Global can coatings market to reach $3bn by 2029
The global can coatings market size was valued at $2.27 billion in 2022 and is projected to reach $3.02 billion by 2029, exhibiting a CAGR of 4.15% during the forecast period from 2022 – 2029, according to a new report by Exactitude Consultancy.
Cans are often coated with an organic layer that protects the can’s integrity from the impacts of the food and prevents chemical reactions between the metal of the can and the food.
Food is the third-most expensive aspect of living, and canned items are typically less expensive than fresh or frozen options. As a result, they are more preferred, which is likely to increase the can coatings market throughout the forecast period. Furthermore, expansion in the chemical industry is expected to drive market growth.
The Global Can Coating Market is primarily driven by rising demand for lightweight automobiles as a result of severe emission regulations. Thus, increasing the use of lightweight materials for improved safety and fuel efficiency is expected to benefit the industry during the forecast period. The rising usage of cans for packaging organic and meat products is also expected to assist industry growth.
During the projected period, the market is likely to benefit from rising demand for Can Coating downstream goods and natural dyes in the textile industry.
The market is projected to be driven by rising demand for aerosol cans, which are widely used in personal care and household items.
The rising usage of can coatings in the food and beverage industry to prevent product contamination from the can’s metal is expected to fuel growth in the global market. Furthermore, rising tinned food consumption in emerging economies, driven by urbanisation, rising disposable incomes, and quickly changing lifestyles, is likely to drive demand for can coatings in the coming years.