Southeast Asia & Indian Subcontinent Can Coatings Market is projected to grow at a CAGR of around 8.60% in the forecast period of 2023-28, says MarkNtel Advisors in their recent research report. The prominent factor that escalated the market is the increased adoption of cans as an alternative for packaging in the Food & Beverage industry. Companies started to opt for canned packaging in place of conventional plastic packaging to enhance the shelf life of edible food products. The mounting demand for packaged canned food owing to the rise in the working population in the Southeast Asia countries such as Indonesia, Singapore, etc., has also escalated the market for cans and thereby increased the necessity of can coatings in the historical years. People's growing awareness of the health risks posed by plastic packaging is also driving companies to shift more toward sustainable packaging solutions such as aluminum cans, tin cans, and others, propelling the demand for can coatings.
Furthermore, the market is currently expanding as a result of larger investments by packaging companies for the production capacity & manufacturing of the cans due to the consistent demand by the food & beverage industry. Along with it, the requirement for the coating is arising from the industries that manufacture tinplate cans, metal canisters, etc., since there is a need for these containers in petrochemical for storing oil in bulk. The majority of Southeast Asian countries’ economies are reliant on oil exports. As a result, the countries' oil production units require coated metal canisters for oil bunkering & subsequent packaging. Moreover, the export growth of petrochemical products & canned oil bottles to countries such as Singapore, Indonesia, and Thailand has led to a rise in the can coatings company's earnings.
Besides, government-led plans to ban plastic packaging in Southeast Asian countries such as Indonesia, Vietnam, and others may drive the market for can coatings in the forecast years. As a result of the presence of multiple driving factors, the market for can coatings is expected to grow significantly, further states the research report, "Southeast Asia & Indian Subcontinent Can Coatings Market Analysis, 2023."
Growing Demand for Canned Food Products Led to the Surge in the Share of Food Cans
Based on application, the market is divided into Food Cans, Beverage Cans, Aerosol Cans, General Line Cans, etc. Among them, the share of Food Cans has increased significantly in the past years. This is due to rising demand for canned food products such as ready-to-eat food items, etc., as the working population in Southeast Asian countries such as Indonesia, Singapore, and others is constantly growing. As a result of the convenience & ease provided by packaged food, the labor force relies heavily on canned food products. Furthermore, food & beverage companies in the region are voluntarily switching to metal cans for packaging to improve the product's shelf life.
Additionally, can coatings companies be offering a wide range of coatings such as Non-BPA (Bisphenol A), etc., particularly for the food & beverage industries, to address the issue of the negative effects of traditional epoxy coatings. Therefore, the food processing industries are remarkably using non-toxic coatings to improvise food packaging solutions.
India to Acquire Prominent Share in Southeast Asia & Indian Subcontinent Can Coatings Market
Geographically, India would witness significant growth in the Southeast Asia & Indian Subcontinent Can Coatings market due to the rise in the consumption of canned food products such as dairy products, beverages, etc. The production of canned food products surged over the past few years, which drove the market for can coatings. Additionally, India is among the largest consumer of petroleum lubricants, which increases the demand for metal canisters, and oil drums to store the oil in bulk. Thus, the demand for can coatings for metal products used in the storage of petroleum products in the region is growing steadily.
Furthermore, companies such as Ball Corporation, among others, are investing heavily in expanding India's aluminum can production capacity. As a result of the rising demand for aluminum can production units, the market for can coatings in India is expected to grow in the coming years.
Key Competitors in the Market
The leading players in Southeast Asia & Indian Subcontinent Can Coatings Market are PPG Industries Inc., Kansai Paints, PT. Magna Coating Indonesia, Toyo Ink Sc Holdings Co., Ltd, TIGER Drylac Vietnam Co. Ltd., Sherwin Williams Co., UBIS (Asia) Public Co., Ltd, AkzoNobel N.V., Eason Paint Public Company Limited, M-DEC Enterprise Pte. Ltd, Sun Chemical, Henkel AG & Co.KgaA, and Others.
Key Questions Answered in the Study
Market Segmentation: