|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD 2.36 billion
|
|
CAGR (2023-2028)
|
5.22%
|
|
Fastest Growing Segment
|
Beverage Cans
|
|
Largest Market
|
Asia Pacific
|
Market Overview
Global Can Coatings Market has valued at
USD 2.36 billion in 2022 and is anticipated to project robust growth in the
forecast period with a CAGR of 5.22% through 2028. Cans, which are commonly
used in the food and beverage industries, are composed of various metals such
as aluminum, tin, and electrolytic chromium-coated steel. The inner surface of
cans directly interacts with the food or beverages they contain. To minimize
this interaction and ensure the preservation of taste over an extended period,
a specialized coating is applied to the inner surface. This coating serves
multiple functions, including preventing chemical migration into the food,
protecting the metal of the can, preserving the quality of the food or
beverage, and maintaining its nutritional or organoleptic properties for
prolonged periods. Additionally, the coatings used for general lines and
aerosol cans should possess inert properties.
The Global Can Coating Market is driven
primarily by the increasing demand for lightweight vehicles, which is
attributed to stringent emission policies. As a result, there is a growing need
for lightweight materials to enhance safety and fuel efficiency, which
positively impacts the can coating industry. Furthermore, the rising
utilization of plastic and paper as packaging materials is also contributing to
the growth of the Can Coating Market. Another key factor driving market growth
is the widespread adoption of self-cleaning technologies across various
end-user industries worldwide. This versatile product finds applications in
numerous areas, such as self-cleaning fabric, antimicrobial coatings for
preventing hospital infections, self-cleaning paints, self-cleaning concrete,
and polycarbonate substrates. These applications are expected to drive steady
growth in the Can Coating Market during the forecast period. However, it is
important to note that despite the advantages of titanium oxide, there are
certain factors that can restrain and challenge market growth.
For example, Can Coating, in its
inhalable powder form, has been designated as carcinogenic by the International
Agency for Research on Cancer due to its potential to induce lung cancers
through inhalation. This designation has the potential to restrict the growth
of the Can Coating Market. Moreover, the highly volatile pricing of this
product is also expected to hamper market growth. The demand-supply imbalance
in the United States may further impact product prices. Despite these
challenges, there are still opportunities for the Can Coating Market. The
increasing demand for downstream products that utilize can coatings, as well as
the growing interest in natural dyes within the textile industry, are expected
to create opportunities for market growth throughout the forecast period.
Key Market Drivers
Growth
in Food and Beverage Industry
One of the primary drivers of the can
coatings market is the increasing demand for packaged food and beverages. In today's
fast-paced world, consumers are seeking convenience in their busy lifestyles,
leading to a growing trend towards packaged foods and drinks. This shift in
consumer behavior has created a significant opportunity for can coatings, which
play a crucial role in preserving the quality and freshness of packaged food
and beverages.
Food and beverage cans require coatings
to prevent corrosion and contamination, ensuring the safety and longevity of
the products inside. Recognizing the importance of consumer health and safety,
governments worldwide have implemented stringent regulations regarding food
packaging materials. These regulations have further fueled the demand for
high-quality can coatings that meet the required standards.
Furthermore, the beverage industry,
particularly the craft beer and energy drink sectors, has experienced
remarkable growth in recent years. To stand out in a crowded market, these
industries often use innovative can designs to attract consumers. Advanced can
coatings are not only vital for preserving the product inside but also for
maintaining the exterior aesthetics, contributing to brand image and consumer
satisfaction.
Moreover, the ongoing COVID-19 pandemic
has had a profound impact on the food and beverage industry. With lockdowns and
safety concerns, many consumers have shifted towards packaged foods as a safer
and more convenient option. This change in consumer behavior has indirectly
driven the growth of the can coatings market, as the demand for packaged food
continues to rise.
In conclusion, the growth of the food
and beverage industry serves as a significant driver of the global can coatings
market. As the demand for packaged foods and innovative beverage cans continues
to rise, the market for can coatings is expected to experience sustained
growth. The industry's focus on consumer health and safety, along with evolving
consumer preferences, will continue to shape the future of can coatings,
driving innovation and further expanding the market.
Innovations
in Coating Technology
Coating technologies have undergone
rapid evolution over the past few decades, revolutionizing the can coatings
industry. Today's can coatings are meticulously designed to offer a multitude
of enhanced functionalities, including exceptional corrosion resistance,
superior adhesion properties, and an irresistible aesthetic appeal that
captivates consumers.
The advancements in coating technology
have fueled an ever-increasing demand for can coatings, particularly in the
thriving food and beverage industry. With a growing emphasis on environmental
sustainability, the industry has witnessed the emergence of eco-friendly can
coatings. These groundbreaking coatings are crafted from bio-based materials,
ensuring they are free from harmful substances such as Bisphenol A (BPA). As
the market shifts towards sustainable alternatives, the demand for eco-friendly
can coatings is set to soar, driving the overall growth of the industry.
