Can Coatings Market Overview
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-19 Impact
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.
Report Coverage
The report: “Can Coatings Market Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Can Coatings Industry.
By Type: Oleoresins, Acrylic, Epoxy, Epoxy Phenolic, Epoxy Amino, Epoxy Polyamide, Phenolic, Vinyl, Polyester, Polyolefin, Alkyd.
By Application: Food Cans, Beverage Cans, General Line Cans, Aerosol Cans, Others.
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).
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.
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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.
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
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.
Can Coatings
Market Challenges
Raw material’s price fluctuation might hamper the market’s growth
The 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.
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LIST OF TABLES
1.Global Can Coating Market, By Type Market 2023-2030 ($M)1.1 Epoxy Can Coating Market 2023-2030 ($M) - Global Industry Research
1.1.1 Dental Digital Radiology System Market 2023-2030 ($M)
1.2 Acrylic Can Coating Market 2023-2030 ($M) - Global Industry Research
1.2.1 Carbon Dioxide Laser Market 2023-2030 ($M)
1.2.2 Diode Laser Market 2023-2030 ($M)
1.3 Polyester Can Coating Market 2023-2030 ($M) - Global Industry Research
2.Global Other Key Player Market 2023-2030 ($M)
3.Global 3A Composite Gmbh Market 2023-2030 ($M)
3.1 Product Offered Market 2023-2030 ($M) - Global Industry Research
4.Global Can Coating Market, By Type Market 2023-2030 (Volume/Units)
4.1 Epoxy Can Coating Market 2023-2030 (Volume/Units) - Global Industry Research
4.1.1 Dental Digital Radiology System Market 2023-2030 (Volume/Units)
4.2 Acrylic Can Coating Market 2023-2030 (Volume/Units) - Global Industry Research
4.2.1 Carbon Dioxide Laser Market 2023-2030 (Volume/Units)
4.2.2 Diode Laser Market 2023-2030 (Volume/Units)
4.3 Polyester Can Coating Market 2023-2030 (Volume/Units) - Global Industry Research
5.Global Other Key Player Market 2023-2030 (Volume/Units)
6.Global 3A Composite Gmbh Market 2023-2030 (Volume/Units)
6.1 Product Offered Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America Can Coating Market, By Type Market 2023-2030 ($M)
7.1 Epoxy Can Coating Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Dental Digital Radiology System Market 2023-2030 ($M)
7.2 Acrylic Can Coating Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Carbon Dioxide Laser Market 2023-2030 ($M)
7.2.2 Diode Laser Market 2023-2030 ($M)
7.3 Polyester Can Coating Market 2023-2030 ($M) - Regional Industry Research
8.North America Other Key Player Market 2023-2030 ($M)
9.North America 3A Composite Gmbh Market 2023-2030 ($M)
9.1 Product Offered Market 2023-2030 ($M) - Regional Industry Research
10.South America Can Coating Market, By Type Market 2023-2030 ($M)
10.1 Epoxy Can Coating Market 2023-2030 ($M) - Regional Industry Research
10.1.1 Dental Digital Radiology System Market 2023-2030 ($M)
10.2 Acrylic Can Coating Market 2023-2030 ($M) - Regional Industry Research
10.2.1 Carbon Dioxide Laser Market 2023-2030 ($M)
10.2.2 Diode Laser Market 2023-2030 ($M)
10.3 Polyester Can Coating Market 2023-2030 ($M) - Regional Industry Research
11.South America Other Key Player Market 2023-2030 ($M)
12.South America 3A Composite Gmbh Market 2023-2030 ($M)
12.1 Product Offered Market 2023-2030 ($M) - Regional Industry Research
13.Europe Can Coating Market, By Type Market 2023-2030 ($M)
13.1 Epoxy Can Coating Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Dental Digital Radiology System Market 2023-2030 ($M)
13.2 Acrylic Can Coating Market 2023-2030 ($M) - Regional Industry Research
13.2.1 Carbon Dioxide Laser Market 2023-2030 ($M)
13.2.2 Diode Laser Market 2023-2030 ($M)
13.3 Polyester Can Coating Market 2023-2030 ($M) - Regional Industry Research
14.Europe Other Key Player Market 2023-2030 ($M)
15.Europe 3A Composite Gmbh Market 2023-2030 ($M)
15.1 Product Offered Market 2023-2030 ($M) - Regional Industry Research
16.APAC Can Coating Market, By Type Market 2023-2030 ($M)
16.1 Epoxy Can Coating Market 2023-2030 ($M) - Regional Industry Research
16.1.1 Dental Digital Radiology System Market 2023-2030 ($M)
16.2 Acrylic Can Coating Market 2023-2030 ($M) - Regional Industry Research
16.2.1 Carbon Dioxide Laser Market 2023-2030 ($M)
16.2.2 Diode Laser Market 2023-2030 ($M)
16.3 Polyester Can Coating Market 2023-2030 ($M) - Regional Industry Research
17.APAC Other Key Player Market 2023-2030 ($M)
18.APAC 3A Composite Gmbh Market 2023-2030 ($M)
18.1 Product Offered Market 2023-2030 ($M) - Regional Industry Research
19.MENA Can Coating Market, By Type Market 2023-2030 ($M)
19.1 Epoxy Can Coating Market 2023-2030 ($M) - Regional Industry Research
19.1.1 Dental Digital Radiology System Market 2023-2030 ($M)
19.2 Acrylic Can Coating Market 2023-2030 ($M) - Regional Industry Research
19.2.1 Carbon Dioxide Laser Market 2023-2030 ($M)
19.2.2 Diode Laser Market 2023-2030 ($M)
19.3 Polyester Can Coating Market 2023-2030 ($M) - Regional Industry Research
20.MENA Other Key Player Market 2023-2030 ($M)
21.MENA 3A Composite Gmbh Market 2023-2030 ($M)
21.1 Product Offered Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Can Coatings Market Revenue, 2023-2030 ($M)2.Canada Can Coatings Market Revenue, 2023-2030 ($M)
3.Mexico Can Coatings Market Revenue, 2023-2030 ($M)
4.Brazil Can Coatings Market Revenue, 2023-2030 ($M)
5.Argentina Can Coatings Market Revenue, 2023-2030 ($M)
6.Peru Can Coatings Market Revenue, 2023-2030 ($M)
7.Colombia Can Coatings Market Revenue, 2023-2030 ($M)
8.Chile Can Coatings Market Revenue, 2023-2030 ($M)
9.Rest of South America Can Coatings Market Revenue, 2023-2030 ($M)
10.UK Can Coatings Market Revenue, 2023-2030 ($M)
11.Germany Can Coatings Market Revenue, 2023-2030 ($M)
12.France Can Coatings Market Revenue, 2023-2030 ($M)
13.Italy Can Coatings Market Revenue, 2023-2030 ($M)
14.Spain Can Coatings Market Revenue, 2023-2030 ($M)
15.Rest of Europe Can Coatings Market Revenue, 2023-2030 ($M)
16.China Can Coatings Market Revenue, 2023-2030 ($M)
17.India Can Coatings Market Revenue, 2023-2030 ($M)
18.Japan Can Coatings Market Revenue, 2023-2030 ($M)
19.South Korea Can Coatings Market Revenue, 2023-2030 ($M)
20.South Africa Can Coatings Market Revenue, 2023-2030 ($M)
21.North America Can Coatings By Application
22.South America Can Coatings By Application
23.Europe Can Coatings By Application
24.APAC Can Coatings By Application
25.MENA Can Coatings By Application