Global Can Coatings Market Size, Share, Trends & Growth Forecast Report By Type (Epoxy, Acrylic, Polyester, Oleoresins, Vinyl, Alkyd and Polyolefin), Application (Food Cans, Beverage Cans, General-Line Cans and Aerosol Cans) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), Industry Analysis (2024 to 2032)

Updated On: June, 2024
ID: 8211
Pages: 175

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.

The global can coatings market size is anticipated to be worth USD 8.94 billion by 2032.

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

REPORT METRIC

DETAILS

Market Size Available

2023 to 2032

Base Year

2023

Forecast Period

2024 to 2032

CAGR

6.3%

Segments Covered

By Type, Application and Region

Various Analyses Covered

Global, Regional, & Country Level Analysis; Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Market Leaders Profiled

PPG Industries, SABIC, Valspar, Altana, Toyochem, DuPont and Constantia Flexibles GmbH.

 

SEGMENTAL ANALYSIS

By Type Insights

Based on type, the epoxy segment is dominating the can coatings market worldwide.

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.

North America led the can coatings market globally in 2023.

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 

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Frequently Asked Questions

How big is the can coatings market?

The global can coatings market size was worth USD 5.16 billion in 2023 and is estimated to be worth USD 8.94 billion by 2032. 

What is the expected CAGR of the can coatings market for the next few years?

The global can coatings market is estimated to progress at a CAGR of 6.3% from 2024 to 2032. 

Which region is growing at the fastest in the global can coatings market?

The Asia-Pacific region is anticipated to be the rapidly growing regional segment in the worldwide can coatings market. 

Who are the key players in the can coatings market?

PPG Industries, SABIC, Valspar, Altana, Toyochem, DuPont and Constantia Flexibles GmbH are some of the major players in the can coatings market.

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