Moreover, the integration of
nanotechnology has unlocked a whole new realm of possibilities for can
coatings. Nanocoatings, with their exceptional properties including high
resistance to scratches, stains, and heat, have become highly sought-after in
the industry. The application of nanocoatings not only enhances the longevity of
cans but also makes them more desirable in the demanding food and beverage
sector.
Innovation continues to flourish in the
can coatings market, with the advent of smart coatings representing yet another
groundbreaking trend. These intelligent coatings are designed to dynamically
change their properties in response to environmental conditions. Imagine cans
that indicate product freshness or react to temperature changes to ensure
optimal quality and safety. Smart coatings add value to packaged products, providing
an exceptional user experience and elevating brand reputation.
Furthermore, the integration of digital
technologies in coating processes has revolutionized the industry, enabling
precise control over the coating process. With digitalization, manufacturers
ensure consistent quality and enhance overall efficiency, driving the growth of
the can coatings market.
These remarkable innovations in coating
technology are playing a pivotal role in shaping the global can coatings
market. The market is witnessing a surge in advanced coating technologies,
eco-friendly coatings, nanocoatings, smart coatings, and the digitalization of
coating processes. As these innovations continue to evolve and mature, they are
expected to provide further impetus to the growth of the can coatings market,
propelling it to new heights.
Download Free Sample Report
Key Market Challenges
Volatility
in Prices of Raw Materials
Can coatings rely on a wide range of raw
materials, including resins, solvents, and additives, which contribute to their
unique properties and performance. However, the prices of these materials are
susceptible to fluctuations due to various factors such as changes in supply
and demand, geopolitical tensions, and natural disasters.
One important factor that significantly
affects the cost of can coatings is the reliance on petrochemical derivatives.
As these derivatives are closely tied to oil prices, any fluctuations in the
oil market can directly impact the costs of the raw materials used in can
coatings. This inherent connection between oil prices and raw material costs
introduces a level of uncertainty and instability in the can coatings market,
posing challenges for manufacturers.
The volatility in raw material costs
presents manufacturers with significant hurdles. It disrupts effective
planning, impacts profit margins, and complicates pricing strategies. When the
prices of raw materials increase, manufacturers often face the dilemma of
either absorbing the additional costs, which can squeeze profit margins, or
passing them onto customers, which may result in a decrease in demand.
In addition to price volatility, the
scattered availability of raw materials further complicates the can coatings
market. The production of certain raw materials is concentrated in specific
regions, making the supply chain susceptible to disruptions. This scattered
availability can lead to delays and increased procurement costs, further
impacting manufacturers and hindering market growth.
Considering these complexities,
manufacturers in the can coatings industry must navigate through the challenges
posed by price volatility, supply chain vulnerabilities, and market demand
fluctuations to ensure sustainable growth and stability.
Key Market Trends
Growing
Demand for Anti-Microbial
and Anti-Bacterial Coatings
Anti-microbial and anti-bacterial
coatings are specially formulated coatings that are designed to inhibit the
growth of microorganisms on the surface of cans. These coatings have gained
significant attention and are increasingly sought after due to their remarkable
ability to enhance the shelf life of packaged products, particularly in the
food and beverage industry.
The ongoing COVID-19 pandemic has
further accelerated the demand for these coatings. With a heightened awareness
about hygiene and disease prevention, consumers now have a stronger preference
for packaging that offers anti-microbial and anti-bacterial properties. This
shift in consumer behavior has led to a significant increase in the adoption of
such coatings.
The benefits of these coatings extend
beyond their antimicrobial properties. They not only protect the product inside
the can but also help maintain the can's aesthetic appeal by preventing
discoloration and unpleasant odors caused by microbial growth. Additionally,
these coatings play a crucial role in ensuring compliance with stringent food
safety regulations. As governments worldwide enforce stricter standards for
food packaging, the use of anti-microbial and anti-bacterial coatings has
become essential for manufacturers to meet these requirements.
In response to the growing demand,
manufacturers are investing heavily in research and development to create more
effective and long-lasting anti-microbial and anti-bacterial coatings.
Innovations in this space include coatings that release antimicrobial agents
over time, providing extended protection and further enhancing the safety and
longevity of packaged products.
Looking ahead, the demand for these
coatings is expected to continue rising. This trend presents a lucrative
opportunity for players in the can coatings market to expand their product
offerings and capitalize on the growing consumer demand for safe and hygienic
packaging. By staying at the forefront of research and development,
manufacturers can meet the evolving needs of the market and contribute to the
overall advancement of the can coatings industry.
