Can Coatings Market

Can Coatings Market Size & Growth 2023-2028

Can Coatings Market was valued at 4.85 billion USD in 2022, and it is expected t grow at a CAGR of 6.3% during the outlook period of 2023-2028. By 2028, the market valuation is estimated to reach 6.5 billion USD

Drivers and Restraints of the Can Coatings Market:

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.

Restraints in the Can Coatings Market:

The stringent government norms from various governments have made the usage of plastic more and more difficult over time as a result of this, for achieving 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 in this process, several alternatives have come up. This hinders the growth opportunities for the industry.

CAN COATINGS MARKET REPORT COVERAGE:

Can Coatings Market Market Segmentation

On the basis of Type:

1. Epoxy
2. Acrylic
3. Polyester

The use of epoxy has increased around the world in a significant way as they offer high durability and found augmented need from 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 made 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.

On the basis of the Application:

1. Aerosol Can

2. Non-Alcoholic Beverages

3. Food Can

4. Pharmaceutical

5. Personal Care Equipment

6. General Line Can

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.

On the basis of Region:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• The Middle East and Africa 

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, chemical, 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 locale.

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, pharmaceutical, and chemicals. The availability of cheap labor and the rising population is 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 are:

1. PPG Industries

2. SABIC

3. Valspar

4. Altana

5. Toyochem

6. DuPont

7. Constantia Flexibles GmbH

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 have compelled aircraft and automobile manufacturers to operate at a reduced workforce and other resources. However, the can coatings industry 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.