The global market for can coatings is projected to experience a steady growth rate of 5 per cent CAGR from 2023 to 2035, with anticipated revenue reaching $4 billion by the end of 2035, compared to $3 billion in 2022.
This growth is primarily attributed to the expanding food and beverages industry, where can coatings play a crucial role in preserving both the interior and exterior surfaces of cans, ensuring the long-term freshness of food and beverages. The increasing consumption of packaged beverages worldwide further contributes to this trend.
For instance, in 2021, the global consumption of packed water surpassed 472.1 billion litres, making it the most consumed packed beverage globally. Similarly, packaged alcoholic beverages accounted for approximately 261 billion litres, while dairy and energy drinks amounted to 246 billion litres and 81 billion litres, respectively.
The popularity of canned soft drinks, with Coca-Cola alone selling nearly 1.91 billion servings daily across 200 countries, further drives demand for can coatings. These coatings preserve food and maintain its sensory properties, leading to a flourishing market.
Manufacturers increasingly focus on providing advanced coating solutions, including corrosion resistance, to meet consumer demands. Additionally, the rising demand for coatings designed to protect metal surfaces is expected to fuel market growth.
The increasing preference for processed food due to modern lifestyles is also a significant factor propelling market growth. Canned food offers a convenient solution for preserving perishable items and retaining nutrients, flavour, and colour. Coatings play a vital role in this preservation process, contributing to the global economy and recycling systems.
Furthermore, the steady rise in demand for sodas, sparkling waters, energy drinks, and alcoholic beverages further boosts the market. In 2023 alone, approximately 18.6 billion units of aerosol cans were manufactured, with interior coatings acting as a protective barrier between food and packaging.
With nearly all cans coated both externally and internally using films of 1 to 10-nanometer thickness, the packaged food industry's growth directly correlates with the increasing usage of can coatings, thereby driving market expansion.
Responses
