bn in 2021 and is expected to reach US$ 3.3 Bn by 2032, expanding at a CAGR of 3.3% between 2022 and 2032. According to Fact.MR, a market research and competitive intelligence provider, global Can Coating consumption has increased at a CAGR of roughly 2.7% over the last half-decade.
Can coatings are chemicals that are applied to various types of cans to increase or improve adhesion, resistance, and flexibility. Cans are made from a variety of metals, including aluminium, tin, zinc, and others, and are used for storage, warehousing, and transportation. Can coating is used to improve properties such as hardness, resistance, flexibility, and adherence of the cans. Can coatings is also used to decrease the contact of food and beverage items with the cans directly.
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Epoxy can coatings are extensively employed in a variety of applications and account for the lion's share of the entire market. However, due to toxicological research and regulatory restrictions put out by various regulating authorities, manufacturers have been substituting epoxy-based coatings with other options in recent years.
Which Application of Can Coatings is expected to Score Highest Growth in the Coming Years?
Beverage Cans command the largest revenue as well as CAGR of nearly 3.6%, during the forecast period. Beverage cans were the most common use for can coatings, since they aid in the preservation of the product's flavour and taste.
Furthermore, beverage can players across the world must adhere to laws imposed by different regulatory organizations, including food regulators, addressing the quality of cans used for packaging. When a product comes into touch with a metal surface, these coatings aid to prevent contamination.
Beverage cans are used for both alcoholic and non-alcoholic beverages. Beverage cans create a barrier between oxygen and light, preserving the flavour and freshness of beverages. Furthermore, people like beverage cans because they cool down faster than alternative materials, such as plastics.
The increase in demand is attributable to an increase in demand for can coatings to retain taste and flavour. Beverage can makers must adhere to severe quality-control rules imposed by food regulators. This is expected to increase demand for can coatings.
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Key Segments Covered in the Can Coatings Industry Survey
- By Type :
- Epoxy
- Polyester
- Acrylic
- Epoxy
- By Application :
- Beverage Can
- Food Can
- Aerosol Can
- General Line Can
- Beverage Can
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
- North America
Winning Strategy
The increase in demand for can coatings by the food and beverage industries in established and emerging nations is the primary driver of the market's growth rate. Rising application areas for can coatings, such as protective and decorative aesthetics, particularly in developing economies, as well as growth and expansion of key end user industries, particularly in developing countries, will also have a direct and positive impact on the market's growth rate.
Rising demand for epoxy coatings especially in the developing economies, growing expenditure for research and development proficiencies by the key companies, and upsurge in the rate of industrialization has been propelling the can coatings market ahead. Furthermore, rising application of ceramic coatings in marine and automotive applications, and rising availability of multifunctional coatings with improved aesthetics will further carve the way for the market growth.
Competitive Environment
The prominent market participants are taking steps to produce metallic applications in accordance with FDA regulations. Companies are focusing on developing new technologies to meet rising customer demand for canned foods. The top market rivals are focusing on canned foods' long-term viability. To provide distinctive canned foods, new entrants in the can coatings sector are depending on marketing campaigns. These activities may help to drive the global growth of the coatings industry.
Some major rivals in the global can coatings market are The Sherwin-Williams Company, Akzo Nobel N.V., ALTANA AG, Kansai Paint Co. Ltd, National Paints Factories Co. Ltd, PPG Industries Inc., VPL Coatings GmbH & Co KG, and VPL Coatings GmbH & Co KG. Product innovation is a defining feature of the global industry. Top Can Coatings manufacturers are focusing on mergers and acquisitions as well as capacity growth. Some of the notable developments in Can Coatings Market are as follows:
• In July 2021, PPG Industries, Inc. announced its decision to expand its Delaware, Ohio, site to increase production of varnish coatings including PPG ISENSE Gloss coatings for exteriors of beverage cans. The expansion will increase the companies' overall output of over-varnish coatings by 40%, substantially enhancing the moment in they invest to coat outside materials.
- In June 2021, PPG Industries, Inc. stated that it will increase its aluminium and steel can coatings manufacturing capacity in the Netherlands and Poland for a variety of packaging applications such as food, beverage, and personal care products.
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Key players in the Can Coatings Market
- Akzo Nobel
- Altana
- PPG Industries
- Kansai Paints
- National Paint Factories
- International Packaging Coatings
- Tiger Coatings
- Toyochem
- VPL Coatings
Key Takeaways from Can Coatings Market Study
- Can Coatings Market was valued at US$ 2.3 Bn in 2021. According to Fact.MR, Can Coatings Market revenue would increase 1.5X between 2022 and 2032, reaching roughly US$ 3.3 Bn in 2032.
- In terms of Application, the Beverage Can accounts for the highest projected CAGR of over 3.6%.
- In terms of Types of Can Coatings, Epoxy accounts for the highest CAGR of 3.3% during the historic period (2017-21).
- US is the dominant region in Can Coatings Market with an absolute dollar growth opportunity of over US$ 295.2 Mn.
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