Can Coatings Industry - Regional Synopsis
APAC Market Statistics
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 2037. 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.
North American Market Forecast
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.
