Expansions and New Product Launches are the Key Development Strategies Adopted by Leading Market Players in the Global Can Coatings Market
The global can coatings market is estimated to be USD 1.91 Billion in 2017 and is projected to reach USD 2.27 Billion by 2022, at a CAGR of 3.4% between 2017 and 2022. Can coatings are used to coat metal cans that are used to preserve food, beverages, inks, paints, lubricants, chemicals, etc. These coatings offer strong chemical and moisture resistance and avoids contamination of food by can’s metal. Epoxy, acrylic, are polyester are the commonly used can coatings. Oleoresins, vinyl, and dispersions of polyolefin-based can coatings are also used for applications in metal cans. However, strict regulations on Bisphenol-A (BPA) due to its effects on human health such as fertility problems, heart disease, and male impotence are impelling can coatings producers to develop alternatives to can coatings.
Taste and flavor maintenance along with avoidance of food contamination are some of the major factors that drive the demand of can coatings from the food & beverage application. The increase in production of paints, inks, and adhesives owing to the high demand for these products in automotive and building & construction industries is fueling the consumption of general line cans. This, in turn, drives the demand for can coatings to protect these cans from corrosion and maintain quality of the materials contained within.
Key companies manufacturing can coatings were majorly involved in expansions to strengthen their position in the market. It was the most preferred strategy adopted by the market players from 2013 to 2017. The can coatings market is growing at a moderate pace, and the increase in the number of expansions indicates that manufacturers are expanding their production facilities to establish a strong foothold in the can coatings market and cater the escalating demand for can coatings. New product launch was the second-most preferred growth strategy by manufacturers. Major market players are adopting this strategy to diversify their product portfolio by bringing out new, innovative products.
The major players in the can coatings market are PPG (US), Valspar (US), Akzo Nobel (Netherlands), ALTANA (Germany), KANSAI PAINT (Japan), Toyochem (Japan), National Paints Factories (Jordan), International Packaging Coatings (Germany), TIGER Coatings (Germany), and VPL Coatings (Germany). These companies are focusing on BPA-free can coatings to cater to the increasing demand for can coatings alternatives. Leading companies are focusing on establishing their foothold in emerging markets of APAC to maintain their leading position.
PPG (US), Valspar (US), and Akzo Nobel (Netherlands) are the leading players in the global can coatings market. These companies accounted for the highest number of strategic activities, with expansions and new product launch being the most preferred strategies. PPG is a leading manufacturer of can coatings globally. The company completed the expansion of its packaging coatings production facility in the US in April 2017 to cater the increasing demand for food can coatings in North America and Europe.
Akzo Nobel expanded its coatings research facility in the US in June 2017. The center will mainly focus on research on protective coatings, marine coatings, and specialty coatings.
Related Reports:
Can Coatings Market by Type (Epoxy, Acrylic, Polyester, Oleoresins, Vinyl, Alkyd, Polyolefin), Application (Food Cans, Beverage Cans, General Line Cans, Aerosol Cans), and Region(APAC, North America, Europe, South America, ME&A) - Global Forecast to 2022
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