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The global can coatings market size was valued at USD 1.97 billion in 2018 and is projected to reach USD 2.65 billion by 2026, exhibiting a CAGR of 3.8% during the forecast period from 2019-2026.
Cans are used for preserving products or for storage purposes, while also easing the transportation of products from one place to another. Canned food has become a staple in hospitals, kitchens, schools, and supermarkets. The growing trend for packaged food & beverages shall drive the can coating market. Rising demand for healthy food & changing lifestyles among consumers has led to high consumption of canned products. Cans are coated with an organic layer, that protects the can from the effects of food and chemical reactions between the food and the can’s metal. Food cans used for food and beverage products help to preserve their nutritional value for a long time period, protection, and decorative aesthetics, thus supporting the growth of canned food & beverages, which in turn shall boost the market growth.
Utilization of Biodegradable Coatings for Canned Products
The bio-based and biodegradable system replaces harmful artificial chemicals with safer green alternatives for corrosion protection in metal industries. Additionally, water-based coatings are used as an environmental solution to replace standard coatings. The water-based coatings products have can coating formulations that include grease resistance, mineral oil barrier, and moisture and water resistance. These coatings have applications in fast food packaging, frozen food packaging, and metal packaging products and increase the shelf-life of coatings.
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Inkjet Printing Technology onto Coated Metal Cans
Solvent ink is used on metals for printing. Sigma solvent-based TIJ ink is used on metals, as well as foils. The ink basically cures rapidly and has decap time four times than other inks available. Thus, the inks come in the packaging of genuine HP 45si cartridges.
Growth in the Food & Beverages Industry
The increasing demand from the food & beverage industry is expected to foster the growth of the can coating market. Improving consumer lifestyles has led to a rise in mobile food products with longer shelf life, which in turn shall propel its demand in the market. Coatings on cans for food & beverages are used on both exterior and interior surfaces for long-lasting preservation of food and beverage content. External coatings provide product information, brand information, brand logos, trade names, manufacturer information, and brand serial identification, whereas internal coatings provide limited migration and thermal stability.
Many cans manufacturing companies are focusing on providing better coating solutions to the consumers among which the most important is corrosion resistance. Corrosion resistance is an important factor for use of coatings in food & beverage cans. These coatings serve the purpose of protecting the cans from corroding and acting as physical barriers to chemicals and moisture, thus preventing the content of food and beverage cans from reacting with the metal. These factors together increase the shelf-life of food content and are therefore expected to boost the market in the forecast period.
Regulatory Controls on the Composition of Can Coatings to Restrict Market Growth
Internal coatings on food & beverage cans, in particular, must gratify a number of requirements in relation to impenetrability and reaction between coating constituents and food components. Constituents of the coatings include pigments, solvents, resins, acidic additives and additives. Moreover, governmental regulations overcoating materials, application method, and VOC emission content for food & beverages can that may result in health problems. These are certain risk factors that can restraint the market in future.
Epoxy Based Coatings Dominated the Market during the Forecast Period
Based on material, the can coatings industry is classified into epoxy, acrylic, and others. Epoxy-based coatings account for the major share on account of growing awareness about the use metal cans for food preservation. Epoxy coatings are easy to apply, flexible, adhering to metal surfaces, and are cost-effective. This helps in making the can resistant to corrosion and prevents metal traces leading to food poisoning. An internal epoxy coating allows complete safe sterilization at high temperatures and an airtight seal. These resins can also withstand numerous shape-shifting processes during can manufacturing. These factors together are driving the can coatings market growth. Acrylic coatings are also gaining traction as they provide a clean appearance, sulfide stain resistance, and display corrosion.
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Beverage Can Coating Accounted for the Major Share
By application, the Can Coating market segments include food can, beverage can, aerosol can, and others. Beverage can segment accounted for the major can coating market share during the forecast period due to the high consumption of beverages such as beer, water, soda, and others. These coatings smooth out the metal surface. As most of the beverages contain carbon dioxide inside, coatings are done to make sure that the gas has no micro bumps.
Coatings also offer heavy-duty moisture and chemical resistance to cans and protect beverages from getting contaminated by reacting with the metal. This has caused an increased demand for coatings from the food & beverage industry. Additionally, increasing consumption from growing economies due to rapidly improving lifestyle, rising disposable economy, urbanization is expected to propel the market in the forecast period.
North America Can Coatings Market Size, 2018 (USD Million)
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The findings based on our research methodology indicate that North America is holding the largest market during the forecast period. Rise in consumption of metal can from various industries such as food & beverages, pharmaceutical, chemical, personal care, and others will drive the market. Additionally, the increasing application for coatings of cans for the industries mentioned above are propelling the market for can coatings.
Europe is expected to witness significant growth due to rising demand from personal care, food and beverage, and health care industries. The personal care industry is majorly impacting the market positively in the region due to the improving lifestyle of consumers. that has further increased the usage of personal care products such as shaving foams, deodorants, and spray medication.
Asia Pacific is expected to be the fastest-growing market during the forecast timeframe. Rising population and urbanization in the region, is increasing the demand for food & beverages, and others canned products. Developing economies such as India, Japan, and China led to rise in the consumption of canned food & beverages, thus resulting in high demand for can coatings. These factors will be supporting the growth of can coating market.
Some of the key market players operating in the industry are Ball Corporation, Kupsa Coatings, Kansai Nerolac Paints, The Sherwin-Williams Company, and PPG Industries. The major players in the can coatings have developed strong regional presence, distribution channels, and product offerings. Companies are forming strategies to expand their business and enhance product portfolio to create opportunities in the value chain.
The majority of can coatings market share is consolidated among the regional manufacturers to enhance their business offerings. Major players are adopting strategies such as new product launch & development to enhance their market presence. Additionally, companies are increasing the production and sale of the existing products in order to gain a competitive edge in the market.
The can coatings market report offers qualitative and quantitative insights on the can coatings industry and the detailed analysis on size & growth rate for all possible segments within it.
An Infographic Representation of Can Coatings Market
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Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the current trends of can coatings by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies adopted by leading market players, macro and micro-economic indicators, and key industry trends.
Value (USD million)
As per our (Fortune Business Insights) study, the can market is predicted to reach USD 2.65 Bn by 2026 with a CAGR of 3.8% (2019 -2026)
Growing food & beverages industry has major use of can coatings for both interior and exterior coating. Growing population also holds high consumption rate for canned food products.
Increase awareness regarding human health and hazardous effects of coatings contents may disrupt the market. Also, governmental regulations over VOC emissions and contents of coatings such as pigments and additives is affecting market growth.
Epoxy-based can coatings is the leading segment. This is attributable to the fact that Epoxy coatings are cost-effective, easily adhering metal surfaces and providing corrosion and chemical resistance in food & beverage cans.
Some of the driving factors for the market are growth of the food & beverage industry, and increasing consumer demand for readily eatable and movable food & beverages.
Some of the key players are BALL CORPORATION, Kupsa Coatings, The Sherwin-Williams Company, PPG Industries, Inc., TOYOCHEM CO., LTD.
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