The global Can coatings market size is projected to reach USD 2.65 billion by 2026,on account of change in living habits and rising demand for canned products from the food and beverage industry. Cans are used for preserving products and storing them for safe transport from manufacturing units to the end user. The increasing popularity of packaged food and beverage products is a significant factor boosting the can coatings market size. More information on the market is provided in a recently published report by Fortune Business insights™ titled, “Can Coatings Market Size, Share and Global Trend by Type (Epoxy, Acrylic, and Others), By Application (Food Cans, Beverage Cans, Aerosol Cans, and Others) and Geography Forecast till 2026.” As per this report,the market value was USD 1.97 billion in 2018 and is expected to rise at a CAGR of 3.8% between 2019 and 2026.
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What is the Scope of the Report?
The report offers a 360-degree overview of the market and its growth parameters, such as factors promoting, demoting, challenging, and creating opportunities for the market. It also offers details about market segmentation based on factors such as type, application, and geography, and the overall competitive landscape of the can coatings market.The report discusses the names and strategies adopted by players operating in the market to gain a competitive edge in the market. The report also throws light on current can coatings market trends are available for sale on the company website.
Rise in Demand from Personal Care Products to Add Impetus to Market
The increasing demand from the food and beverage industry to feed the growing population is amajor factor promoting the can coatings market growth. Moreover, change in consumer lifestyle, and increasing trend of mobile food products with an extended shelf life is also augmenting the market. Can coatings are utilized both on the exterior and interior surface for preserving food for a longer period, especially in cases of food and beverage products.
However, government restrictions on specific can coating technology and application methods, use of VOC emission content, solvents used, resins, and other can coating formulation in chemicals and materials that may cause health problems may cause hindrance to the overall market in the long run.
North America to Dominate Market with Increasing Demand for Metal Cans
From a geographical viewpoint, North America is holding the dominant can coatings market share with a revenue generation of $675.5 million in 2018. This growth is attributable to the increasing demand for metal can for packaging from industries such as personal care, pharmaceutical, food & beverage, chemical, and others. On the other side, Asia Pacific market is likely to witness the fastest growth in the forecast period on account of the growing population in nations such as China, India, Japan, and others and their increasing demand for food and beverage, and other canned products.
Furthermore, the market in Europe is expected to witness steady growth on account of the rise in demand for health care, personal care such as deodorants, spray medication, shaving foams, and others. Additionally, the increasing inclination towards healthy eating will also aid in the expansion of the market in the long run.
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Expansion of Product Portfolio- Key Strategy Adopted by Players
Major can coatings manufacturers are excluding harmful chemical materials for production and including elements such as polyester and acrylic for can production. Besides this, producers are focusing on geographical expansion, strengthen their distribution channels, and product launches for exceptional food and beverage variety such as soups, baby-milk, and others to attract high can coatings market revenue on the one hand and emerge dominant in the market competition on the other.
List of Notable Market Players:
- PPG Industries, Inc.
- Kansai Nerolac Paints Ltd.
- BALL CORPORATION
- CSC BRANDS, L.P.
- Axalta Coating Systems
- National Paints Factories Co. Ltd.
- CSC BRANDS, L.P.
- TOYOCHEM CO. LTD.
- IPC GmbH & Co. KG
- VPL Coatings GmbH & Co KG
- The Sherwin-Williams Company
- Kupsa Coatings
Major Industry DevelopmentsofCan Coatings Market Include:
March 2016 – Campbell Soup Company declared the advent of polyester and acrylic materials into their can lining and withdrawal of manufacturing cans with Bisphenol A (BPA) lining content.
October 2015 – New generation coatings was launched by PPG Industries with the product names NUTRISHIELD and Nutrishield SOLISTA for internal protection spray coatings used in wall-ironed food cans. This product will be utilized in products such as infant foods, pack ready meals, soups, and other food products in the food-can business.
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