Can coatings Market is Projected to Reach USD 3.02 billion in 2029, from USD 2.27 billion in 2022, registering a CAGR of 4.15% | Size & Forecast Report
Can coatings Market by Type (Epoxy, Acrylic, Polyester, Others), Application (Food Can, Beverage Can, General Line Can, Aerosol Can, Others) and Region, Global trends and forecast from 2022 to 2029
Luton, Bedfordshire, United Kingdom, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Can coatings Market.
*“The global can coatings market size was valued at USD 2.27 billion in 2022 and is projected to reach USD 3.02 billion by 2029, exhibiting a CAGR of 4.15% during the forecast period from 2022 – 2029.”*
*Can Coatings Market Overview*
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.
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*Growth Drivers *
· *Rising Growth of Metal Industry*
Finished steel consumption in India is expected to climb from approximately 130 MT in FY22 to approximately 229 MT by 2030-31.
· *Growing Demand for Beverage Cans*
One of the key causes expected to boost demand for beverage cans and, as a result, encourage the need for can coatings among beverage can makers is the rise in global beverage consumption. Each year, the United States produces over 100 billion aluminium beverage cans, or one can per person.
· *Increasing demand for aerosol cans will drive the market’s growth*
Aerosol cans have grown increasingly popular in various areas, including personal care, healthcare, and household care, which is driving up demand for aerosol cans. As a result, manufacturers are capitalising on this opportunity by increasing production of aerosol cans.
· Growing Transportation Industry
· Surge in Investment on Personal Care Product
· Growing Urban Population
*Raw material’s price fluctuation might hamper the market’s growth*
Raw materials like vinyl and polyester are used in the can coatings market. These are petroleum-based raw materials whose costs fluctuate due to fluctuations in petroleum prices, which may have an impact on the growth of the can coatings market over the projection period. Historically, oil prices plummeted during the pandemic. These changes in raw material prices may have an impact on the growth of the can coatings market throughout the forecast period.
The powder form of Can Coating is inhalable, and the mixture has been recognised as carcinogenic by the International Agency for Research on Cancer due to its propensity to cause lung cancer through inhalation. This, in turn, is likely to limit the growth of the Can Coating Market.
Epoxy-based coatings have a lengthy curing period, typically taking approximately 72 hours to cure and dry entirely, which may limit their sales. Can storage may alter the taste of certain goods, and can production requires mining activities, which may reduce sales.
Emerging economies in Asia-Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA) are seeing tremendous industrial growth and development in industries such as food and beverage, personal care, and health care. Cans are used for packing, retailing, and transportation of various products in different sectors. Cans of food and beverages are thought to have a longer shelf life and be free of contaminants than their equivalents. Aerosol or general cans are used to store and sell personal care and medication products such as deodorants, shaving foams, energy drinks, spray medication, protein powder, and cosmetics.
The majority of the can coatings market share is concentrated among regional producers in order to improve their business offerings. To increase their market presence, major firms are implementing techniques such as new product introduction and development. Furthermore, firms are increasing production and sales of existing products in order to acquire a competitive advantage in the market.
*Based on Type* - Epoxy-based can coatings are possible to exhibit substantial growth at a CAGR of 3.6% during the evaluation period of 2022-2028.
Because of the lower cost and ease of application, the epoxy coatings category commands a sizable market share. However, due to their toxicity, epoxy coatings are being phased out in favour of contemporary coatings. Many governments have altered their standards to prohibit the use of epoxy coatings. Manufacturing and food businesses have begun to replace epoxy coatings with polyester and acrylic coatings, and non-BPA epoxy coatings are being developed. Polyester and acrylic coatings have a bright future.
Following a detailed examination of the business ramifications of the pandemic and the resulting economic crisis, growth in the Acrylic segment is revised to a revised 4.9% CAGR over the following seven years. This segment now holds 21.6% of the worldwide Can Coatings market.
Polyester coatings are becoming more popular in metal cans for beverages, food, aerosol, and general line products.
*Based on Application* - Beverage Can Coating Reported for the Major Share
· Food Cans
· Beverage Cans
· General Line Cans
· Aerosol Cans
Due to the increased consumption of beverages such as beer, water, soda, and others, the beverage can segment accounted for the majority of can coating market share throughout the projection period. The metal surface is smoothed out by these coatings. Coatings also provide heavy-duty moisture and chemical resistance to cans, preventing beverages from becoming contaminated due to metal reactions. This has resulted in a rise in coatings demand from the food and beverage industries.
