Can Coatings Market to Grow with a CAGR of 5.22% through 2028
Growth in
urbanization is expected to drive the Global Can Coatings Market growth in the
forecast period, 2024-2028.
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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Can Coatings Market”
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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