Global can coatings market likely to reach $3.3bn by 2032
The global can coatings market was worth $2.3 Billion in 2021 and by the end of 2032, sales of can coatings are likely to reach $3.3 Billion.
During the assessment period of 2022-2032, the can coatings market is anticipated to grow at 3.3% CAGR.
As per Fact.MR, with a projected CAGR of over 3.6% from 2022 to 2032, the beverage can category based on application is predicted to generate the highest revenue.
According to the Food Packaging Forum, over 300 billion beverage cans are produced every year. As production of cans increases globally, demand for effective coating that preserves the taste, texture, and quality of food or beverage has increased at a fast pace.
Can coating companies are replacing chemical-based products with organic ones as a result of growing consumer awareness regarding the side effects of chemical can coatings.
According to Fact.MR, epoxy-based coatings currently account for the highest market share. Nevertheless, due to toxicological data, public debate, and recent regulatory decisions, food makers and can manufacturers have begun to switch out BPA-based epoxy coatings for alternatives. A key challenge associated with alternatives is that they are more expensive and less stable than epoxy-based coatings.
This is a key concern for can coating manufacturers who are looking to make the shift from epoxy-based coatings to non-epoxy based can coatings. Among various available alternatives, demand for polyolefin dispersion technology is likely to witness a surge over the forecast period owing to its several advantages.
For instance, it offers adhesion, corrosion protection, and flexibility to numerous food and beverage brands, while excluding substances that could cause consumer and governmental regulatory concerns.
By using polyolefin dispersion technology, the danger of manufacturing inefficiencies that frequently follow transitioning to a different lining technology is reduced for can manufacturers. As the technology is a simple drop-in option, there is no need for new hardware or downtime.
- The U.S. is projected to reach $1.2 Billion by the end of 2032 in the North America can coatings market.
- By type, epoxy-based can coatings are likely to exhibit considerable growth at a CAGR of 3.6% during the evaluation period of 2022-2032.
- In 2022, the global can coatings market is estimated to reach a valuation of $2.4 Billion.
- During the historical period of 2017 to 2021, the can coatings market exhibited growth at 2.7% CAGR.
- Based on region, North America is likely to dominate the can coatings market with the availability of raw materials in abundance.