The can coatings market is growing across the world due to the expanding food and beverages industry, and the fact that cans can be easily recycled. P&S Intelligence calculated the revenue generated by the sales of such materials in 2017 as $2,100.6 million and predicted its 2023 revenue to be $2,588.9 million, growing at a 3.5% CAGR during the forecast period 2018–2023. The coatings are applied on the exterior or interior of aluminum or tin cans to protect these from environmental forces as well as corrosion from the contents inside.
Polyester, acrylic, epoxy, and others are the various categories under the material segment of the market. Among these, the epoxy category led the can coatings market in 2017 with over 55.0% revenue share, as these provide the metal with resistance against high temperature, corrosion, chemicals, solvents, and staining. Further, these also help in increasing the shelf life of the food or beverage inside. This further supports the finding that of the two types of coatings available — interior and exterior — the interior type led the market in 2017 with over 55.0% revenue share.Beverage cans, food cans, aerosol cans, general line cans, and others are the various applications of can coatings. Of these, the sale of such coatings for beverage cans contributed over 65.0% of the total can coatings market revenue in 2017. Cans are preferred for the packaging of beverages as these are aesthetically appealing, lightweight, unbreakable, easy to carry, and recyclable. Talking of the recyclability factor, aluminum cans are recyclable in their entirety!
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Further, the cost incurred and energy consumed in recycling these are a lot less than that for obtaining raw aluminum from a bauxite ore and then processing it. Similarly, cans made from tin can also be recycled without degradation in the metal quality. As per the Aluminum Association, almost $1000 million worth of cans are disposed each year in the U.S., of which over 67.0% are recycled and reused as rain gutters, new cans, beams, window frames, and bicycles.
On a global ground, North America generated the highest revenue (over 35.0%) for the can coatings market in 2017 due to the growth of the healthcare, food and beverages, and personal care sectors, which is leading to an increasing demand for such material. While this region will still be the largest market during the forecast period, Asia-Pacific (APAC) is expected to grow the fastest, at a 4.4% CAGR. The governments of countries, including South Korea, India, and China, are expected to invest heavily in health, hygiene, food safety, and industrial development.
Hence, it is clear that the demand for can coatings in the food and beverages industry is predicted to increase in the coming years, taking the domain forward.