NCR Online Journal

Can Coatings Market Globally Forecast to Reach $2.9 Billion by 2027

 Breaking News
  • No posts were found

Can Coatings Market Globally Forecast to Reach $2.9 Billion by 2027

May 03
19:30 2022
Can Coatings Market Globally Forecast to Reach $2.9 Billion by 2027
Can Coatings Market | IndustryARC
The Demand for Aerosol Cans in Personal Care Product Packaging Is Increasing Globally and This Will Drive the Growth of the Can Coatings Market

The can coatings market globally is forecast to reach US$2.9 billion by 2027 growing at a CAGR of 3.8% during 2022-2027. Cans used in the food and beverage sector are mostly made up of three metals namely aluminum can, electrolytic chromium coated steel, and tin coated steel. The Can Coatings market’s growth is attributed to the higher implementation of cans coating in the beverage cans. The demand for beverage cans is increasing owing to the superior beverage packaging solution offered by cans, maintaining the taste of the product and this will drive the market’s growth in the forecast period. For instance, as per the November 2021 report by “The Aluminum Association”, consumers recycle aluminum beverage cans at more than double the rate of plastic bottles, increasing the demand for more beverage cans. Furthermore, the demand for aerosol cans in personal care product packaging is increasing globally and this will drive the growth of the can coatings market in the forecasting period. For instance, in April 2019, beauty products manufacturer Perio Inc. launched its classic Barbasol shaving cream in newly designed aerosol cans. Epoxy coating is projected to witness the highest demand in the forecast period. Acrylic, polyester, and oleoresins will witness significant demand in the forecast period. The fluctuation in raw material prices might hamper the market’s growth in the forecast period.

COVID-19Impact

The can coatings market was severely affected by the COVID-19 pandemic. The market went through challenges such as supply chain disruption, factory shutdown, and procurement of raw material. Market players incorporated necessary actions to modify their working patterns. Many market players were hit hard despite adopting crucial business plans amid the pandemic. For instance, as per the June 2020 COVID-19 response report by Netherland-based can coating manufacturer Akzo Nobel, the company faced a huge loss in its business segments, with revenue getting impacted by minus 5% in the first quarter of 2020. However, the market witness decent towards the end of 2020. Going forward, the market is expected to witness robust demand owing to the growing demand for beverage cans and aerosol cans.

Can Coatings Market – By Type

Epoxy coating dominated the can coatings market in 2021 and is growing at a CAGR of 4.1% in the forecast period. This type of coating protects the food products from contamination of can’s metal. Moreover, the epoxy coating offers superior moisture and chemical resistance to cans. Such versatility of epoxy coating makes it a desirable choice in the food and beverage packaging solution. As per the May 2019 European Patent Office report, the epoxy-based coating is majorly used for food and beverage cans. Such uses in food and beverage can packaging will augment the demand for epoxy coatings in the forecast period. Acrylic and polyester coatings are gaining traction as a substitute to epoxy coatings and will witness significant demand in the can coatings market in the forecasting period. Oleoresins segment projected to significant demand in the forecast period.

For More Information About Can Coatings  Market @

https://www.industryarc.com/Research/Can-Coatings-Market-Research-505560

Report Price: $ 4500 (Single User License)

Can Coatings Market – By Application

The beverage can application dominated the can coatings market in 2021 and is growing at a CAGR of 4.8% in the forecast period. Beverage cans are majorly manufactured with metals such as aluminum, electrolytic chromium coated steel, and tin coated steel. The demand for canned beverages is growing globally owing to the rising disposable income. Accordingly, the production of beverage cans is also increasing globally. For instance, in December 2019, US-based can packaging company Trivium Packaging joined hands with Netherland-based diary firm Ausnutria and opened a new can manufacturing plant in Heerenveen, the Netherlands. Similarly, in April 2019, US-based beverage packaging company Ball Corporation manufactured cans for Iceland-based beverage company Olgerdin. Such massive developments in the beverage can segment will increase the implementation of can coatings and this will drive the growth of the market in the forecast period. The aerosol cans application segment is projected to drive the growth of the market significantly during the forecast period.

