Can Coatings Market

Global Can Coatings Market Size

The global can coatings market size was valued at USD 5.16 billion in 2023. The global market size is expected to grow at a CAGR of 6.3% from 2024 to 2032 and be valued at USD 8.94 billion by 2032 from USD 5.49 billion in 2024.

MARKET DRIVERS

The food and beverage industry is one of the biggest industries around the world. Many big players in canned food production are based in North America, Europe, and Asia. They use engineered cans as the primary material for the storage of their products. Can coatings are quickly replacing traditional materials in many manufacturing and industrial sectors, and thus, this adoption of the former is driving the can coatings throughout North America. Can coatings provide a robust solution to this problem at a relatively cheap cost for the automotive industry, thus, many of them are switching to this low-cost alternative. Aerosol cans have become very popular and their production is high, can coating is used in the aerosol can industry as well, and this is one of the major factors for the growth of the can coatings industry. Epoxy coatings offer strong chemical and moisture resistance to cans. In addition to this, they also prevent contamination of food products from can’s metal. This makes epoxy can coatings suitable for applications in food, beverage, and general line cans.

MARKET RESTRAINTS

The stringent government norms from various governments have made the usage of plastic more and more difficult over time. As a result of this, to achieve the goal of lighter products, industries are turning towards composites in place of engineered plastic, resulting in decreased usage. Many industries have to look for substitutes for the material, and several alternatives have come up. This hinders the growth opportunities for the can coatings market.

IMPACT OF COVID-19 ON THE GLOBAL CAN COATINGS MARKET

The coronavirus pandemic has had a morose impact on various production markets across Europe, North America, and the Asia Pacific. It has negatively affected the demand for composites across various end-use industries such as aerospace & defense, automotive & transportation, construction & infrastructure, pipes & tanks, and so on. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers, which compelled aircraft and automobile manufacturers to operate at a reduced workforce and other resources. However, the can coatings market saw a small growth during this period thanks to the growth in the call for packaged food through online deliveries. As several countries imposed strict lockdown conditions, a lot of food and beverages were delivered in a packaged format and thus the can manufacturing was augmented, which in turn resulted in a hike in this market demand.

REPORT COVERAGE

SEGMENTAL ANALYSIS

By Type Insights

The epoxy segment held the major share of the global can coatings market in 2023. The use of epoxy has increased around the world significantly as it offers high durability and has been found to augment the needs of the mechanical and electrical sectors. They provide superior strength and recyclability at a relatively low cost. Acrylic is a type of can coating made by the polymerization of formaldehyde. It provides superior mechanical, thermal, electrical and chemical properties and offers resistance to high temperatures, chemicals, and abrasion. In addition to this, it also has considerable resistance to a wide range of solvents and possesses good electrical properties, making it suitable for electrical applications. The advanced features of polyoxymethylene make it an ideal choice for end-users like industrial machinery, electrical & electronics, automotive & transportation, and consumer goods, which is driving the expansion in the global can coatings market.

By Application Insights

The food and beverage industry has increasingly used can coatings for their products. Many food products and similar beverages have their body made out of engineered cans. A lot of emphasis has been laid on the recycling of these cans and thus the same has been utilized in the manufacturing of various components. Beverage cans currently is the largest segment of the global can coatings market. The large market size of beverage cans is because of the fact that their consumption in developing countries is proliferating due to the increasing expenditure on food & beverages, rising opulence, better lifestyles, and growing middle-class population, which is the prominent consumer of beverages.

REGIONAL ANALYSIS

North America is the largest market for can coatings in terms of value and volume. The growth of the can coatings market in the region is primarily attributed to the established industries such as food & beverages, chemicals, personal care, and pharmaceuticals. Countries like the USA, Canada, and Mexico have increased their expenditure on canned food products, and this, in turn, has helped the can coatings markets to grow in this region.

The Asia Pacific (APAC) is projected to be the fastest-growing can coatings market, in terms of value, during the envisioned period. This is because this region is a manufacturing hub for several verticals like food & beverages, pharmaceuticals, and chemicals. The availability of cheap labor and the rising population are supposed to drive business development.

KEY MARKET PLAYERS

There are several major players who are asserting their dominance in the can coatings market in recent years, some of the big names in the world market include PPG Industries, SABIC, Valspar, Altana, Toyochem, DuPont and Constantia Flexibles GmbH.

MARKET SEGMENTATION

This research report on the global can coatings market is segmented and sub-segmented into type, application and region.

By Type

• Epoxy
• Acrylic
• Polyester

By Application

• Aerosol Can
• Non-Alcoholic Beverages
• Food Can
• Pharmaceutical
• Personal Care Equipment
• General Line Can

By Region

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• The Middle East and Africa