Southeast Asia & Indian Subcontinent Can Coatings

Southeast Asia & Indian Subcontinent Can Coatings Market Research Report: Forecast (2023-2028)

By Application (Food Cans (2 Piece TFS DRD/Drawn Cans, 2 Piece Aluminum DRD/Drawn Cans, 3-piece tinplate welded cans), Beverage Cans (2 Piece Aluminum Cans, 3 Piece Tinplate Welded Cans), General Line Read more

  • Chemicals
  • Dec 2022
  • 178
  • CM44002

Market Definition

The coating is the protective layer usually applied on both the interior & exterior surfaces of metal containers, generally for functional, protective, and decorative purposes. There are a large variety of can coatings that are commercially available with different chemical compositions, production processes, and technical properties. Additionally, the demand for the can coatings arises from the food & beverage companies as their packaging solution needs to be more effective, owing to improvising the shelf life of the product.

Market Insights

Southeast Asia & Indian Subcontinent Can Coatings Market is projected to grow at a CAGR of around 8.6% during the forecast period, 2023-28. The can coatings market growth in Southeast Asia imputes to the extensive presence of manufacturers of beverage cans, aerosol cans, general line cans, and drums across the region, owing to the mounting demand for packaging containers in paint, coating, food processing, and lubricant applications. The surging urban population & increasing demand for processed food & packaged drinks due to convenience is a key factor that augmented the demand for food & beverage cans in the region.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028) 8.6%
Country Covered Thailand, Malaysia, Indonesia, Vietnam, Philippines, Singapore, Cambodia, India, Bangladesh, Sri Lanka, Others
Key Companies Profiled 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
Unit Denominations USD Million/Billion

 

The requirement for can coatings arises majorly from the food & beverage sector since the coatings help to enhance the shelf life of edible products. Indonesia & Malaysia are among the largest populated countries globally, with over 57% of the population living in urban areas in 2021 compared to about 55% in 2018, cites the World Bank. The growing urban populace has considerably increased the consumer need for packaged food & beverages, such as mayonnaise, clarified butter, soft drinks, etc., and, in turn, the demand for can coatings by manufacturers like Hindustan Tin Works Limited, PT Kedaung Indah Can Tbk, Canpac, etc., to ensure the consistent supply of cans in the food & beverage sector.

Further, various government initiatives in countries like Indonesia, & Thailand for boosting investments in the FMCG industry & strengthening economic growth are also anticipated to amplify the deployment of food processing, paint, & cosmetic facilities across the region, and hence augmenting the demand for can coatings over the forecast years. Along with it, the government initiatives to ban plastic bottles for packaging in the countries such as Indonesia, Vietnam, etc., have led companies to voluntarily shift towards canned packaging as an alternative, further boosting the market growth during 2023-28.  

Key Trend in the Market

  • Use of Non-BPA (Bisphenol A) Coating for Aluminum Beverage Cans

In the past few years, packed food products in metal cans have witnessed a decrease in demand due to the growing consumer awareness about the ill effects of the BPA epoxy coatings used in food & beverage cans. Therefore, to resolve the issue, companies like Toyochem, Sherwin Williams, etc., have introduced new BPA-free can coatings. The trend of BPA-free products is expected to expand further as packaged food organizations in different countries are laying out strict norms for BPA linings in food containers.

Market Segmentation

Based on Application:

  • Food Cans
    • 2 Piece TFS DRD/Drawn Cans
    • 2 Piece Aluminum DRD/Drawn Cans
    • 3-piece tinplate welded cans
  • Beverage Cans
    • 2 Piece Aluminum Cans
    • 3 Piece Tinplate Welded Cans
  • General Line Cans
  • Aerosol Cans
    • 2 Piece Aluminum Monobloc Cans
    • 3 Piece Tinplate Welded Aerosol Cans
  • Tinplate Pails
  • Drums 

Here, Food & Beverage sector acquired a notable share in Southeast Asia & Indian Subcontinent Can Coatings market in the historical period. Canned food includes a large variety of vegetables, fruits, meat, fish, and processed food items that consumers usually buy for convenience. The rise in awareness regarding the drawbacks of using single-use plastics & government intervention in banning those plastics that affect the environment unfavorably has significantly driven the metal cans packaging for the food & beverages industry.

