The global can coatings market is projected to reach $2.3billion by 2026, according to a new report published by Global Industry Analysts Inc.

Amid the COVID-19 crisis, the global market for can coatings estimated at $2.1billion in the year 2022, 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 $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.

Can coating is applied on the inner surface of a can to minimise the interaction between the product and the can, preserving the product’s taste and enabling its storage for a longer period.

Can coatings are mainly utilised in metal packaging for improving or enhancing flexibility, resistance, and adhesion. They are also applied in metal shaping processes for resistance, hardness, elasticity, and adhesion.

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.