Metal Food Containers Demand Increase Rapidly
Metal food containers are observing significant demand over the last few years. Rising awareness about sustainability is driving its market. The challenges with plastic related boxes are resulting in the rising adoption of metal food containers. The related metal products are recycled easily and offers the long-lasting feature. Thus, the demand for metal food containers is considered as one of the primary drivers for the growth of metal packaging coatings.
Within the metal packaging market space, aluminum and steel food containers are widely gaining prominence. The increased shelf life and heightened resistance offered by these products is driving its penetration within the industry. Many researchers believe that the use of metal food containers is likely to provide a sustainable approach. These products at the end of its life cycle can be converted to scrap and then can be reused again to produce a crude form of steel and aluminum. Thus, the growth of steel and aluminum food containers is likely to positively influence the demand for metal packaging coatings over the forecasted period.
Resin Type Outlook
Based on resin type, the market is segmented into acrylics, fluoropolymers, urethanes, epoxy, ply alkylds, and amines. Within this market space, the demand for epoxy based resins is likely to observe downward trends over the coming years. The new regulatory changes and rising awareness of toxicity caused by BPA is expected to hinder the epoxy resins. Epoxy resins contact with material food results in the release of toxins as the product consists of BPA.
However, remaining of the segments are likely to observe fruitful growth over the forecast period. The rising penetration of metal packaging products is expected to trigger the demand for the part. Evolving lifestyle coupled with the rising percentage of work couples is likely to positively influence the market for online food platforms and long shelf-life food items. Thereby, directly boosting the requirement for metal packaging products, which in turn is projected to fuel the growth for metal packaging coatings market.
Process Type Outlook
The market segmentation by process type includes thermal, coil, electroplating, extrusion, and hot-dip galvanizing. Among this category, extrusion and electroplating segments are likely to attain the highest growth rates over the forecast period. Extrusion is widely adopted by the vendors of the industry owing to its low manufacturing cost per part, enhanced surface finish, flexible nature, and many more.
Similarly, the electroplating segment is likely to observe steady growth in its demand over the predicted timeline. The key advantages of adopting electroplating are superior aesthetics, higher corrosion resistance, more magnificent surface luster, and many more. E-commerce platforms are one of the key drivers for the segment. E-commerce industry widely uses aesthetically pleasing packaging material, which is likely to boost the penetration of electroplating in the industry.
Product Type Outlook
Based on product type, the market is segmented into beverage cans, aerosol cans, food cans, bottles, drum & pails, and caps & closures. The demand for canned food is widely gaining popularity owing to the busy lifestyle and evolving eating habits of the consumers around the globe. The canned food industry observed growth of nearly 3.5% from 2017 to 2018 as per the stats released by the can help manufacturers institute in 2018. Thus, healthy growth of canned food-related products is likely to drive the demand for food cans over the predicted timeline.
Similarly, beverage cans are likely to observe steady growth over the coming years. Many of the beverage companies such as PepsiCo, Coca Cola, and others are moving towards cans products while abandoning plastic medium of serving. Vendors of the beverage industry move towards sustainability are projected to positively influence the demand for beverage cans over the predicted timeline.
The key vendors of the industry comprise of many global companies as well as some prominent regional players. The industry is moving towards a more exceptional approach to product development while accounting for evolving consumer requirements and need. For instance, Akzo Nobel N.V., which is among the prominent players of the industry, launched a new product line of metal packaging coating for food cans.
The prominent players of the industry comprise of RPM International Inc., Sherwin-Williams Co., BASF Coatings GmbH, Akzo Nobel N.V., Axalta Coatings Systems, Behr Process Corp., Nippon Paint Holdings Co., PPG Industries, Nippon Paint (USA), and Benjamin Moore & Co.
The protective layer provided to save metal packaging materials from getting damaged is defined as the metal packaging coatings. These coatings are made available in powder and liquid form. These products are designed specifically for the point of application and can be customized as per the end-users requirements.