Increasing Use of Can Coatings in Beverage & Food Cans is Driving the Growth of the Can Coatings Market Industry Globally

Expansions and new product launches are the key development strategies adopted by leading market players in the global can coatings market

Browse 150 market data Tables and?42 Figures spread through 146 Pages and in-depth TOC on "Can Coatings Market by Type (Epoxy, Acrylic, Polyester, Oleoresins, Vinyl, Alkyd, Polyolefin), Application (Food Cans, Beverage Cans, General Line Cans, Aerosol Cans), and Region(APAC, North America, Europe, South America, ME&A) - Global Forecast"

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The global can coatings market is estimated to be USD 1.91 billion in 2017 and is projected to reach USD 2.27 billion by 2022, at a CAGR of 3.4% between 2017 and 2022. Can coatings are used to coat metal cans that are used to preserve food, beverages, inks, paints, lubricants, chemicals, etc. These coatings offer strong chemical and moisture resistance and avoids contamination of food by can’s metal. Epoxy, acrylic, are polyester are the commonly used can coatings. Oleoresins, vinyl, and dispersions of polyolefin-based can coatings are also used for applications in metal cans. However, strict regulations on Bisphenol-A (BPA) due to its effects on human health such as fertility problems, heart disease, and male impotence are impelling can coatings producers to develop alternatives to can coatings.

Taste and flavor maintenance along with avoidance of food contamination are some of the major factors that drive the demand of can coatings from the food & beverage application. The increase in production of paints, inks, and adhesives owing to the high demand for these products in automotive and building & construction industries is fueling the consumption of general line cans. This, in turn, drives the demand for can coatings to protect these cans from corrosion and maintain quality of the materials contained within.

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Key companies manufacturing can coatings were majorly involved in expansions to strengthen their position in the market. It was the most preferred strategy adopted by the market players from 2013 to 2017. The can coatings market is growing at a moderate pace, and the increase in the number of expansions indicates that manufacturers are expanding their production facilities to establish a strong foothold in the can coatings market and cater the escalating demand for can coatings. New product launch was the second-most preferred growth strategy by manufacturers. Major market players are adopting this strategy to diversify their product portfolio by bringing out new, innovative products.

The major players in the can coatings market are PPG (US), Valspar (US), Akzo Nobel (Netherlands), ALTANA (Germany), KANSAI PAINT (Japan), Toyochem (Japan), National Paints Factories (Jordan), International Packaging Coatings (Germany), TIGER Coatings (Germany), and VPL Coatings (Germany). These companies are focusing on BPA-free can coatings to cater to the increasing demand for can coatings alternatives. Leading companies are focusing on establishing their foothold in emerging markets of APAC to maintain their leading position.

PPG (US), Valspar (US), and Akzo Nobel (Netherlands) are the leading players in the global can coatings market. These companies accounted for the highest number of strategic activities, with expansions and new product launch being the most preferred strategies. PPG is a leading manufacturer of can coatings globally. The company completed the expansion of its packaging coatings production facility in the US in April 2017 to cater the increasing demand for food can coatings in North America and Europe.

Akzo Nobel expanded its coatings research facility in the US in June 2017. The center will mainly focus on research on protective coatings, marine coatings, and specialty coatings.

Increasing use of can coatings in beverage and food cans is driving the growth of the can coatings market globally.

The global can coatings market is estimated to be valued at USD 1.91 billion in 2017 and projected to grow at a CAGR of 3.4% to reach USD 2.27 billion by 2022. The global can coatings market is mainly driven by the increasing demand for food and beverage cans. Industrial growth in emerging countries such as India, China, and Southeast countries is also expected to fuel the demand for can coatings in general line can applications.

The global can coatings market is mainly characterized by the development of bisphenol–A free can coatings. Strict regulations on bisphenol–A have impelled producers to develop alternatives to epoxy can coatings. Acrylic and polyester-based coatings have been developed as alternatives to BPA-based can coatings.

The can coatings market is segmented on the basis of type, application, and region. Among types, the acrylic can coatings segment is projected to be the fastest-growing segment, in terms of value, during the forecast period. The demand for can coatings is mainly propelled by their excellent properties, such as resistance to heat, moisture, chemicals, and scratches. However, these coatings are brittle, and there is a possibility of these coatings changing the odor and taste of foods. Hence, these coatings are mostly preferred for applications in general line cans.

Beverage cans is projected to be fastest-growing segment among applications. Increasing per capita expenditure on beverages, rising disposable incomes, robust economic growth, rising standards of living, changing consumer tastes, dietary trends, and growing middle class are the major factors that are expected to drive the demand for beverages cans.

APAC is estimated to be fastest-growing can coatings market, in terms of value, during the forecast period. APAC is a manufacturing hub for chemical, pharmaceutical, food & beverage, and personal care industries. This is expected to fuel the demand for can coatings in food cans, beverage cans, and general line cans applications. The can coatings producers in the region have to comply with the implemented regulations, and hence they are focusing on the development of BPA-free can coatings.