According to TechSci Research report, “Can Coatings Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Can Coatings Market stood at USD 2.36 billion in 2022 and is anticipated to grow with a CAGR of 5.22% in the forecast period, 2023-2028. The initiatives taken by government based on Can Coatings has led to favorable market conditions for the Global Can Coatings Market. Several factors contribute to the growth of various Can Coatings products.
Governments worldwide are increasingly recognizing the importance of sustainability in packaging, including can coatings. For instance, the U.S. Environmental Protection Agency (EPA) has implemented stringent standards for metal can manufacturing and surface coating to minimize the environmental impact.
In response to these requirements, companies like Sherwin-Williams are actively striving to innovate in sustainable can coating solutions. They are investing in research and development to create coatings that not only meet performance standards but also align with environmental objectives. Moreover, there is a collaborative effort to promote metal can circularity through innovation. This involves developing coatings that not only ensure superior performance but also contribute to the overall goal of environmental friendliness. By focusing on both performance and sustainability, the industry is working towards creating a more sustainable future for packaging solutions.
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Urbanization is a multifaceted phenomenon that goes beyond changes in lifestyle and consumption patterns. As more individuals migrate to cities in search of better opportunities, the demand for convenience becomes increasingly pronounced. This has resulted in a significant upsurge in the packaged food and beverage industry, which heavily relies on can packaging due to its myriad advantages. Canned products provide the ultimate convenience, boasting a long shelf life and ease of transport, which makes them exceedingly popular among urban consumers who value efficiency in their fast-paced lives. Consequently, the demand for can coatings, which play a crucial role in ensuring the safety and longevity of these products, is also on the rise. However, urbanization doesn’t just bring about consumer demands; it also fosters heightened environmental awareness. In many urban societies, there is a growing concern about the environmental impact of packaging materials. This has led to an increased demand for more sustainable solutions, including eco-friendly can coatings. Manufacturers are wholeheartedly responding to this call by developing coatings that not only meet the criteria of being durable and effective but also align with environmental conservation efforts. By embracing innovation and sustainable practices, the industry aims to strike a balance between catering to the needs of urban consumers and minimizing the ecological footprint associated with packaging materials.
The Global Can Coatings Market is segmented into type, application, regional distribution, and company
Based on its type, the epoxy segment held the largest share in the market. The BPA-based Epoxy resins, known for their remarkable adhesion, chemical resistance, formability, and toughness, offer a cost-effective solution compared to other available can coatings. While alternative can coating types exist today, they often fall short in terms of the universal applicability and stability that Epoxy provides. In recent years, there has been a growing concern surrounding the use of BPA-based epoxy coatings, leading to government regulations addressing its global usage. These regulations aim to ensure the safe and responsible application of BPA-based epoxy coatings, considering the potential impact on the environment and human health.
Based on region, North America segment is expected to grow during the forecast period. The increasing demand for can coatings in the North American region can be attributed to several factors. Firstly, the presence of top market players such as PPG Industries, Valspar, Ball Corporation, and Trivium Packaging has significantly contributed to the growth of the cans coating market in this region. These companies have established themselves as industry leaders and have continuously invested in research and development activities, resulting in the development of innovative and high-quality can coatings.
Furthermore, the region has witnessed a surge in research and development activities focused on can coatings. This has led to the discovery of new formulations and improved technologies, which have further enhanced the performance and durability of can coatings. For example, in July 2021, PPG Industries announced the expansion of production capacity for its PPG ISENSE gloss beverage can coating, demonstrating their commitment to meeting the increasing demand for high-quality can coatings. Additionally, collaborations and partnerships within the industry have also contributed to the higher implementation of can coatings in the North American region. In October 2020, Ball Corporation partnered with US-based sports and entertainment holding company Kroenke Sports & Entertainment to advance sustainability in sports and entertainment through the use of beverage cans made of aluminum. This collaboration not only promotes the use of eco-friendly packaging but also creates opportunities for the growth of the can coatings market. With the high demand for beverage cans in the North American region, the use of can coatings is expected to witness significant growth. The Asia-Pacific region is also projected to experience a surge in demand for can coatings, indicating the global significance and potential of this market.
Major companies operating in Global Can Coatings Market are:
- Akzo Nobel NV
- ALTANA AG
- Covestro AG
- Henkel AG & Co KGaA
- Kansai Paint Co Ltd
- National Paints Factories Co. Ltd.
- PPG Industries, Inc.
- The Valspar Corporation
- Toyochem Co., Ltd.
- TIGER Coatings GmbH & Co. KG
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“Growing application of Can Coatings in various end user industries are key drivers of the Can Coatings market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of Can Coatings with every passing year are anticipated to register an impressive growth to Global Can Coatings Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Can Coatings Market By Type (Epoxy, Polyester, Acrylic, Others), By Application (Food Cans, Aerosol Cans, Beverage Cans, General Line Cans, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Can Coatings Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Can Coatings Market.
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