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Food Can Coatings Market Size
Food Can Coatings Market size will see noticeable growth over 2024-2032, due to the increasing consumer interest in packaged food products and the booming food & beverage sector worldwide.
Stringent regulations and standards regarding food safety & packaging materials are propelling the demand for coatings that can enhance the shelf life and protect the integrity of canned food products. Additionally, advancements in technologies have led to the development of coatings with improved barrier properties, corrosion resistance, and adhesion, meeting the evolving needs of food manufacturers.
Food Can Coatings Market Trends
As environmental concerns continue to rise, there's a growing demand for coatings that are free from harmful chemicals such as BPA (bisphenol A). Additionally, innovations are focusing on enhancing the recyclability and biodegradability of coatings, catering to the increasing preference for sustainable packaging solutions among consumers and food manufacturers. The development of coatings with improved barrier properties using nanotechnology will further shape the industry outlook in the coming years.
The effects of the Russia-Ukraine war are however felt across the food & beverage sector in Europe which may have a considerable influence on the food can coating industry. The food retail sector in the region has experienced challenges since the start of the war such as the surging cost of refrigeration and managing the shortage of on-shelf products. Nonetheless, the tight supply of food items like fruits, vegetables and meat products may boost the dependency on packaged canned food products, sustaining the market growth.
Food Can Coatings Market Analysis
Vinyl coatings segment will witness significant growth through 2032, as they are extremely flexible and stable in both acidic and alkaline environments. These coatings are often mixed with other resins and require stabilizers and plasticizers. In comparison to vinyl coatings, vinyl organosols offer relatively better chemical resistance, thermal stability, and adhesive characteristics, propelling the segment growth.
The UV-based technology segment is slated to observe considerable revenues by 2032, owing to the several benefits, including zero VOC emissions, abrasion resistance, a shorter production time, and an aesthetic finish. UV-based coatings allow for rapid curing times, reduced energy consumption, and enhanced durability compared to traditional solvent-based coatings.
North America food can coatings industry is predicted to experience a healthy growth during 2024 to 2032, attributed to the growing F&B sector in the US, Canada, Mexico, and others. Due to the FDA regulations levied on F&B businesses in the region, sales of food can coatings have accelerated. As consumer preferences shift towards healthier and more sustainable options, there is an increasing demand for food cans with coatings that are both safe for consumption and environmentally friendly, augmenting the regional market growth.
Food Can Coatings Market Share
Notable companies operating in the global food can coatings market are:
- PPG Industries
- Altana AG
- AkzoNobel N.V.
- Tiger Coatings GmbH
- TOYOCHEM
- Srisol Group,
- VPL Packaging Coatings.
These players are engaged in different organic marketing strategies like mergers and acquisitions, product launches, partnerships, and more to gain a competitive advantage in the market.
Food Can Coatings Industry News
In August 2022, Tiger Drylac, a renowned manufacturers of powder coatings for various applications, announced the expansion of its Illinois, US, production facility. It plans to invest nearly USD 17 million to create advanced production, warehouse, and laboratory facilities.