Can Coatings Market – By Geography

The North American region held the largest market share in the can coatings market in 2021 with a market share of up to 32%. This increasing demand for can coatings is attributed to the presence of the top market players in this region and the increasing research and development activities taking place. PPG Industries, Valspar, Ball Corporation, Trivium Packaging are some of the major players in the cans coating market located in the US. Furthermore, the increasing R&D activities in the region are amplifying the higher implementation of can coatings in this region. For instance, In July 2021, PPG Industries announced the expansion of production capacity expansion for its PPG ISENSE gloss beverage can coating. Similarly, in October 2020, Ball Corporation partnered with US-based sports and entertainment holding company Kroenke Sports & Entertainment to advance sustainability in Sports and Entertainment with the help of beverage cans made of aluminum. Such high demand for beverage cans will stimulate the use of can coatings application in the North American region. The Asia-Pacific region is projected to witness significant demand for can coatings in the forecast period.

Can Coatings Market Drivers

Increasing demand for aerosol cans will drive the market’s growth

Aerosol can has become very popular in many industries such as personal care, healthcare, household care, and this is increasing the higher demand for aerosol cans. Accordingly, manufacturers are tapping into this opportunity by ramping up the manufacturing of aerosol cans. For instance, in January 2019, Ball Corporation launched an innovative aerosol can in Paris that is visually engaging from every angle. Similarly, in February 2021, Trivium Packaging announced a ground-breaking recycling initiative by joining hands with urban recycler organization Creando Conciencia to increase the recycling and reuse of aerosol aluminum cans. This huge advancement in the aerosol cans application will increase the higher uses of can coatings and ultimately, it will contribute to the growth of the market in the forecast period.

Growing demand for beverage cans will drive the market’s growth

The demand for can beverages is growing globally owing to the rising disposable income and changing lifestyle among consumers. These cans are produced using metals such as aluminum, electrolytic chromium coated steel, and tin coated steel. Owing to the growing demand for can beverages, market players are focusing on expanding the manufacturing of beverage cans. For instance, in September 2021, Ball Corporation announced a new U.S. beverage can plant in Nevada which will manufacture and supply a range of innovative can sizes to a variety of beverage customers. Similarly, as per the September 2021 report by Crown Holdings, Inc., owing to the increasing awareness among the UK consumers about the benefits of recycling beverage cans, the recycling rate of beverage cans made of aluminum reached 82% in 2020, a 6% year on year increase from 2019. Such high demand for beverage cans globally will augment the higher uses of can coatings application and this will drive the growth of the market in the forecast period.

Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=505560

Can Coatings Market Challenges

Raw material’s price fluctuation might hamper the market’s growthThe can coatings market includes raw materials such as vinyl and polyester. These are petroleum-based raw materials whose prices are fluctuating due to the volatility in petroleum prices and this might affect the growth of the can coatings market in the forecast period. Petroleum prices plunged historically during the pandemic. As per the data by ourworldindata.org, the crude oil price in 2017 accounted for US$ 54.19 per barrel which surged to US$ 64.21 per barrel in 2019. In 2020, the oil price again dropped to US$ 41.84 per barrel. Such fluctuations in oil prices created volatility in the petroleum prices, ultimately fluctuating the raw material prices. These fluctuations in the raw material prices might affect the growth of the can coatings market in the forecast period.

Can Coatings Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in this market. Can Coatings top 10 companies include:

  • PPG Industries
  • Akzo Nobel
  • Valspar
  • Altana AG
  • Kansai Paint Co., Ltd.
  • Toyochem Co., Ltd.
  • International Packaging Coatings
  • VPL Coatings
  • Ball Corporation
  • Trivium Packaging

Recent Developments

In June 2021, Netherland-based Akzo Nobel, which deals with can coatings, announced its plan to acquire Colombian-based paints and coatings company Grupo Orbis. This acquisition will help Arzo Nobel to expand its long-term position in South and Central America which will ultimately contribute to the growth of the can coatings market.

Key Takeaways:

Epoxy coating is leading the can coatings market. This type of coating offers strong moisture and chemical resistance to cans, making it a suitable choice among manufacturers.Beverage cans will drive the growth of the market in the forecast period.

According to the August 2021 report by Earth.Org, beverage vendors in Japan shifting towards higher use of cans made of aluminum instead of plastic bottles.

The North American region will witness the highest demand for can coatings in the forecast period. In June 2021, US-based beverage production company Green Mountain Beverage announced a new canning line investment to ramp up its canning capability from 100 cans per minute to 600 cans per minute.

Relevant Reports

Decorative Coating Market – Forecast(2021 – 2026)

https://www.industryarc.com/Report/11716/decorative-coating-market.html

For more Chemicals and Materials Market reports, please click here

About IndustryARC:

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.

Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/

Related Articles