Functionality driving advancements in can and coil coatings market
August 6, 2019
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Frost & Sullivan’s latest analysis, Global Can and Coil Coatings Market, reveals that the market is slated to register a steady compound annual growth rate of 4.7 per cent from 2018 to 2025.
While can coatings demand will be driven by the increasing usage of beverage cans in developing countries, growth in building and construction applications and functionality requirements in appliances and automotive markets will accelerate coil coatings revenues.
“Functionality is becoming a critical focus area for technological advancements. Coil coatings are driven by aesthetics that include rustic exterior appearances for buildings, fingerprint resistance for appliances, and anti-skid coatings for automotive,” said Soundarya Gowrishankar, industry analyst/team leader, chemical and materials, Frost & Sullivan. “Technological dynamics in can coatings is around the development of thermo-chromic, photochromic, superior aesthetics, and attractive features combined with solutions that eliminate materials of concern in food contact applications.”
Furthermore, health and safety regulations, along with sustainability initiatives, are expected to play a key role in market developments by driving the need for BPA-free can coatings, chrome-free coil coatings, and water-borne can coating formulations.
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From a regional perspective, North America and Europe will present significant prospects for durable and high-performance coil coatings products and regulatory-compliant can coatings products owing to stringent standards and regulations. Asia-Pacific and Rest of the World markets, primarily driven by India, China, Brazil, Africa, and the Middle East, will drive volume demand steered by population growth, increased disposable income, and changing lifestyles.
Participants should aim to tap additional growth opportunities by:
- Developing state-of-the-art products, like can coatings with newer BPA-free and BPA non-intent (BPA-NI) formulations, and coil coatings products with robust functionality and performance.
- Establishing strong relationships with can manufacturers and brand owners to formulate can coatings that are specific to customer requirements.
- Developing an environmental profile of the coatings and regulatory-compliant products to drive innovation and new product introductions.
“Although the overall coil and can market has recorded steady expansion, intensifying trade wars and tariffs on aluminium and steel will hinder growth,” observed Gowrishankar. “Participants will need to work on optimization strategies to negate rising raw material costs.”
Frost & Sullivan’s recent analysis, Global Analysis of Can and Coil Coatings Market, Forecast to 2025, discusses the factors and trends that have shaped the sector, opportunities that can be tapped and challenges that lie ahead.
The forecast is part of Frost & Sullivan’s Chemicals & Materials research and analyses are available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.