Can Coatings Market Size & Share, by Type (Acrylic, Epoxy, Polyester); Application (Beverage Can, Food Can, General Line Can, Aerosol Can) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Global Can Coatings Market Definition

Can coatings are used for a variety of daily tasks and have various applications in the food & beverages, personal care, chemical, and pharmaceutical industries. They are usually used in metal packaging as they provide protection and aesthetically pleasing ornamentation. Coating materials include a variety of beginning ingredients such as monomers, prepolymers, additives, and much more. There are several types of can coatings such as acrylic, epoxy, polyester, and others.

Compared to other types of coatings, epoxies are compatible with a wider variety of foods and beverages, as they stick to metal surfaces well, and have good flexibility, strength, and chemical resistance. Epoxy can coatings are widely employed in making beverage cans since it helps in maintaining the product's flavor and taste. Both alcoholic and non-alcoholic beverages are served in beverage cans, as it creates a barrier against oxygen and light, keeping liquids fresh and flavorful. For instance, soft drinks with carbonation are acidic, hence coatings such as epoxy-amino resin or epoxy-phenolic resin systems offer resistance to corrosion by such materials. Apart from being widely used in the food and beverage industry epoxy also has a range of commercial and industrial uses. They are used as paints or coatings since they offer a rapid drying, durable, and protective covering for metals and other materials. Further, epoxy coatings are applied over concrete floors in a range of commercial and industrial settings, including factories, retail and commercial establishments, industrial facilities, warehouses, medical facilities, showrooms, and others. They provide a chemically resistant flooring option that can be put directly over new or existing concrete floors.

Global Can Coatings Market: Key Insights

Global Can Coatings Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global can coatings market is estimated to garner a revenue of ~USD 4 Billion by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 3 Billion in the year 2022. The growth of the market can be attributed to the growing popularity of canned food and beverage. Further, the demand for canned products is influenced by increased disposable income and busy lives. As canned food is so convenient to use and consume, it is becoming more and more popular, which in turn will encourage the manufacturers of beverage cans to promote the necessity for can coatings. As per estimates, more than 90% of Americans store canned food in their households.

In addition to these, factors that are believed to fuel the market growth of can coatings include the increasing growth of the metal industry. There is a growing consumer demand for metal packaging as more and more people are readily consuming canned food and beverages. For beverage containers, metal packaging works best since it is easy to cool, great for keeping the contents fresh, and prevents breakages in transport owing to the material's durability. Additionally, can coatings are used in metal packing items owing to their qualities, such as resistance to acidic chemicals and meals. Moreover, as metal is a very sustainable material, it can be recycled endlessly and is easily moldable into a variety of designs. It also offers good protection against light, gas, and moisture.

Global Can Coatings Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Demand for Epoxy Coating– Paint and coating industries are increasingly using the epoxy coating. Epoxy-based powder coatings have seen tremendous growth as a result of the rising demand for environmentally friendly paints. For instance, China has seen tremendous growth in the use of epoxy resins for coatings, and demand is anticipated to increase by more than 4% per year by 2026.

• Rising Spending on Personal Care Products– The demand for cosmetics and skin care products is estimated to drive market growth. For instance, beauty and personal care goods including skin care, makeup, and hair care are becoming a crucial element of everyday grooming. As of 2022, sales of skincare products increased by more than 10% in the United States.

• Increasing Population in Urban Areas – According to the United Nations, 55% of the world's population currently resides in cities. It is anticipated that the percentage would increase to 68% by 2050.

• Surging Need for Aerosol Cans– Aerosol cans are portable and compact. The aerosol cans are being increasingly used in several industries, including personal care, healthcare, and household care.  Further, aerosol packaging is also used in the personal care industry since it has a low carbon footprint, and is recyclable. North America accounted for more than 20% of worldwide consumption of aerosol cans as a result of their widespread usage.

Challenges

• Lack of Sufficient Raw Materials for Demand and Supply - The can coatings industry uses raw materials like vinyl and polyester, which are petroleum-based raw resources, and as a result of changes in the price of petroleum, the producers of for coatings have been announcing price rises. The volatility in price is anticipated to have an impact on the market. As a result, it is predicted that this factor would restrain market expansion throughout the projection period.
• Strict Rules and Regulations by the Government
• Increasing Geopolitical Problems

Global Can Coatings Market Segmentation

The global can coatings market is segmented and analyzed for demand and supply by application into the beverage can, food can, the general line can, aerosol can, and others. Out of the five types, the beverage can segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the surging demand for beverage cans. For instance, there is increasing consumption of beverages such as carbonated soft drinks, beer, and cider, which has accelerated the production of cans which in turn boosts the demand for can coating. The utilization of beverages can be escalating owing to rising concerns about sustainability and imposed ban on plastic packaging. Furthermore, coatings provide cans with strong resistance to moisture and chemicals, minimizing beverage contamination brought on by metal reactions. According to projections, the market share of cans for American beer and hard soda climbed by more than 60%.

The global can coatings market is also segmented and analyzed for demand and supply by type into acrylic, epoxy, polyester, and others. Amongst these three segments, the epoxy segment is expected to garner a significant share. Epoxy is used in beverage cans, which is gaining popularity as they provide longer shelf life. Epoxy coatings make cans corrosion-resistant and eliminate any metal residues that can cause food poisoning. Furthermore, epoxy is also, used to create floors, adhesives, plastics, paints, varnishes, and more owing to its strong properties.

Our in-depth analysis of the global can coatings market includes the following segments:

Global Can Coatings Market Regional Synopsis

The Asian Pacific can coatings market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing urbanization in the region. Growing urbanization has led to a change in the lifestyles of the people living in developing areas. Owing to a lack of time, urban households spend more money on packaged meals. Further, metal food and beverage containers, such as canned food, beer & juice cans, are becoming increasingly popular in the Asia-Pacific area owing to several advantages over other forms of packaging, including improved product protection, durability, sustainability, affordability, and others. As of 2030, more than 50% of the people in Asia would live in cities.

The North American can coatings market, amongst the market in all the other regions, is projected to have satisfactory growth during the forecast period. The growth of the market can be attributed majorly to the huge demand for packaged food in the region. For storing the packaged food metal cans are being used as they can be easily carried to places such as beaches, events, and festivals. Metal cans are durable, unbreakable, and can be recycled after usage. This property of metal cans has also increased their demand amongst people in the region who are conscious about the environment. Further, the popularity of energy drinks among young adults has also increased, which leads to the introduction of more new products in the market.

Top Featured Companies Dominating the Global Can Coatings Market

• Akzo Nobel N.V.
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis
• PPG Industries, Inc.
• Valspar
• ALTANA Divisions
• Toyochem Co., Ltd.
• KANSAI PAINT Co., Ltd.
• National Paints Factories Co. Ltd.
• TIGER Coatings GmbH & Co. KG
• International Packaging Coatings GmbH & Co. KG
• VPL Coatings GmbH & Co KG