The growth of the can coatings market is driven by the expanding food and beverage industry and increasing recyclability of cans. Because of these factors, the market is expected to register a CAGR of 3.5% during the forecast period. At this rate, the market is projected to increase its revenue from $2,100.6 million in 2017 to $2,588.9 million by 2023. Additionally, the surging demand for can coatings from developing countries holds great growth opportunity for market players.
The market players, such as Akzo Nobel N.V., Kansai Paint Co. Ltd., TIGER Coatings GmbH & Co. KG, Eastman Chemical Company, National Paints Factories Co. Ltd., The Sherwin-Williams Company, VPL Coatings GmbH & Co KG, PPG Industries Inc., and Toyo Ink SC Holdings Co. Ltd., offer can coatings in the unexplored economies of the Latin America (LATAM), Middle East and Africa (MEA), and Asia-Pacific regions. The coated cans are used in several industries for packaging, transportation, and selling of different products, as they protect the products from outer environmental factors.
During the forecast period, the Asia-Pacific region is expected to demonstrate the fastest growth in can coating consumption, due to the increasing government expenditure on industrial developments, food safety, hygiene, and health in India, South Korea, and China. These coatings are applied in metallic packaging to offer characteristic design, aesthetic appeal, quality, reliability, sustainability, and protection to several products in industries like healthcare, personal care, and food and beverage. Therefore, the development of these industries is projected to boost the demand for can coatings in the region.
Thus, the expansion of the food and beverage industry and growing awareness regarding health have led to the high consumption of can coatings.
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