Can Coatings Market Trends 2023-2035
Research Nester’s recent market research analysis on “Can Coatings Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global can coatings market in terms of market segmentation by application, type, and by region.
The global can coatings market is estimated to garner a revenue of ~USD 4 billion by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.
Rising Demand for Canned Food and Beverage to Drive Growth of Global Can Coatings Market
The global can coatings market is estimated to grow majorly on account of the growing popularity of canned food and beverage. The demand for canned goods is also impacted by busy lifestyles and rising disposable income. Foods in cans are more favored since they are readily available on the market and are a significant component of many people’s diets. For instance, beverage cans are used to serve both alcoholic and non-alcoholic beverages as they act as a barrier to oxygen and light, preserving the flavor and freshness of the liquids. More than 90% of Americans, keep canned food on hand in their homes.
Additionally, the metal industry also has a huge requirement for can coatings. Since more and more people effortlessly consume canned food and beverages, there is increasing consumer demand for metal packaging. Metal packaging is ideal for beverage containers as it is simple to cool, fantastic for maintaining the contents’ freshness, and reduces breakages in transport owing to the material’s toughness. Can coatings are employed in metal packaging, as they offer properties such as resistance to food and acidic substances. Further, metal-based packaging is easily moldable into a wide range of shapes, provides excellent protection against light, gas & moisture, and can be recycled and used eternally since it is a highly sustainable material.
Some of the major growth factors and challenges that are associated with the growth of the global drug delivery systems market are:
Growth Drivers:
- Growing Demand for Aerosol Cans
- Rising Urban Population
Challenges:
The inadequate raw materials to meet demand, and the stringent regulations developed by the government of nations worldwide are some of the major factors anticipated to hamper the growth of the global can coatings market. For instance, the vinyl and polyester used in can coatings are petroleum-based raw ingredients. As a consequence of fluctuations in the price of petroleum, manufacturers of coatings have been announcing price increases. It is predicted that the market would be impacted by price volatility. Thus, it is anticipated that over the projected period, this factor would limit the market growth.
By application, the global can coatings market is segmented into beverage can, food can, the general line can, aerosol can, and others. The beverage can segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The soaring demand for beverage cans is to blame for the segment’s expansion. For instance, rising demand for beverages such as beer, cider, and carbonated soft drinks has boosted the manufacture of cans, which in turn has increased demand for can coating. Owing to the government-imposed bans on plastic packaging and growing concerns about sustainability, the use of beverage cans is increasing. Furthermore, coatings make cans very resistant to chemicals and moisture, reducing beverage contamination brought on by metal reactions. According to data, the market share of cans for American beer and hard soda increased by more than 60%.
By region, the Asia Pacific can coatings market is to generate the highest revenue by the end of 2035. This growth is anticipated by expanding urbanization in the region. The lifestyles of those who live in developing areas have changed as a result of increasing urbanization. Urban households spend more money on packaged meals since they don’t have as much time. Furthermore, owing to its numerous benefits over other kinds of packaging, such as increased product protection, durability, sustainability, affordability, and others, metal food and beverage containers, such as canned food, beer, and juice cans, are growing in popularity in the Asia-Pacific region. Almost 50% of the population of Asia will reside in cities by the year 2030.
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The North American can coatings market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. This growth is anticipated by the growing demand for packaged food in the region. Metal cans are used to store packaged food since they are portable and can be taken to locations such as beaches, events, and festivals. Cans made of metal are strong, indestructible, and recyclable after use.
This report also provides the existing competitive scenario of some of the key players of the global can coatings market which includes company profiling of PPG Industries, Inc., Valspar, ALTANA Divisions, Toyochem Co., Ltd., KANSAI PAINT Co., Ltd., National Paints Factories Co. Ltd., TIGER Coatings GmbH & Co. KG, International Packaging Coatings GmbH & Co. KG, VPL Coatings GmbH & Co KG, and others.
