Can Coatings Market Trends

Growth Drivers

• Increasing Demand for Epoxy Coating– Paint and coating industries are increasingly using the epoxy coating. Epoxy-based powder coatings have seen tremendous growth as a result of the rising demand for environmentally friendly paints. For instance, China has seen tremendous growth in the use of epoxy resins for coatings, and demand is anticipated to increase by more than 4% per year by 2026.

• Rising Spending on Personal Care Products– The demand for cosmetics and skin care products is estimated to drive market growth. For instance, beauty and personal care goods including skin care, makeup, and hair care are becoming a crucial element of everyday grooming. As of 2022, sales of skincare products increased by more than 10% in the United States.

• Increasing Population in Urban Areas – According to the United Nations, 55% of the world's population currently resides in cities. It is anticipated that the percentage would increase to 68% by 2050.

• Surging Need for Aerosol Cans– Aerosol cans are portable and compact. The aerosol cans are being increasingly used in several industries, including personal care, healthcare, and household care.  Further, aerosol packaging is also used in the personal care industry since it has a low carbon footprint, and is recyclable. North America accounted for more than 20% of worldwide consumption of aerosol cans as a result of their widespread usage.

Challenges

• Lack of Sufficient Raw Materials for Demand and Supply - The can coatings industry uses raw materials like vinyl and polyester, which are petroleum-based raw resources, and as a result of changes in the price of petroleum, the producers of for coatings have been announcing price rises. The volatility in price is anticipated to have an impact on the market. As a result, it is predicted that this factor would restrain market expansion throughout the projection period.
• Strict Rules and Regulations by the Government
• Increasing Geopolitical Problems