Can coatings market update
According to information on ReportLinker, the global can coatings market is set to reach $2.3 billion by 2026.
The report details that growth in the global can coatings market is driven by the increase in use of the food and beverage industry to prevent product contamination from the metal of the can.
In the next few years, rising consumption of canned products in emerging economies, driven by urbanisation, increasing disposable incomes, and rapidly changing lifestyles, is expected to drive the demand. Market growth is also likely to benefit from the increasing use of cans for packaging organic and meat products. Major companies have also been adopting various strategies, such as new product launches, with the aim of enhancing their market presence, which is anticipated to further increase growth.
The global market for can coatings in 2020 is estimated at US$2 billion and is projected to reach US$2.3 billion by 2026, growing at a CAGR of 2.9% over the period. Epoxy coatings are projected to grow at a 1.3% CAGR to reach US$1.2 billion by the end of the analysis period. The acrylic segment has been readjusted to a revised 4.9% CAGR for the next seven-year period, following implications caused by the Covid-19 pandemic. This segment currently accounts for a 21.6% share of the global can coatings market. Epoxy coatings account for the largest share, owing to easy coating and a less expensive process. Acrylic can coatings are commonly used, owing to its superior chemical, electrical, thermal, and mechanical properties, as well as it being resistant to abrasion, chemicals and high temperatures.
The market in the US is estimated at US$558.9 million for 2021. The country currently accounts for a 27.6% share in the global market. China is forecast to reach an estimated market size of US$313.4 million in 2026 trailing a CAGR of 4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, that are each forecast to grow at 2.1% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while the Rest of Europe market (as defined in the study) reaching US$326 million by the end of the analysis period. North America dominates the market share, primarily attributed to the strong presence of pharmaceutical, chemical, personal care, and food and beverages industries in the region. The Asia-Pacific region is projected to witness strong growth, owing to the region rapidly establishing itself as a manufacturing hub for pharmaceutical, chemical, and food and beverages industries because of low raw material and labour costs. In addition, a huge consumer base, expanding urban population, and growing per capita spending on food and beverages, personal care, and healthcare, have been attracting several global food and beverage and pharmaceutical manufacturers to set up production facilities in the region.
Polyester coatings are finding increased uptake in metal cans intended for beverages, food, aerosol, and general line products. In the global polyester segment, USA, Canada, Japan, China and Europe will drive the 4% CAGR estimated for this segment. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$25.5 million by 2026, while Latin America will expand at a 5.9% CAGR through the analysis period.
- Jill Sayles, CanTech International editor.
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