Can Coatings Market Trends, Leading Players and Future Scope

Boom in Food and Beverages Industry Propelling Global Demand for Can Coatings

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The growth of the can coatings market is driven by the expanding food and beverage industry and increasing recyclability of cans. Because of these factors, the market is expected to register a CAGR of 3.5% during the forecast period (2018–2023). At this rate, the market is projected to increase its revenue from $2,100.6 million in 2017 to $2,588.9 million by 2023. Additionally, the surging demand for can coatings from developing countries holds great growth opportunity for market players.

The market players, such as Akzo Nobel N.V., Kansai Paint Co. Ltd., TIGER Coatings GmbH & Co. KG, Eastman Chemical Company, National Paints Factories Co. Ltd., The Sherwin-Williams Company, VPL Coatings GmbH & Co KG, PPG Industries Inc., and Toyo Ink SC Holdings Co. Ltd., offer can coatings in the unexplored economies of the Latin America (LATAM), Middle East and Africa (MEA), and Asia-Pacific (APAC) regions. The coated cans are used in several industries for packaging, transportation, and selling of different products, as they protect the products from outer environmental factors.

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Moreover, expansion of the global food and beverage sector is driving the can coatings market growth, owing to the increasing disposable income, surging population, and rising government regulations. Besides, the growing awareness among people regarding health has increased the application of can coatings in metal packaging in the sector. Application of these coatings helps protect the contents of the cans from the external environment and the coatings act as a barrier between internal surface and products in the cans.

The can coatings are primarily used for beverage cans, as the beverage products are usually packed in lightweight cans that are made up of unbreakable material.

These cans are recyclable and hold an aesthetic value. These coatings are also used in food cans, aerosol cans, general line cans, and cans used for packaging customized goods, chemicals, and pharmaceutical products. Moreover, the cans use interior coatings in large quantities due to their increased usage in lining the internal surface of cans to prevent any contact of the products with the can metal.

Further, the material segment of the can coatings market is categorized into polyester, epoxy, acrylic, and others that include polyolefin, vinyl, phenolic, and oleoresins. Amongst these, the epoxy category accounted for the largest market share in 2017. This is attributed to the protective feature, stability, and solvent or chemical resistance of the epoxy-based coatings. Due to the superior qualities of epoxy resins, these are used for interior and exterior coatings. Moreover, the epoxy-based coatings help in ensuring food security, creating a protective layer between drinks or food and the metal, and thus, increasing the product durability.

During the forecast period, the Asia-Pacific (APAC) region is expected to

demonstrate the fastest growth in can coating consumption, due to the increasing government expenditure on industrial developments, food safety, hygiene, and health in India, South Korea, and China. These coatings are applied in metallic packaging to offer characteristic design, aesthetic appeal, quality, reliability, sustainability, and protection to several products in industries like healthcare, personal care, and food and beverage. Therefore, the development of these industries is projected to boost the demand for can coatings in the region.

Browse full report at: https://www.psmarketresearch.com/marketanalysis/can-coatings-market/report-sample Thus, the expansion of the food and beverage industry and growing awareness regarding health have led to the high consumption of can coatings.

GLOBAL CAN COATINGS MARKET •

By Material – Epoxy, Acrylic, Polyester, and Others (Oleoresins, Vinyl, Phenolic, Polyolefin)

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By Type – Exterior and Interior

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By Application – Food Cans, Beverage Cans, General Line Cans, Aerosol Cans, and Others (Cans for packaging chemicals, pharmaceuticals, and customized products)

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By Region – North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA)

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