Can coatings market forecast to reach $2.9bn by 2027
The can coatings market globally is forecast to reach $2.9 billion by 2027 growing at a CAGR of 3.8% between 2022 and 2027.
Cans used in the food and beverage sector are mostly made up of three metals namely aluminium can, electrolytic chromium coated steel, and tin coated steel.
The can coatings market’s growth is attributed to a higher usage of coatings in the beverage cans.
The demand for beverage cans is increasing owing to the superior beverage packaging solution offered by cans, maintaining the taste of the product and this will drive the market’s growth in the forecast period.
For instance, as per the November 2021 report by “The Aluminum Association”, consumers recycle aluminium beverage cans at more than double the rate of plastic bottles, increasing the demand for more beverage cans.
Furthermore, the demand for aerosol cans in personal care product packaging is increasing globally and this will drive the growth of the can coatings market in the forecasting period. For instance, in April 2019, beauty products manufacturer Perio Inc. launched its classic Barbasol shaving cream in newly designed aerosol cans.
Epoxy coating is projected to witness the highest demand in the forecast period. Acrylic, polyester, and oleoresins will witness significant demand in the forecast period. The fluctuation in raw material prices might hamper the market’s growth in the forecast period.