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Can Coatings Market to Surpass US$ 3.3 Billion by 2032 as Sales of Epoxy-based Can Coatings Surge by 3.6%
NEW YORK , Sept. 13, 2022 /PRNewswire/ -- The global can coatings market was worth US$ 2.3 Billion in 2021. By the end of 2032, sales of can coatings are likely to reach US$ 3.3 Billion . During the assessment period of 2022-2032, the can coatings market is anticipated to grow at 3.3% CAGR. , with a projected CAGR of over 3.6% from 2022 to 2032, the beverage can category based on application is predicted to generate the highest revenue.
According to the Food Packaging Forum, over 300 billion beverage cans are produced every year. As production of cans increases globally, demand for effective coating that preserves the taste, texture, and quality of food or beverage has increased at a fast pace. Can coating companies are replacing chemical-based products with organic ones as a result of growing consumer awareness regarding the side effects of chemical can coatings.
According to Fact.MR, epoxy-based coatings currently account for the highest market share. Nevertheless, due to toxicological data, public debate, and recent regulatory decisions, food makers and can manufacturers have begun to switch out BPA-based epoxy coatings for alternatives. A key challenge associated with alternatives is that they are more expensive and less stable than epoxy-based coatings.
This is a key concern for can coating manufacturers who are looking to make the shift from epoxy-based coatings to non-epoxy based can coatings. Among various available alternatives, demand for polyolefin dispersion technology is likely to witness a surge over the forecast period owing to its several advantages. For instance, it offers adhesion, corrosion protection, and flexibility to numerous food and beverage brands, while excluding substances that could cause consumer and governmental regulatory concerns.
By using polyolefin dispersion technology, the danger of manufacturing inefficiencies that frequently follow transitioning to a different lining technology is reduced for can manufacturers. As the technology is a simple drop-in option, there is no need for new hardware or downtime.
Leading players operating in the global can coatings market are focusing on R&D activities, mergers, acquisitions, and expansion into new territories. A few other companies are aiming to expand their customer base by investing huge sums in research and development activities to introduce novel products in the market.
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In the latest study, Fact.MR offers a detailed study on the global can coatings market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of can coatings with analysis across below segments:
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: Consumer Appliance Coatings Market Analysis by Application (Refrigeration, Large Cooking Appliances, Home Laundry), by Resin (Epoxy, Epoxy PE Hybrid), by Region - Global Insights to 2031
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