In addition, the beverage sector also acquired a moderate share owing to the rising demand for the consuming energy drinks like Redbull, Monster Energy, Tiovita Drink, etc. Further, the Southeast Asia region has witnessed significant expansion activities by energy drinks manufacturers, such as Pepsico, Carabao, etc., in the past years & is expected to observe the same during the coming period.

Based on Material Type:

  • Epoxy
  • Acrylic
  • Polyester
  • Others (Vinyl, Phenolic, Oleoresin, etc.)

Among them, Epoxy acquired a significant share in the Southeast Asia & Indian Subcontinent Can Coatings market due to its easy processing, superior adhesion, flexibility, and corrosion resistance when applied to metallic substrates. The commonly used epoxy coatings in cans are bisphenol A (BPA) and epichlorohydrin. However, the release of strict regulations by the Governments of India, Singapore, and Malaysia to limit & completely prohibit the use of BPA in packaging materials like cans & bottles, would restrict the market share of Epoxy resins in the Can Coatings market.

Additionally, the consumption of epoxy resins is anticipated to be limited in the coming years owing to the surging concerns of residents over the declining consumption of metal packaging food, beverages, and paints. It owes to the US FDA, which has suspected BPA as an endocrine disrupter and is estimated to cause severe health concerns, including cancerous tumors, birth defects, and other developmental disorders. Hence, several can manufacturers are increasingly opting for non-BPA coatings to ensure the sales of their products & maintain healthy market competition.

Regional Landscape

Geographically, Southeast Asia & Indian Subcontinent Can Coatings market expands across:

  • Thailand
  • Malaysia
  • Indonesia
  • Vietnam
  • Philippines
  • Singapore
  • Cambodia
  • India
  • Bangladesh
  • Sri Lanka
  • Others

Of all the regions, the India Can Coating market witnessed stable growth during the historical years. The consumption of canned products like beer, dairy products, and food products was quite high in the past few years, due to which the production of the cans showed considerable growth & subsequently enhanced the sales of can coating in the country.

India is one of the largest consumers of petroleum lubricants, due to which the need for metal drums for the packaging of these lubricants & other petroleum products has increased in the past few years. Hence, the rise in the production of metal drums by companies such as Balmer & Lawrie, Metal seam, MS Barrels, Shivraj Drum, etc., has assisted the growth of the Can Coating market in India.

Besides, the Indonesia Can Coatings market also registered a modest upsurge with the expansion of the food & beverage industry & surging demand for canned products due to the spike in the working population of Indonesia. Further, the working population relies on canned food, which falls under the category of ready-to-eat, thereby escalating the demand for can coatings to improve the shelf life of packaged food.

Recent Developments by Leading Companies

  • 2022: The can coating company, Toyo Ink Sc Holdings Co., Ltd., announced the expansion of the Malaysian manufacturing unit by 2023 to double the production of laminating adhesives used for coatings on consumer products.
  • 2022: Sun Chemical acquired another can coatings company, “Società Azionaria Per Industria Chimica Italiana,” to provide consumers with a wider range of coatings, including industrial coatings, elastomers, sealants, etc.

Market Dynamics:

Key Driver: Increasing Production Capacity of Oil Escalates the Demand for Metal Canisters 

The majority of Southeast Asian countries have been geographically located in the region of peninsulas & islands, which provides ample opportunity for the countries to cultivate palm oil & coconut oil. The countries such as Indonesia, Malaysia, and Vietnam have major production facilities for vegetable oil, coconut oil, etc., such as Astra Agro Lestari, Tbk. (AALI), Bell Group of companies, and others, that sells edible oil in both international & domestic markets. The production units of these companies utilize metals canister & drums for the storage of oils in bulk and further use cans for the packaging of oil to export to other countries such as the US, Germany, and the Netherlands.

In Indonesia, oil production has increased over the past few years, with oil production in 2021 reaching around 46 million MT, while oil production in 2020 reached over 44 million MT. Therefore, the demand for can coatings from the oil tins & oil canister manufacturers surged along with a rise in oil production capacity.

