Global can coatings market to reach $4.36bn by 2032
The Global Can Coatings Market Size will grow from $3.62 Billion in 2022 to $4.36 Billion by 2032, at a CAGR of 5.1% during the forecast period, according to a new report.
Can coatings, also known as can linings, are materials that are put to the inside of metal cans or other containers to protect the contents from the possibly harmful effects of the metal.
Between the can’s contents and the metal surface, these coatings act as a barrier, preventing any chemical reactions or interactions that can degrade the packaged product’s quality, flavour, or safety.
Metal cans are commonly used to preserve food and beverages such as beer, fruits, vegetables, soups, and soft drinks. Without the coating, the metal is susceptible to corrosion or reactions with the contents, which can contaminate the final product and cause the leaching of potentially harmful substances.
COVID 19 Impact
Global supply chains were hampered by the outbreak, which had an effect on the availability of raw materials and can coating production components. This can have led to production delays and a tainted product supply.
There were fluctuations in demand for canned goods during the outbreak, including food and beverages. Stockpiling and lockdown measures originally increased demand for canned food.
However, if restrictions were removed and consumer behaviour altered, demand patterns may have shifted. The closure of restaurants and other food service establishments in numerous locations had an effect on the demand for canned foods used in the food service industry.
The beverage industry was impacted by the shutting of bars and restrictions on meetings and activities.
As the world’s population grows, so does the desire for packaged food and beverages that are easy to use and last a long time. This increases the use of metal cans and, in turn, the demand for can coatings.
Growing environmental consciousness among customers has increased the need for eco-friendly and sustainable packaging, which may have an effect on the development and application of environmentally friendly can coatings.
The growth of the middle class in developing countries has increased packaged-goods consumption, which has benefitted the market for can coatings. In some applications, metal cans with the right coatings are used in place of traditional packaging materials like glass or plastic, which is promoting market growth.
Many can coatings have historically been made using potentially harmful environmental components, such as particular varieties of epoxy resins. As environmental consciousness grows, there is a greater need on the industry to provide more environmentally friendly and sustainable coating solutions.
The additional costs related to developing and installing new, safer, and more environmentally friendly can coatings can be difficult for some companies to afford. It could be difficult to strike a compromise between coating costs and compliance and safety requirements.
Metal cans are in competition with other packaging materials like glass, plastic, and flexible pouches. Because each type of packaging has advantages and disadvantages, can coatings must demonstrate their superiority in terms of food preservation, shelf life, and environmental impact.
Epoxy coatings segment is dominating the market over the forecast period
On the basis of type, the global can coatings market is segmented into Epoxy, Acrylic, Polyester, and Others. Among these, epoxy coatings segment is dominating the market over the forecast period. Epoxy coatings, which have a long history of use in can linings, are believed to be secure for contact with food when created and applied appropriately.
They serve as a reliable barrier that successfully prevents the transmission of potentially harmful contaminants from the metal can into the packaged food or beverage. Since there has been a continual rise in the demand for canned food and beverages, epoxy coatings are crucial for addressing the packaging needs of a variety of items.
Epoxy coatings have also been used extensively in the canning industry for a long time, and there is substantial proof of both their durability and efficacy. This proven technology is trusted by both manufacturers and consumers.
Beverage segment accounted the largest market share over the forecast period
Based on the application, the global can coatings market is segmented into Food Cans, Beverage Cans, General Line Cans, Aerosol Cans, and Others. Among these, the beverage segment accounted the largest market share over the forecast period. The market for can coatings in this industry is expanding as more beverages, including soft drinks, beer, energy drinks, and ready-to-drink beverages, are being packaged in metal cans for various reasons.
The large surface area that cans offer for branding and marketing messages allows beverage companies to display their products in an appealing manner in retail displays and in advertising campaigns.
Craft beers, ready-to-drink (RTD) drinks, and niche products are growing in popularity, which has raised demand for cans since they are perfect for preserving and promoting these sorts of drinks.
North America accounted the largest market share over the forecast period
Among all other regions, North America accounted the largest market share over the forecast period. Since there is a sizable market for packaged food and beverages in North America, metal cans are widely used to package a variety of products.
This regulation has increased the need for can coatings proportionately in order to ensure food safety and the integrity of the product. Due to their convenience, portability, and long shelf life, can items, particularly beverages like soft drinks and beer, are a preferred option for customers in the region.
Asia Pacific region is witnessing the fastest market share over the forecast period. A rising demand for packaged foods and beverages results from the region’s large and rapidly growing population as well as its growing urbanisation, which has increased the use of metal cans and, as a result, can coatings.
Increased disposable income has led to changes in consumer preferences throughout several Asia-Pacific countries, notably an increase in the demand for convenience foods and drinks, which has increased the need for can coatings.
The report offers the appropriate analysis of the key organisations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis.
The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
Major vendors in the Global Can Coatings Market include Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, RPM International Inc., AZTRON TECHNOLOGIES, LLC, Axalta Coating Systems, BALL CORPORATION, A.W. Chesterton Company., KC Jones Plating Company., OM Sangyo Co.,Ltd., Poeton, Endura Coatings, Twin City Plating, Nickel Composite Coatings, Inc., SURTECKARIYA Co., Ltd., Sharretts Plating Company, Integer Holdings Corporation, Interplate LTD, Composite Coatings, Inc., and Hunger International GmbH And Others Key Vendors.