According to the market research report "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 to 2022", The global can coatings market is estimated at 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.
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The market is witnessing robust growth due to the increasing use in food cans and beverage cans to protect food and beverages from contamination with can’s metal. Increase metal cans production in Asia Pacific due to the growth of the food & beverages industry is expected to propel the consumption of can coatings in the region.
Acrylic can coatings: The fastest-growing segment of the can coatings market, by type
Acrylic resins can be produced by both suspension and solution polymerization. They mostly contain methyl methacrylate or its combination with other methacrylic esters. Acrylic-based can coatings offer clean appearance along with corrosion and sulfide stain resistance. 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. These factors are expected to lead to a high growth in the consumption of can coatings in the near future.
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Beverages cans: The fastest-growing segment of the can coatings market, by application.
Beverage cans are used for alcoholic (beer) and non-alcoholic beverages (energy drinks, teas, fruit juices, herbal teas, soft drinks, etc.). Beverage cans offer a barrier against oxygen and light, hence retaining the flavor and freshness of beverages. In addition, beverage cans cool down faster than other materials (plastics), and hence are preferred by customers. The growth of this segment is attributed to the high demand for can coatings to coat beverage cans to maintain taste and flavor. Beverage can producers have to comply with strict regulations by food authorities regarding the quality of cans. This is also expected to drive the demand for can coatings in beverage cans applications.
North America: The largest can coatings market, by region
North America was the largest market for can coatings, in terms of value and volume, in 2016. The growth of the can coatings market in the region is mainly attributed to the established food & beverages industry. The US is expected to dominate the can coatings market in the region during the forecast period, due to the growing consumption of can coatings in food cans and beverage cans. High per capita expenditure on food and beverages has propelled the growth of the food & beverages industry in the region, and subsequently the metal cans production in the country to cater to high demand from this industry. This, in turn, is expected to drive the can coatings market.
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Cans manufacturing in the region is mainly regulated by the USDFA. Hence, the manufacturers in the region need to comply with regulations regarding coating products. This, in turn, is expected to impel the can coatings producers to develop alternatives to BPA-based can coatings.
Can coatings manufacturers, such as 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) are covered in the report.
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