Can Coatings Market Size to Reach US$ 3.61 Billion By 2034: Fact.MR

Rising demand for canned beverages and the expanding packaging sector driving the use of can coatings for increased shelf life and hygiene, says Fact.MR

ROCKVILLE, Md., May 29, 2024 /PRNewswire/ -- The global can coatings market size is valued at US$ 2.61 billion in 2024 and is forecasted to advance at 3.3% CAGR from 2024 to 2034, as opined in the recently updated market research study released by Fact.MR, a market research and competitive intelligence provider.

With increasing environmental issues along with a rising inclination toward sustainability, a transition to certain sustainable packaging services is being seen. Chemical-free, readily recyclable, and eco-friendly can coatings are gaining more traction among respective end users around the world.

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An increase in the demand for canned food & beverages is encountered globally. The rising preference for canned beer and fruit juice among more individuals is leading to the growing requirements for cans and similar metal containers containing these liquids considering health and hygiene factors. An expansion of multiple supermarkets and convenience stores across various countries is adding to the increasing demand for packaging containers or cans for the storage and transportation of beverages, subsequently benefitting sales of can coatings.

Key Takeaway from Market Study

• Worldwide sales of can coatings are evaluated to reach US$ 3.61 billion by 2034-end.
• Global demand for coatings for food cans is approximated to increase at a CAGR of 3% and reach a market worth US$ 1 billion by the end of 2034.
• East Asia is forecasted to account for 28.5% share of global market revenue by 2034.
• The market in Japan is projected to increase at 2.6% CAGR from 2024 to 2034.
• Acrylic can coatings are projected to capture 48.9% share of the global market by 2034.

"Growing worldwide supply of various types of food & beverages in cans, rising soft drink demand, can recyclability, and steady expansion of the chemical, pharmaceutical, and personal care sectors are widening the application scope of can coatings," says a Fact.MR analyst.

Rising Use of Acrylic Can Coatings as Safer Solution

Worldwide sales of acrylic can coatings are analyzed to climb at a 3.3% CAGR and reach US$ 1.76 billion by the end of 2034. Increasing preference for this coating type is owing to the rising awareness about the health risks of Bisphenol A, which is found in epoxy resins. Furthermore, acrylic can coatings are used as a safer solution for containers used for food packaging. Excellent clarity, color retention, and qualities required for aesthetics and branding purposes are found in these can coatings.

Key Market Players                                                       

Some of the prominent companies manufacturing can coatings are PPG Industries, Kansai Paints Co. Ltd., Altana, National Paint Factories Co. Ltd., Akzo Nobel N. V., International Packaging Coatings, CSC BRANDS, L.P., Kupsa Coatings, Tiger Coatings, IPC GmbH & Co. KG, Toyochem Co., Ltd., Axalta Coating Systems, and VPL Coatings GmbH & Co. KG.

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Competitive Landscape

Key players in the can coating market are boosting their investment in new product development to produce leads. Furthermore, they are working to improve supply chain management and provide high-quality items.

PPG Industries, Inc., in July 2021, announced the expansion of the site, in Delaware, Ohio, to increase manufacturing of varnish coatings, PPG ISENSE Gloss coatings for use in the exterior part of beverage cans. This initiative is estimated to help the company increase its overall output and invest more in coating materials.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the can coating market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on type (epoxy, polyester, acrylic) and application (beverage cans, food cans, aerosol cans, general line cans), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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The global coating additives market, valued at US$ 9.3 billion in 2023, is expected to grow at a CAGR of 5.0% to reach US$ 15.1 billion by 2033.

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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SOURCE Fact.MR