Can Coatings Market Size & Growth Analysis to 2030

The global can coatings market size is expected to experience a significant CAGR of over 3% during the forecast period and was estimated at around USD 2 billion in 2020. The increasing adoption of metal packaging in various industries is a primary factor to drive market growth. Furthermore, the rising focus of food manufacturers to preserve the food test, aroma, and longer shelf life is expected to increase the demand for can coatings. Moreover, the changing lifestyle, increasing disposable income per capita, rapid growth in urbanization, and the growing consumption of canned food are further anticipated to boost the market growth over the forecast period.

Market Drivers:

Increasing Demand for Packaged Food and Beverages: The rising consumption of packaged food and beverages globally is a major driver for the can coatings market. Can coatings provide a protective barrier between the metal can and the food or beverage, preventing contamination, preserving freshness, and extending shelf life. The growing demand for convenient and ready-to-eat products drives the need for reliable can coatings.

Growing Beverage Industry: The beverage industry, including carbonated drinks, alcoholic beverages, juices, and energy drinks, is experiencing steady growth. Can coatings play a crucial role in ensuring the quality and safety of these beverages, as they prevent corrosion, preserve flavor, and maintain the carbonation levels. The expanding beverage industry contributes to the increased demand for can coatings.

Focus on Sustainability and Recyclability: Can coatings that are environmentally friendly and recyclable are gaining prominence in the market. With growing concerns about plastic waste and environmental impact, metal cans are considered more sustainable packaging options. Can coatings that comply with food safety regulations and facilitate the recycling process are preferred by manufacturers and consumers alike.

Technological Advancements in Coating Formulations: Advancements in coating formulations, such as the development of water-based and solvent-free coatings, have improved the performance and sustainability of can coatings. These advanced formulations offer benefits such as reduced VOC emissions, enhanced adhesion, and improved resistance to chemicals and abrasion. Technological advancements drive the adoption of more advanced and eco-friendly can coatings.

Regulations and Compliance: Regulatory agencies set stringent guidelines for packaging materials, including can coatings, to ensure the safety and integrity of the packaged products. Compliance with food contact regulations, such as those imposed by the Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA), is essential for can coating manufacturers. Meeting regulatory requirements and ensuring consumer safety are important drivers for the can coatings market.

Shift in Consumer Preferences: Consumer preferences are shifting towards packaging that offers convenience, portability, and visual appeal. Can coatings contribute to attractive packaging designs, allowing for vibrant colors, branding, and product information. Additionally, the convenience and lightweight nature of metal cans make them popular choices for on-the-go consumption. The evolving consumer preferences drive the demand for can coatings.

Emerging Markets and Urbanization: The expanding middle-class population, particularly in emerging markets, is driving the demand for packaged food and beverages. Rapid urbanization and changing lifestyles lead to increased consumption of canned products, such as canned fruits, vegetables, and ready-to-eat meals. This growth in emerging markets creates opportunities for the can coatings market to expand its customer base.

Innovation and Product Differentiation: Can coating manufacturers strive to differentiate their products by introducing innovative coatings that offer unique properties and benefits. This includes coatings with antimicrobial properties, UV resistance, improved thermal resistance, and customized functionality. Innovation and product differentiation help manufacturers cater to specific market demands and gain a competitive edge.

Market Snapshot:

Market Insights:

The epoxy segment held the largest revenue share of the global can coatings market

The global can coatings market is bifurcated into type, application, and geography. On the basis of type, the market is further segmented into epoxy, acrylic, polyester, and others. The epoxy segment dominated the global market and is expected to hold the largest revenue share of around half of the market by the end of the analysis period. The increasing demand for beverage cans is a primary factor to drive the segment growth. Durability, chemical resistance, strong bond, and high moisture resistance are some major advantages associated with the epoxy coatings which are estimated to drive the segment growth over the forecast period.

On the flip side, the acrylic segment is expected to grow at a significant growth rate over the forecast period and accounted to hold a significant market share of over 20% of the market. The segment growth is attributed to its properties such as chemical resistance, corrosion resistance, and stain resistance. However, this coating may impact the taste and aroma of the food. These coatings are very useful in general line cans coats.

By Application, the beverage can segment dominated the global can coatings market in 2020

On the basis of application, the market is segmented into food cans, beverage can, general line can, aerosol can, and others. The beverage can segment dominated the global can coatings market in 2020 and is expected to maintain its dominance over the forecast period. The increasing consumption of alcoholic and non-alcoholic beverages among consumers is a major factor to drive the segment growth. Furthermore, the growing population, changing lifestyle, and increasing disposable income have resulted in an increase in expenditure on food and beverage which is further expected to drive the segment growth. Moreover, the increasing manufacturer’s focus to provide some new tastes in beverages is expected to provide some new opportunities in the market.

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The can coatings comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2022 to 2028. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The can coatings market research report presents the analysis of each segment from 2019 to 2028 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2019-20 – Historical Year
• 2021 – Base Year
• 2022-2028 – Forecast Period

Market Segmentation:

By Type:

• Epoxy
• Acrylic
• Polyester
• Others

By Application:

• Food Can
• Beverage Can
• General Line Can
• Aerosol Can
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, North America dominated the global can coatings market in 2020 and accounted to hold the largest revenue share of around one-third of the market. The growing industries such as personal care, pharmaceuticals, and food & beverage are some factors to drive the market growth in the region. Furthermore, the increasing adoption of recyclable packaging material is estimated to increase the demand for metal packaging which further driving the market growth. Moreover, the increasing consumption of beverages and the growing demand for cosmetics is anticipated to fuel the market in North America.

Competitive Assessment:

Some of the major market layers operating in the global can coatings market are PPG Industries, Akzo Nobel, Valspar, KANSAI PAINT, and ALTANA. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy. In March 2021, the PPG announces a tie-up with Vizient for paint products to expand its market share opportunity in the healthcare segment

Key Companies:

• PPG Industries
• Akzo Nobel
• Valspar
• KANSAI PAINT
• ALTANA
• National Paints Factories
• Toyochem
• International Packaging Coatings
• VPL Coatings
• TIGER Coatings

Key Questions Answered by Can Coatings Market Report

• Global can coatings market forecasts from 2022-2028
• Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2022-2028 covering 15 major countries from the regions as mentioned above
• Can coatings submarket forecasts from 2022-2028 covering the market by type, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level can coatings markets from 2022-2028
• Competitive Landscape and market positioning of top 10 players operating in the market