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CHEMICALS AND ADVANCED MATERIALS

Can Coatings Market Analysis by Type (Epoxy, Acrylic, Polyester, Oleoresins, Vinyl, Alkyd, and Polyolefin); and by Application (Food Cans, Beverage Cans, Aerosol Cans, and General Line Cans) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • PPG Industries, Inc. intends to increase production of over varnish coatings for beverage can exteriors, including PPG ISENSE Gloss coatings, at its facility in Delaware, Ohio, in the United States. The ensuing growth is anticipated to boost the company's overall over-varnish coating production in the United States by 40%, greatly enhancing the can coating business.
  • After agreeing to purchase Kansai Paint's paints and coatings operations in the area, AkzoNobel N.V. would further expand its presence in Africa. The completion, which is contingent on regulatory permissions, is anticipated to occur in 2023.

Global Can Coatings Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023 - 2033

CAGR

~4%

Base Year Market Size (2022)

~USD 3 Billion

Forecast Year Market Size (2033)

~USD 4 Billion

The global can coatings market is estimated to garner a revenue of ~USD 4 Billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 3 Billion in the year 2022. The growth of the market can be attributed to increase in consumption of canned food and beverage all across the world. An average of 23 cans are kept in kitchens by as many as about 95% of Americans, and about 85% of parents claim they never spend a week without consuming food from a can.

Can-Coatings-Market-Scope

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Food is the third-highest living expense, and canned goods are frequently less expensive than fresh or frozen options. Hence they are preferred more further expected to boost the can coatings market over the forecast period. Additionally, growth in chemical industry is another major factor estimated to boost the market growth. For instance, major chemicals were produced in greater quantities during 2022–23 (through to May 2022), reaching about 20 lakh tonnes, an increase of approximate 6% over 18 lakh tonnes during the same period the previous year.

Global Can Coatings Market: Growth Driver and Challenges

Growth Drivers

  • Growing Demand for Beverage Cans – Rise in consumption of beverages worldwide is one of the major factors anticipated to drive the demand for beverage cans, and in turn, promote the need for can coatings amongst the beverage can manufacturers. About 100 billion aluminium beverage cans are produced in the United States each year, or one can per person.
  • Rising Growth of Metal Industry

By 2030–31, finished steel consumption in India is predicted to rise from about 130 MT in FY22 to approximate 229 MT.

  • Growing Transportation Industry

The infrastructure industry in India is likely to experience the fastest growth in the transport sector, which is projected to expand at a CAGR of about 6 percent.

  • Surge in Investment on Personal Care Product

The Indian industry for cosmetics and personal care items is currently worth about USD 25 billion and is anticipated to grow to approximately USD 36 billion by 2025.

  • Growing Urban Population

Approximately 3 billion people, or about 55% of the world's population, reside in cities. By 2050, approximately 6 out of 10 people will live in cities, with the urban population predicted to more than double from its current level.

Challenges

  • Insufficiency in Raw Material Demand and Supply
  • Surging Geopolitical Issues
  • Stringent Government Regulations

Owing to the lockdown the demand and supply of raw material was disrupted which affected the market. However, volatility in prices is expected to affect the market in future. Hence this factor is estimated to hinder the market growth over the forecast period.

The global can coatings market is segmented and analysed for demand and supply by application segment into food cans, beverage cans, aerosol cans, and general line cans. Out of these segments, the beverage cans segment is anticipated to garner the largest revenue by the end of 2033, backed by growing consumption of beer, water, soda, and others. In 2018, the estimated annual beer consumption in the United States was 6.3 billion gallons, or 26.2 gallons per drinking-age adult.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Demand-Analysis

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Can Coatings Market Regional Synopsis

Regionally, the global can coatings market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by growing urbanization in this region. With an average yearly urbanisation rate of 3%, East Asia and the Pacific is the region of the globe with the fastest pace of urbanisation. By 2018, more than 1.2 billion people, or one-third of the world's metropolitan population, were anticipated to live in the region.

Can-Coatings-Market-Size

The global can coatings market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

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

By Type

  • Epoxy
  • Acrylic
  • Polyester
  • Oleoresins
  • Vinyl
  • Alkyd
  • Polyolefin

By Application

  • Food Cans
  • Beverage Cans
  • Aerosol Cans
  • General Line Cans

Top Featured Companies Dominating the Global Can Coatings Market

  • PPG Industries, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Akzo Nobel N.V.
  • 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

 

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