Segmental Insights
Type Insights
Based on the category of type, the epoxy
segment emerged as the dominant player in the global market for Can Coatings in
2022. This type of coating plays a crucial role in protecting food products
from contamination caused by the metal of the can. Not only that, but the epoxy
coating also provides exceptional resistance to moisture and chemicals, making
it a preferred choice for food and beverage packaging solutions. According to a
report from the European Patent Office in May 2019, epoxy-based coatings are
extensively used in the packaging of food and beverage cans, which will further
drive the demand for epoxy coatings in the foreseeable future.
In addition to epoxy coatings, acrylic
and polyester coatings are emerging as viable alternatives and are expected to
witness a significant surge in demand in the can coatings market during the
forecast period. Moreover, the oleoresins segment is projected to experience
substantial growth in demand in the coming years.
Overall, these advancements in coating
technologies and the increasing demand for safe and durable packaging solutions
signify the evolving landscape of the can coatings market.
Application
Insights
The Beverage Cans segment is projected
to experience rapid growth during the forecast period. Beverage cans, widely
manufactured using metals like aluminum, electrolytic chromium coated steel,
and tin coated steel, are experiencing a global surge in demand. This growth
can be attributed to the increasing disposable income of consumers worldwide.
Consequently, the production of beverage cans is also on the rise across the
globe. For instance, in December 2019, Trivium Packaging, a US-based can
packaging company, partnered with Ausnutria, a Netherlands-based dairy firm, to
establish a new can manufacturing plant in Heerenveen, the Netherlands.
Similarly, in April 2019, Ball
Corporation, a US-based beverage packaging company, produced cans for Olgerdin,
a beverage company based in Iceland. These significant developments in the
beverage can segment are expected to fuel the market's growth in the forecast period.
Furthermore, the application of can coatings is anticipated to witness
increased implementation, particularly in the aerosol cans segment, thereby
driving market expansion during the forecast period.
Download Free Sample Report
Regional Insights
Asia Pacific emerged as the
dominant player in the Global Can Coatings Market in 2022, holding the largest
market share in terms of value. In recent years, the Asia Pacific region has
emerged as a prominent manufacturing hub for various industries, including
pharmaceuticals, food & beverages, and personal care products. This can be
attributed to several factors, such as the availability of cheap labor and
low-cost raw materials. Moreover, with the increasing per capita expenditure on
personal care, healthcare, and food & beverages, along with the growing
urban population and a large consumer base, the region has become highly
attractive to global manufacturers in the pharmaceutical and food &
beverage sectors.
As a result, many of these
manufacturers have been shifting their production facilities to the Asia
Pacific region. This trend is expected to have a significant and positive
impact on the can coating industry in the coming years, as the demand for cans
for packaging and preserving these products continues to rise. The Asia Pacific
region is poised to play a crucial role in the growth and development of the
can coating industry over the forecast period.
Recent Developments
- In August 2022, PPG Industries, Inc., a
global leader in coatings and specialty materials, announced the launch of PPG
INNOVEL PRO, an innovative internal spray coating specifically designed for the
infinitely recyclable aluminum beverage can. This cutting-edge coating, free
from bisphenol-A (BPA) and bisphenol starting substances, not only enhances the
sustainability of the can but also delivers exceptional application properties,
ensuring a more robust and efficient manufacturing process.
- In July 2022, PPG Industries, Inc.
further reinforced its commitment to the beverage can industry with the
expansion of its facility in Delaware, Ohio, in the United States. This
expansion is specifically aimed at increasing the production capacity of
over-varnish coatings for beverage can exteriors. Among the coatings being
produced is the highly acclaimed PPG ISENSE Gloss, renowned for its exceptional
finish and durability. By expanding its facility, PPG Industries is poised to
meet the growing demand for high-quality coatings and contribute to the overall
excellence of beverage can packaging.
Key Market Players
- 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
|
By Type
|
By
Application
|
By
Region
|
- Epoxy
- Polyester
- Acrylic
- Others
|
- Food Cans
- Aerosol Cans
- Beverage Cans
- General Line Cans
- Others
|
- North
America
- Europe
- Asia
Pacific
- South
America
- Middle
East & Africa
|
Report Scope:
In this report, the Global Can Coatings Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Can Coatings Market, By Type:
o Epoxy
o Polyester
o Acrylic
o Others
- Can Coatings Market, By Application:
o Food Cans
o Aerosol Cans
o Beverage Cans
o General Line Cans
o Others
- Can Coatings Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Can
Coatings Market.
Available Customizations:
Global Can Coatings Market report with the given
market data, Tech Sci Research offers customizations according to a company's
specific needs. The following customization options are available for the
report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Global Can Coatings Market is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]