The global can coatings market size is projected to reach USD 2.65 billion by the end of 2026. The increasing demand for the product across numerous industries will create several growth opportunities. According to a report published by Fortune Business Insights, titled “Can Coatings Market Size, Share & Industry Analysis, By Type (Epoxy, Acrylic, and Others), By Application (Food Cans, Beverage Cans, Aerosol Cans, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 1.97 billion in 2018 and will exhibit a CAGR of 3.8% during the forecast period, 2019-2026.
The report will include the impact of the Covid-19 pandemic on the global. It will also include the strategies that major companies are adopting to overcome the downfalls during this pandemic.
Can coatings are used to prevent the reaction of foods inside the cans. It is mostly made of organic substances and allows storage of foods for a longer duration. Can coatings are widely used to increase the overall shelf life of the food products that are being sold in commercial stores as well as indoors. The increasing demand for canned foods and presence of several retail stores and stores across the world will have a huge impact on the growth of the overall market in the coming years. The growing demand for canned foods, driven by the adoption of fast paced lifestyle will bode well for the growth of the overall can coatings market in the forthcoming years. The availability of raw materials used for producing can coatings will emerge in favor of market growth.
Increasing Efforts taken to Integrate Non-harmful Substances Will Create Several Growth Opportunities
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, growing efforts taken to integrate organic substances in can coatings by major companies across the world will have a huge impact on the growth of the market in the coming years. Accounting to the huge demand for organic products, several companies are putting in more efforts to maximize the use of substances that will have the least impact on the stored foods. In March 2016, Campbell Soup Company announced that it has taken the decision to shift to cans that do not involve the use of Bisphenol A linings. The company announced that it will be using cans with acrylic or polyester linings. The company will look to sell across the United States as well as Canada. Campbell Soup’s latest activity will have a direct impact on the growth of the overall market in the foreseeable future.
North America to Emerge Dominant; Increasing Adoption of Metal Cans Will Aid Growth
The report analyzes ongoing market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge dominant in the coming years. The increasing use of metal cans by major companies across the region will emerge in favor of market growth. The high investment in the development of efficient products by major companies will bode well for the growth of the market in this region. As of 2018, the market in 2018 was worth USD 675.5 million and this value is projected to increase further in the coming years. Besides North America, the market in Europe will witness considerable growth rate in the coming years driven by the increasing demand for the product in the food and beverages and personal care industries.
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