Food Can Coatings Market size will see noticeable growth over 2023-2032, due to the increasing consumer interest in packaged food products and the booming food and beverage sector worldwide.
Rapid urbanization across developing economies and hectic lifestyles have elevated the demand for packaged food products in recent years. These food items mostly come in can packaging that is coated to prevent the metal and inside materials from contaminating the food. These coatings help strengthen the cans, which also improves their flexibility, stickiness, and resistance to environmental factors. Food can coatings are also used during the metal shaping process for offering improved elasticity and hardness to the packaging product.
However, the high cost of these products and volatility in the production and profit margins by industry participants could hamper industry growth. Yet, ongoing studies and research on coating materials are underway that may provide new opportunities for market participants.
As per the type of coatings, the food can coatings market is expected to witness significant growth from the vinyl coatings segment. Vinyl coatings 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. They are made by suspending vinyl resins in an organic solvent.
Notably, UV-based coatings for food cans have gained popularity owing to the product's several benefits, including greater zero VOC emissions, abrasion resistance, a shorter production time, and an aesthetic finish.
North America food can coatings market is predicted to experience a healthy growth during 2023 to 2032. This can be ascribed to the growing food and beverage (F&B) sector in a variety of nations, including the US, Canada, Mexico, and others. Due to the FDA regulations levied on business professionals in the region, sales of food can coatings have accelerated, which may boot the regional trends.
The effects of the Russia-Ukraine war are however felt across the food and beverage sector in Europe which may have a considerable influence on the food can coating industry. The two nations are major contributors to the agriculture and food and beverage sectors. 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, a shortage in the supply of food items like fruits, vegetables and meat products may boost the dependency on packaged canned food products.
Notable companies operating in the global food can coatings market are PPG Industries, Altana AG, AkzoNobel N.V., Tiger Coatings GmbH, TOYOCHEM, Srisol Group, and VPL Packaging Coatings. These companies are engaged in different organic marketing strategies like mergers and acquisitions, product launches, partnerships, and more to gain a competitive advantage in the market.
To cite an instance, in August 2022, Tiger Drylac, 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.