The global can coatings market is expected to witness significant growth over the forecast period. Can coatings are primarily employed in metal packaging to improve as well as enhance flexibility, adhesion, and resistance. Furthermore, this product is employed in the metal shaping process for elasticity, hardness, resistance, and adhesion. In addition, metal packaging products employ can coatings on account of properties such as resistance to acidic additives as well as foodstuffs. These products are employed in various end-use industries, globally, as they provide protection and decorative aesthetics, primarily to metal packaging.
The global can coatings market can be segmented on the basis of type, application, as well as region. On the basis of type, the market is segmented into acrylic can coatings, epoxy can coatings, polyester can coatings, and others, including polyolefin and non-BPA epoxy coatings. On the basis of application, the market is segmented into beverage cans, food cans, aerosol cans, and general line cans. Epoxy can coatings are widely used in various applications and hold the largest market share of the overall market. However, over the past few years, manufacturers have started replacing epoxy-based coatings with other alternatives on account of toxicological evidence and regulatory policies put forth by various governing agencies.
Beverage cans constituted the largest application segment for can coatings as it helps in the maintenance of flavor and taste of the product. Furthermore, beverage can players globally have to comply with regulations by various governing bodies, including food authorities, regarding quality of cans that are used for packaging. These coatings help to avoid product contamination when it comes in contact with the metal surface.
The geographic analysis of the market takes into consideration major regions of the global market, namely, North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa. The industry is dominated by North America, in terms of both value as well as volume, on account of the presence of numerous pharmaceutical, food & beverages, and chemical companies. Asia Pacific is expected to be the fastest-growing market over the forecast years, as this region has become a manufacturing hub for the aforementioned industries, on account of cheap labor as well as low cost of raw materials. Furthermore, rising per capita expenditure on personal care, healthcare, and food & beverages, increasing urban population, and a large consumer base have been a huge source of attraction for global pharmaceuticals and food & beverage manufacturers to shift production facilities to Asia Pacific. This, in turn, is expected to have a positive impact on the can coating industry over the forecast period.
Major participants in the can coatings market include Akzo Nobel N.V., PPG Industries, Kansai Paints, Altana Group, Toyochem, International Packaging Coatings, National Paint Factories, VPL Coatings, and Tiger Coatings. The global market is a very competitive market, owing to the presence of several global players; however, there is a vast scope of market entry and penetration for domestic players in regional industry segments.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.