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Companies are focusing on developing novel technology to meet rising customer demand for canned foods. The top market competitors are focusing on the long-term viability of canned foods. New entrants in the can coatings sector are focusing on marketing campaigns to offer unique canned foods. Major Key players are *PPG (US), Akzo Nobel (Netherlands), Valspar (US), ALTANA (Germany), Toyochem (Japan), KANSAI PAINT (Japan), National Paints Factories (Jordan), TIGER Coatings (Germany), International Packaging Coatings (Germany), VPL Coatings (Germany), Axalta Coatings Systems LLC (US), RPM International Inc. (US), BASF SE (Germany), The Valspar Corporation (US), The Sherwin-Williams Company (US), Dow, PPG Industries, Inc, IPC GmbH & Co. KG, BALL CORPORATION, Kupsa Coatings, Constantia Flexibles GmbH*
· 8 NOVEMBER 2022, Starbucks has collaborated with Landor & Fitch to redesign its ready-to-drink portfolio for chilled coffee products, aiming to facilitate distinctiveness for the brand and build ‘stronger emotional connections’ with the drinks amongst its consumers.
· March 02, 2022 — Industry leading paint and coatings brand Valspar® announces a new line of exterior paint & primer called Valspar® Defense™. This innovative offering provides extreme protection through advanced water-beading technology to repel water year-round and help prevent moisture damage. Valspar® Defense™ Exterior Paint & Primer is available exclusively at Lowe’s® stores nationwide and online at Lowes.com.
· July 13, 2022 – The ALTANA Innovation Award honors the most promising new developments in the Group, and has done so for ten years. On this anniversary, a team from the ACTEGA division received the award. This year’s prize went for an invention called ROTARflow. This technology, which is unique on the market, improves the efficiency of food and beverage ends’ production and thus makes it more sustainable.
· In July 2021, PPG Industries, Inc. has deliberate to expand its facility in Delaware, Ohio, the United States for addition in the production of over varnish coatings for beverage can exteriors, including PPG ISENSE Gloss coatings. The following expansion is expected to surge the company's overall production of over-varnish coatings in the United States by 40%, which will significantly enhance the companies can coating business.
· In June 2021, PPG Industries, Inc. has broadcast to expand its aluminium and steel cans coatings manufacturing capacity in the Netherlands and Poland of Europe for various packaging applications such as food, beverage, and personal care products.
· In March 2021, TOYOCHEM CO., LTD. has launched a new line of Bisphenol A non-intent (BPA-NI) internal coatings for metal beverage bottles and cans. These new BPA-NI internal sprays and coil coatings are based on acrylic emulsion and polyester resins. The company will market the product under the brand name Lionova in both domestic and overseas markets.
*Regional Analysis* –
· North America includes the United States, Canada and Mexico
· Europe includes Germany, France, UK, Italy and Spain
· South America includes Colombia, Argentina, Nigeria and Chile
· Asia-Pacific includes Japan, China, Korea, India, Saudi Arabia and Southeast Asia
The North American can coatings market in the United States is expected to reach US$ 1.2 billion by the end of 2028.
The Can Coatings market was dominated by the North American area. The region is expected to maintain its supremacy in the next years. The region's quick expansion in the Can coatings market can be ascribed to rising demand for metal cans from industries such as food and beverage, chemical, pharmaceutical, and personal care. As a result, the indirect demand for can coatings from these industries has recently increased.
After North America, the European regional market is the second largest. Because of rising disposable incomes and changing lifestyle habits, the food and beverage business is thriving in the region. The personal care industry is expected to have a beneficial impact on the regional can coatings market's growth.
Over the projected period, the Asia Pacific, Middle East, and African regional markets are expected to grow at the fastest rates. These markets' profitable expansion is linked to rising industrialisation as well as the development of the food and beverage, healthcare, and personal care industries. Cans are widely used in each of these industries for secure storage and transportation, as well as to provide a longer shelf life.
These industries appear to be increasing, particularly in China, Japan, India, and South Korea. Over the last few years, these countries have had substantial economic expansion, which has translated into higher disposable incomes, increased technological advances in Can coating technologies, and new product launches of a variety of products.
1. How much is the can coating market worth?
2. Which industries uses can coating market?
3. What are the key factors that drives the growth of can coating market?
4. Which are the majors’ players competing in can coating market?
5. Which is the leading market segment in can coating?
6. Which region will provide more business opportunities for growth of can coatings market in future?
7. What are the challenges affecting the can coatings market growth?
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*Hull Coatings Market *
The global hull coatings market size is estimated to be valued at USD 6.1 billion in 2020 and is projected to reach USD 11.1 billion by 2029, recording a CAGR of 7.8%.
*Coil Coatings Market *
The global coil coatings market size is estimated to be valued at USD 4.24 billion in 2020 and is projected to reach USD 6.19 billion by 2029, recording a CAGR of 4.3%.
*Process Pipe Coating Market*
Process pipe coatings market size was valued at USD 14.5 billion in 2020 and is projected to reach USD 21.7 billion by 2029, growing at a CAGR of 4.6% from 2022 to 2029.
*Medical Coatings Market
The global medical coatings market size is expected to grow at more than 18.6% CAGR from 2019 to 2028. It is expected to reach above USD 28.10 billion by 2028 from a little above USD 6.00 billion in 2019.
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