IMARC Group, a leading market research company, has recently releases report titled “Can Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024–2032,” The study provides a detailed analysis of the industry, including the global can coatings market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the can coatings market?
The global can coatings market size reached USD 2.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 3.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.69% during 2024-2032.
Factors Affecting the Growth of the Can Coatings Industry:
- Rising Demand for Packaged Food and Beverages (FB):
The growing population, coupled with urbanization and changing consumer lifestyles that increase the demand for packaged food and beverages, are some of the major factors boosting the market growth. Along with this, the rising convenience of ready-to-eat (RTE) meals and beverages, creating a surge in the production and consumption of canned goods, is fueling the market growth. Besides this, can coatings play a crucial role in preserving the quality and safety of these products, providing a protective barrier against contamination and spoilage. Apart from this, the increasing preference for sustainable and recyclable packaging solutions, boosting the demand for high-performance can coatings, is enhancing the market growth.
- Rapid Technological Advancements in Coating Materials:
The development of new and advanced materials that offer superior performance characteristics, such as enhanced corrosion resistance, improved adhesion, and higher flexibility, is positively impacting the market growth. Moreover, the rising need to address regulatory requirements and environmental concerns is catalyzing the market growth. For instance, the introduction of Bisphenol A (BPA)-free coatings that address the health concerns associated with BPA-based products is fueling the market growth. Additionally, rapid advancements in nanotechnology, leading to the creation of coatings with improved barrier properties and mechanical strength, are fostering the market growth.
- Increasing Stringency of Environmental Regulations:
The imposition of stricter guidelines by governments and regulatory agencies on the use of chemicals and materials in manufacturing processes, particularly those related to food and beverage packaging, is stimulating the market growth. These regulations are aimed at reducing environmental impact and ensuring consumer safety. In line with this, the rising need for manufacturers to innovate and develop sustainable and non-toxic coating solutions is acting as a growth-inducing factor. In addition to this, the ongoing shift towards eco-friendly coatings, such as those based on waterborne or bio-based materials, is favoring the market growth.
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Can Coatings Market Report Segmentation:
Breakup by Type:
- Acrylic
- Epoxy
- Polyester
- Others
Epoxy accounted for the largest market share due to its superior chemical resistance and durability, making it ideal for protecting canned goods.
Breakup by Application:
- Beverage Can
- Food Can
- General Line Can
- Aerosol Can
- Others
Beverage represented the largest segment as the demand for canned drinks, including soft drinks, beer, and energy drinks, continues to rise globally.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the can coatings market is attributed to the high consumption of packaged food and beverages (FB), along with stringent food safety regulations.
Global Can Coatings Market Trends:
The growing emphasis on smart coatings, which incorporate advanced functionalities such as antimicrobial properties, self-healing capabilities, and enhanced chemical resistance, is providing a thrust to the market growth. Besides this, the heightened focus on customization and personalization of can coatings, as manufacturers develop tailored solutions to meet the specific requirements of different products and brands, is catalyzing the market growth. Moreover, the ongoing trend towards digital printing and direct-to-can printing technologies, as these techniques require specialized coatings that ensure high-quality print adhesion and vibrant, durable finishes, is fostering the market growth.
Who are the key players operating in the industry?
The report covers the major market players including:
- Akzo Nobel N.V.
- Altana AG
- International Packaging Coatings GmbH
- Kupsa Coatings Pvt Ltd
- PPG Industries Inc.
- The Sherwin-Williams Company
- TIGER Coatings GmbH Co. KG
- TOYOCHEM Co. Ltd. (Toyo Ink Mfg. Co. Ltd.)
- VPL Coatings GmbH Co KG
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