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Monday, December 05, 2022

Global CAN coatings market to reach $2.3 billion by 2026

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the version: 8; Issued: February 2022
Working Pool: 729
Companies: 29 – Players covered include Akzo Nobel; Altana AG; ICI Packaging Coatings Ltd.; International Packaging Coatings; Kansai Paints; national paint factories; PPG; Valspar Corporation; Tiger Coatings; Toyochem; Valspar; VPL Coatings and others.
Coverage: All major geographies and major segments
Section: Type (epoxy, acrylic, polyester, other types); Application (Beverage Can, Food Can, Aerosol Can, General) line canother applications)
Geographic: World; United States of america, Canada, Japan, China, Europe ,France, Germany, Italy, United Kingdom, Spain, Russia, and the rest Europe, Asia Pacific ,Australia, India, South Korea, and the rest Asia Pacific, Latin America ,Argentina, Brazil, Mexico, and the rest Latin America, Middle East ,Iran, Israel, Saudi Arab, United Arab Emirates, and the rest Middle East, And Africa,

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Summary-

Global CAN Coatings Market to Reach $2.3 billion by 2026
Coatings may be applied to the inner surface of the can to reduce interactions between the product and the can, preserve the flavor of the product and enable its storage for a longer period. Coatings can be used primarily in metal packaging to improve or enhance ductility, resistance and adhesion. They are also applied in metal shaping processes for resistance, hardness, elasticity and adhesion.

Growth in the global market is set to be driven by the increasing use of can coatings to prevent metal-to-product contamination of cans in the food and beverage industry. Food coating can reduce the interaction between the can and the packaged food product, as well as enable to preserve the taste and aroma of the food and extend its shelf life. In addition, increasing consumption of canned products in emerging economies, driven by urbanization, increasing disposable income, and rapidly changing lifestyles, is expected to drive demand for can coatings over the next few years.

The market growth is also likely to benefit from the increasing use of cans for packaging of organic and meat products. Furthermore, major players have been adopting various strategies in the recent past, such as new product launches, with an aim to increase their market presence, which is anticipated to further enhance the market growth. In recent years, there is a growing trend in the metals sector to replace harmful synthetic chemicals with biodegradable and bio-based solutions to provide corrosion protection. A similar trend is being observed in the CAN coatings market as well. This has resulted in the development of water-based CAN coatings as a permanent replacement for standard coatings. These coatings have a relatively longer shelf life than conventional coatings, and provide water, moisture and grease resistance, and act as a mineral oil migration barrier, making them suitable for metal packaging products, fast food packaging and frozen Made ideal for food packaging applications.

Amid the COVID-19 crisis, the global market for CAN coatings is predictable US$2.1 billion In the year 2022, it is estimated to reach the revised size of US$2.3 billion To 2026, growing at a CAGR of 2.9% over the analysis period. Epoxy, one of the segments analyzed in the report, is projected to grow at a CAGR of 1.3% to reach US$1.2 billion by the end of the analysis period. After an in-depth analysis of the business impacts of the pandemic and its induced economic crisis, the growth in the Acrylic segment has been adjusted at a revised 4.9% CAGR for the next 7 year period. This segment currently accounts for 21.6% of the global CAN coatings market. Epoxy coatings have the largest market share due to their easy coating and low cost process. Acrylic coatings are commonly used because of acrylic’s superior chemical, electrical, thermal and mechanical properties, as well as its ability to be resistant to abrasion, chemicals, and high temperatures. In addition to its superior electrical properties, acrylic is quite resistant to a variety of solvents, making it ideally suited for electrical applications.

US market forecast $572.4 million in 2022, while China is estimated to reach $313.4 million by 2026
The CAN coatings market in the US is estimated at: US$572.4 million in the year 2022. Presently the country’s share in the global market is 27.6%. ChinaWorld’s second largest economy, estimated market size to reach US$313.4 million Trailing at a CAGR of 4% through the analysis period in the year 2026. Other notable geographic markets are Japan And CanadaEach forecast is projected to grow at a rate of 2.1% and 2.4%, respectively, during the analysis period. Inside Europe, Germany Estimated to grow at a CAGR of around 2.4% while the rest of the European market (as defined in the study) will reach US$326 million by the end of the analysis period. North America dominates the market share, mainly attributed to the strong presence of pharmaceutical, chemical, personal care and food and beverage industries in the region. Asia Pacific Strong growth is anticipated in the region as it rapidly establishes itself as a manufacturing hub for the pharmaceutical, chemical and food and beverage industries due to low raw material and labor costs. In addition, a vast consumer base, expanding urban population, and increasing per capita spending on food and beverages, personal care, and health care, prompt many global food and beverage and drug manufacturers to set up production facilities in the region. is attracting.

polyester stretch to reach $296.2 million by 2026
Polyester coatings have increased in metal cans for beverages, food, aerosols and general line products. In the global polyester segment, America, Canada, Japan, China And Europe Will drive an estimated 4% CAGR for this segment. These account for the combined market size of the regional market. US$169.8 million will reach the estimated size of US$223.9 million by the end of the analysis period. China Will continue to be one of the fastest growers in this group of regional markets. led by countries like Australia, IndiaAnd South Koreain the market Asia Pacific expected to reach US$25.5 million by the year 2026, while Latin America Will expand at 5.9% CAGR during the analysis period. More

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