NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global can coatings market is projected to reach $2,588.9 million by 2023, the ability of cans to be recycled and expansion in the food and beverage industry are the key factors driving the market growth. Can coatings are the materials that act as barriers between the can’s internal surface and inner contents, and between can’s outer surface and external environment.
Epoxy is the leading material type in the can coatings market, with revenue contribution of more than 55.0% in 2017. This is attributed to the stability, protective function, and chemical or solvent resistance of the epoxy-based coatings. Moreover, these coatings help in increasing the durability of products, ensuring food security, and creating a protective layer between foods or drinks and the metal.
Based on type, interior can coatings held a larger share in the can coatings market, with a contribution of more than 55.0% in 2017. The large-scale utilization of interior coatings in separating the canned products from the metal surface to prevent their contact is responsible for its major market share. This protects the metal against corrosion and staining as well as foods or beverages against change in color, flavor, and smell.
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Beverage cans was the largest application area of can coatings during the historical period, accounting for more than 65.0% revenue in the can coatings market in 2017. This can be majorly attributed to widespread packing of beverages in cans, as these cans are easy to carry and look fancy. This high use of cans for beverage products ultimately drives the demand of can coatings and is the reason behind the category’s largest share in the market.
Asia-Pacific (APAC) is expected to be the fastest growing can coatings market during the forecast period, with a CAGR of 4.4% in terms of value. Various countries of the region, such as China, India, and South Korea, are expected to witness strong economic growth in the near future, owing to huge government spending on food safety, health, hygiene, and industrial developments. Can coatings are utilized in metallic packaging for providing characteristic design, quality, aesthetic appeal, sustainability, reliability, and protection to different products of food and beverage, personal care, healthcare, and other industries. Thus, the rapid growth, development, and innovation associated with the abovementioned industries in the region is predicted to drive the APAC can coatings market.
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Cans are meant for storage, protection, and prolonging the shelf life of variety of products such as beverages, foods, paints, medicines, and aerosol goods. These are made up of steel or aluminum, which are the most commonly recycled materials globally. Aluminum cans are 100% recyclable and the cost and energy associated with recycling it is much lower than the cost and energy incurred in obtaining it from the bauxite ore. Steel cans are also recycled without any loss of quality and reused in new products.
Materials obtained from recycling the cans are reusable in different ways such as new cans, rain gutters, window frames, beams, and bicycles. Besides, the recycling of cans has many benefits, such as sustainable development, energy saving, reduction of greenhouse gases emission, and decrease in fossil fuels usage. All these factors are shifting people’s interest towards canned products, leading to increasing use of cans, which in turn is resulting in the expansion of the global can coatings market.
Some of the major players operating in the can coatings market are Akzo Nobel N.V., Eastman Chemical Company, ALTANA AG, Kansai Paint Co. Ltd., National Paints Factories Co. Ltd., PPG Industries Inc., TIGER Coatings GmbH & Co. KG, Toyo Ink SC Holdings Co. Ltd., The Sherwin-Williams Company, and VPL Coatings GmbH & Co KG.
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