(MENAFN- IMARC Group)
IMARC Group, a leading market research company, has recently releases report titled
“Can Coatings Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032, ” The study provides a detailed analysis of the industry, including the global
can coatings market
size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the can coatings market ?
The global
can coatings market size reached US$ 2.2 Billion in
2023. Looking forward, IMARC Group expects the market to reach US$ 3.1 Billion by
2032, exhibiting a growth rate (CAGR) of 3.69% during
2024-2032.
Factors Affecting the Growth of the Can Coatings Industry:
Growing Demand for Canned Food Products:
The increasing consumer preference for canned food products is a significant driver for the can coatings market. Canned foods offer convenience, longer shelf life, and preserved nutritional value, making them a popular choice among consumers worldwide. This demand triggers the need for reliable can coatings to prevent corrosion, maintain food safety, and extend the product's shelf life. Manufacturers are thus motivated to innovate and provide high-quality coatings that ensure the integrity and safety of food products, adhering to stringent food safety regulations.
Expansion of the Beverage Industry:
The beverage industry's expansion is a crucial factor propelling the can coatings market. This growth is fueled by the rising consumption of various beverages, including carbonated drinks, beers, and energy drinks, which are often packaged in cans to preserve flavor, carbonation, and freshness. Coatings in beverage cans prevent chemical reactions between the beverage and the metal, ensuring product safety and longevity. As the industry evolves, there is a continuous demand for coatings that are safe, effective, and capable of maintaining the beverage's quality over time.
Stringent Regulatory Standards:
Global regulatory standards have become increasingly stringent, focusing on consumer safety and environmental sustainability. These regulations mandate the use of safe, non-toxic materials in can coatings to prevent contamination and preserve the contents' integrity. Compliance with these standards drives innovation in the coatings industry, prompting the development of new, safer materials such as non-BPA linings. Manufacturers are thus compelled to adapt their products to meet these regulations, ensuring that their coatings are safe for consumer use and environmentally friendly.
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What are the growth prospects and trends in the can coatings industry?
The global can coatings market is driven by a confluence of factors that cater to a wide array of industries including food, beverage, pharmaceuticals, and chemicals, such as there's a growing demand for canned food products, driven by the convenience they offer and their extended shelf life, which propels the need for safe and reliable coatings. Additionally, the beverage industry's expansion, with a significant uptick in the consumption of carbonated drinks, beers, and energy drinks, necessitates durable coatings to prevent corrosion and maintain the beverage's integrity.
Moreover, stringent regulatory standards worldwide mandate the use of safe coating materials, pushing manufacturers towards innovation and the adoption of non-BPA, eco-friendly alternatives, which is boosting the market growth. Furthermore, the pharmaceutical sector's reliance on cans for optimal drug storage conditions stimulates the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Acrylic Epoxy Polyester Others
Breakup by Application:
Beverage Can Food Can General Line Can Aerosol Can Others
Market Breakup by Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Akzo Nobel N.V. Altana AG International Packaging Coatings GmbH Kupsa Coatings Pvt Ltd PPG Industries Inc. The Sherwin-Williams Company TIGER Coatings GmbH & Co. KG TOYOCHEM Co. Ltd. (Toyo Ink Mfg. Co. Ltd.) VPL Coatings GmbH & Co KG
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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