The global metal packaging coatings market is set to record a CAGR of ~5% during the forecast period (2020-2030). Proper food and flavor protection, outstanding adhesion and flexibility in coating formulations has leveraged the demand for metal packaging coatings in the can manufacturing and coating formulating industries.
Moreover, the preference for green manufacturing will create a robust environment for metal packaging coatings as they are free from toxic chemicals like epoxy and BPA. A notable preference for aluminum and steel cans in food and beverage industry is poised to drive market growth during the forecast period.
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Key Takeaways of Metal Packaging Coatings Market Study:
- On the basis of resins, acrylic resin is poised to remain a primary choice among metal packaging coating manufactures, accounting for over one fourth of the market share in 2030.
- Coil process is projected to expand at a CAGR of ~4% creating absolute $ opportunities worth US$ 173 Mn by the end of 2030.
- Based on form, liquids have led the market in terms of value in 2019 and is projected to maintain its supremacy over powdered forms, creating an absolute $ opportunity worth US$ 519 Mn by 2030.
- Increasing consumption of metal packaging coatings in the manufacturing of beverage cans will surpass the market valuation of US$ 874 Mn in 2030.
- In terms of value and volume, Europe is poised to maintain its reign over other regions, accounting for over one third of the global demand through the forecast period.
“Burgeoning demand from canned alcoholic and non-alcoholic beverages is set to positively impact the growth of metal packaging coatings market during the forecast period”, says the Fact.MR analyst.
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Mergers and Acquisitions will continue to Remain Top Strategies to Absorb Uncertainty
Boasting of a highly consolidated market structure, key players such as Akzo Nobel N.V., Dow and PPG Industries Inc. accounted for over one third of the global sales in 2019. During the historical period (2015-2019), prominent companies have adopted numerous targeted strategies to expand their roots across the globe. For instance, Henkel has acquired Darex Packaging Technologies business for over US$ 1 Bn to strengthen its market presence. Similarly, Beverage Can Makers Europe and European Metal Packaging, these two European companies merged to expand their global presence. Mergers will continue amidst this global emergency to offset the losses incurred during the pandemic.
COVID-19’s Impact on Metal Packaging Coatings market:
The coronavirus outbreak has crippled industries globally. Nearly all countries have imposed lockdowns and strict social distancing measures. This has forced shut downs almost every production plant across the globe. The beverage cans industry is an important application area for metal packaging coatings. A pronounced drop in the production of beverage cans has limited the market scope for metal packaging coatings.
The pandemic has generated disruptions with discrepancies in the demand-supply equation across multiple industries, causing a global economic meltdown. Europe being the most affected region due to coronavirus outbreak has suffered huge losses in the first two quarters. However the easing of lockdown restrictions in some European countries may uplift market growth in third quarter. East Asia being the least affected region is poised to assist the global market growth by the end of 2024.
More Valuable Insights on Metal Packaging Coatings Market:
Fact.MR, in its new offering, presents an unbiased analysis of the metal packaging coatings market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030. The study divulges essential insights on the metal packaging coatings on the basis of resins (acrylics, fluoropolymers, urethanes, epoxy, poly alkyds and amines), process (thermal spraying, coil, electroplating, extrusion, and hot-dip galvanizing), form (liquid and powder), and product (beverage cans, aerosol cans and food cans) across six major regions.
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