Can Coatings Market to Surpass US$ 3.3 Billion by 2032 as Sales of Epoxy-based Can Coatings Surge by 3.6%
Can Coatings Manufacturers to Experiment with Non-Epoxy Based Coatings as Regulations Become More Stringent
The can coatings market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the industry. The report provides in-depth insights covering key factors such as drivers, opportunities, key players' strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as type, application, and region.
NEW YORK, Sept. 13, 2022 /PRNewswire/ -- The global can coatings market was worth US$ 2.3 Billion in 2021. By the end of 2032, sales of can coatings are likely to reach US$ 3.3 Billion. During the assessment period of 2022-2032, the can coatings market is anticipated to grow at 3.3% CAGR. As per Fact.MR, with a projected CAGR of over 3.6% from 2022 to 2032, the beverage can category based on application is predicted to generate the highest revenue.
According to the Food Packaging Forum, over 300 billion beverage cans are produced every year. As production of cans increases globally, demand for effective coating that preserves the taste, texture, and quality of food or beverage has increased at a fast pace. Can coating companies are replacing chemical-based products with organic ones as a result of growing consumer awareness regarding the side effects of chemical can coatings.
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According to Fact.MR, epoxy-based coatings currently account for the highest market share. Nevertheless, due to toxicological data, public debate, and recent regulatory decisions, food makers and can manufacturers have begun to switch out BPA-based epoxy coatings for alternatives. A key challenge associated with alternatives is that they are more expensive and less stable than epoxy-based coatings.
This is a key concern for can coating manufacturers who are looking to make the shift from epoxy-based coatings to non-epoxy based can coatings. Among various available alternatives, demand for polyolefin dispersion technology is likely to witness a surge over the forecast period owing to its several advantages. For instance, it offers adhesion, corrosion protection, and flexibility to numerous food and beverage brands, while excluding substances that could cause consumer and governmental regulatory concerns.
By using polyolefin dispersion technology, the danger of manufacturing inefficiencies that frequently follow transitioning to a different lining technology is reduced for can manufacturers. As the technology is a simple drop-in option, there is no need for new hardware or downtime.
Key Takeaways:
- The U.S. is projected to reach US$ 1.2 Billion by the end of 2032 in the North America can coatings market.
- By type, epoxy-based can coatings are likely to exhibit considerable growth at a CAGR of 3.6% during the evaluation period of 2022-2032.
- In 2022, the global can coatings market is estimated to reach a valuation of US$ 2.4 Billion.
- During the historical period of 2017 to 2021, the can coatings market exhibited growth at 2.7% CAGR.
- Based on region, North America is likely to dominate the can coatings market with the availability of raw materials in abundance.
Growth Drivers:
- Rising demand for aerosol cans backed by their extensive usage in personal care and household products is likely to drive the market.
- Surging use of coatings in food and beverage cans to protect the content from contamination, especially from the can's metal would aid growth.
Restraints:
- Epoxy-based coatings have a long curing time and usually take nearly 72 hours to cure & dry completely, which may hamper their sales.
- Storage in cans may affect the taste of certain foods and production of cans implies mining activities, which may decline sales.
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Competitive Landscape
Leading players operating in the global can coatings market are focusing on R&D activities, mergers, acquisitions, and expansion into new territories. A few other companies are aiming to expand their customer base by investing huge sums in research and development activities to introduce novel products in the market.
For instance,
- Grupo Orbis, a paints and coatings company with operations in Colombia, was acquired in July 2021 by Akzo Nobel, a Dutch company that deals with can coatings. Akzo Nobel will benefit from this acquisition by strengthening its long-term position in South and Central America.
- In July 2021, PPG Industries announced that it will be expanding its production capacity for PPG iSense can coatings, which is primarily made up of glass.
Key Companies Profiled by Fact.MR
- National Paint Factories
- Tiger Coatings
- PPG Industries
- Kansai Paints
- Toyochem
- Akzo Nobel
- International Packaging Coatings
- Altana
- VPL Coatings
More Valuable Insights on Can Coatings Market
In the latest study, Fact.MR offers a detailed study on the global can coatings market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of can coatings with analysis across below segments:
By Type:
- Epoxy
- Polyester
- Acrylic
By Application:
- Beverage Can
- Food Can
- Aerosol Can
- General Line Can
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Can Coatings Market Report:
- What is the projected value of the can coatings market in 2022?
- At what rate will the global can coatings market grow until 2032?
- Which are the factors hampering the growth in the can coatings market?
- Which region is expected to lead in the global can coatings market during 2022-2032?
- Which are the factors driving the can coatings market during the forecast period?
- What is the expected market value of can coatings during the forecast period?
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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