New York, Aug. 08, 2019 (GLOBE NEWSWIRE) -- By the increase in global supply of food and beverages, by the use of cans for preservation of chemicals in chemical and pharmaceutical industries, by increasing demand of soft drinks are the factors for the growth of the Can Coating Market
The global Can Coating Market was valued at USD 2.05 Billion in 2018 and is expected to reach USD 2.71 Billion by year 2026, at a CAGR of 3.6%. Can Coating Market is driven by the increase in global supply of food and beverages, use of cans for preservation of chemicals in chemical and pharmaceutical industries. World population is currently growing at the rate of around 1.07% per year in the year 2018-2019. Growth of the can coating market is subjected to the growth of food & beverages, personal care, chemical, and pharmaceutical industries. Development in global transportation, increasing global connectivity, and technology for preservation of food helps the food and beverage industries to expand their market at global level.
The growth of microorganisms and slowing down the oxidation of fats can be done by adding food preservatives. Adding food preservative become necessity during processing of the food for the manufacturer for the purpose of avoiding spoilage during the transportation time. America is the largest consumer of soft drink, In America, Production of aluminum beverage cans is around 100 billion a year, which is equivalent to one can per American per day. Aluminum weighs less than half an ounce, its thin walls withstand more than 90 pounds of pressure per square inch exerted by the carbon dioxide in beer and soft drinks.
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Further key findings from the report suggest
- Beverages has the market share of 37.2% it is because of increasing demand for the soft drinks across the globe and practice for avoiding plastic usage, It has the highest CAGR 3.8% during the forecasted period
- High percentages of consumption of soft drinks in children and adolescents are increasing. As per data 50.6% of preschool children age between 2 to 5 years, 64.1% of school age children (6 to 12 years), and 82.5% of adolescents consume soft drinks
- Sugary drink consumption is rising significantly globally, due to widespread urbanization and beverage marketing. Increase in consumption of food and beverage will directly create the demand for the coated can
- Growth of can coating market also subjected to the growth of personal care, chemical, and pharmaceutical industries. Can is used for storing chemicals in chemical and pharmaceutical industries
- Key participants include PPG Industries, Akzo Nobel, ALTANA, Toyochem, International Packaging Coatings, TIGER Coatings, Valspar, KANSAI PAINT, VPL Coatings, Covestro AG, Henkel AG & Co
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented Can Coating Market on the basis of material type, type of coating, application and region:
By Material Type (Revenue, USD Million; 2016–2026)
- Epoxy
- Acrylic
- Polyester
- Powder
- Other
By Type of Coating (Revenue, USD Million; 2016–2026)
- Interior Coating
- Exterior Coating
By Application (Revenue, USD Million; 2016–2026)
- Food container
- Beverages
- Chemical
- Pharmaceutical
- Other
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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