Can Coatings Market to Reach $2.3bn by 2026
A new market study published by Global Industry Analysts Inc., (GIA) has released its report titled “Can Coatings – Global Market Trajectory & Analytics”.
The report presents fresh perspectives on opportunities and challenges in a significantly transformed post Covid-19 marketplace.
Growth in the global market is set to be driven by increased use of can coatings in food and beverage industry for preventing product contamination from the can’s metal. Food can coatings reduce the interaction between the can and the packaged food product, as well as enables in preserving the food’s taste and aroma and extending its shelf life. In addition, rising consumption of canned products in emerging economies, driven by urbanisation, increasing disposable incomes, and rapidly changing lifestyles, is expected to drive the demand for can coatings in the next few years.
The market growth is also likely to benefit from the increasing use of cans for packaging organic and meat products. Moreover, major players have been recently adopting various strategies, such as new product launches, with the aim of enhancing their market presence, which is anticipated to further augment the market growth.
Amid the Covid-19 crisis, the global market for Can Coatings estimated at US$2 Billion in the year 2020, is projected to reach a revised size of US$2.3 Billion by 2026, growing at a CAGR of 2.9% over the analysis period. Epoxy, one of the segments analysed in the report, is projected to grow at a 1.3% CAGR to reach US$1.2 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Acrylic segment is readjusted to a revised 4.9% CAGR for the next 7-year period. This segment currently accounts for a 21.6% share of the global Can Coatings market.
Epoxy coatings account for the largest share of the market, owing to easy coating and less expensive process. Acrylic can coatings are commonly used, owing to acrylic’s superior chemical, electrical, thermal, and mechanical properties, as well as its capability in being resistant to abrasion, chemicals, and high temperatures. In addition to its superior electrical properties, acrylic is considerably resistant to various types of solvents, making it ideally suited for electrical applications.
The U.S. Market is Estimated at $558.9 Million in 2021, While China is Forecast to Reach $313.4 Million by 2026
The Can Coatings market in the U.S. is estimated at US$558.9 Million in the year 2021. The country currently accounts for a 27.6% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$313.4 Million in the year 2026 trailing a CAGR of 4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.1% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach US$326 Million by the end of the analysis period. North America dominates market share, primarily attributed to the strong presence of pharmaceutical, chemical, personal care, and food and beverages industries in the region.
Asia-Pacific region is projected to witness strong growth, owing to the region rapidly establishing itself as a manufacturing hub for pharmaceutical, chemical, and food and beverages industries because of low raw material and labor costs. In addition, a massive consumer base, expanding urban population, and growing per capita spending on food and beverages, personal care, and healthcare, have been attracting several global food and beverage and pharmaceutical manufacturers to set up production facilities in the region.
Polyester Segment to Reach $296.2 Million by 2026
Polyester coatings are finding increased uptake in metal cans intended for beverages, food, aerosol, and general line products. In the global Polyester segment, USA, Canada, Japan, China and Europe will drive the 4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$169.8 Million in the year 2020 will reach a projected size of US$223.9 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$25.5 Million by the year 2026, while Latin America will expand at a 5.9% CAGR through the analysis period