Possible Restraint: Rising Popularity of Flexible Packaging in the Food & Beverage Industry

The food & beverage sector has always been a large procurer of metal cans. However, the influx of flexible packs is cutting down their demand in the industry. Flexible packaging methods like shrink wraps, squeezable tubes, foam trays, pouches, cling wraps, bubble wraps, stand-up packets, and vacuum bags are an emerging confrontation for metal-can manufacturers in Southeast Asia. The trend of flexible films is weakening the demand for metal cans, instigating manufacturers to deviate their container portfolio towards flexible & other plastic packing methods. Hence, hindering the expansion of the Southeast Asia & Indian Subcontinent Can Coatings market.

However, the growing availability of integrated packing machines that can fill flexible pouches with solid, liquid, & semi-solid food products and the customization offered by flexible packing are instigating food & beverage manufacturers to adopt this type of packing. For instance, Chicken of the Sea is now offering Tuna, Salmon, & Oysters in flexible pouches alongside metal cans. This adoption of flexible packs is gradually reducing the number of products being packed in metal cans, i.e., a prominent growth challenge to the Can Coating market in Southeast Asia.

Growth Opportunity: Ban on Plastic Cans & Bottles in Southeast Asia to Augment the demand for Metal Cans

Growing plastic waste in Southeast Asian countries such as India, Bangladesh, and Thailand has been a major concern for governments attempting to deal with the rising environmental crisis. Southeast Asian countries generate over 11.7 million metric tons of plastic waste each year, according to the United Nations Economic and Social Commission for Asia & the Pacific. As a result, several governments, including Thailand, the Philippines, and Malaysia, have announced action plans to mitigate these challenges.

The Vietnam government's National Action Plan for sustainable consumption & production for the period 2021-2030 & the Indonesian Government’s National Action Plan on marine plastic debris for the period 2018-2025 aim to reduce the use of plastics for packaging products by encouraging the use of sustainable packagings such as aluminium, tinplate, and many more. Hence, these government-led plans to ban plastic will force companies to rely on metal cans for product packaging in the coming years, leading to rising demand for can coating in the future.

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of Southeast Asia & Indian Subcontinent Can Coatings Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in Southeast Asia & Indian Subcontinent Can Coatings Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in Southeast Asia & Indian Subcontinent Can Coatings Market, based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during Southeast Asia & Indian Subcontinent Can Coatings Market study?

Frequently Asked Questions

A. The growth rate or CAGR of the Southeast Asia & Indian Subcontinent Can Coatings Market during 2023-2028 would be around 8.60%.

A. General line cans are the leading application in Southeast Asia & Indian Subcontinent Can Coatings Market during 2023-28.

A. The expansion of can manufacturing facilities in Southeast Asia & Indian Subcontinent to cater to the growing demand for canned food & beverage is expected to drive Southeast Asia & Indian Subcontinent Can Coatings Market during 2023-28.

A. The top players in Southeast Asia & Indian Subcontinent Can Coatings Market during 2023-28 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.

A. The adoption of Polyolefin Dispersion to replace Epoxy-based Resins for coatings is the key trend shaping the growth of the Southeast Asia & Indian Subcontinent Can Coatings Market during 2023-28.

A. The rising investment for the expansion of aluminum can manufacturing would Southeast Asia & Indian Subcontinent Can Coatings Market through 2028.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Impact of COVID-19 on Southeast Asia & Indian Subcontinent Can Coatings Market
  5. Southeast Asia & Indian Subcontinent Can Coatings Market Trends & Insights
  6. Southeast Asia & Indian Subcontinent Can Coatings Market Dynamics
    1. Drivers
    2. Challenges
  7. Southeast Asia & Indian Subcontinent Can Coatings Market Regulations & Policies
  8. Southeast Asia & Indian Subcontinent Can Coatings Market Hotspots & Opportunities
  9. Southeast Asia & Indian Subcontinent Caps & Closures Coatings Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenue (USD Million)
      2. By Quantity Sold (Thousand Tons)
    2. Market Share & Analysis
      1. By Type
        1. Crown
        2. Twist-Off Caps
        3. Roll-On Aluminum Pilfer Proof Caps
  10. Southeast Asia & Indian Subcontinent Can Coatings Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenue (USD Million)
      2. By Quantity Sold (Thousand Tons)
    2. Market Share & Analysis
      1. By Application
        1. Food Cans
          1. 2 Piece TFS DRD/Drawn Cans
          2. 2 Piece Aluminum DRD/Drawn Cans
          3. 3-piece tinplate welded cans
        2. Beverage Cans
          1. 2 Piece Aluminum Cans
          2. 3 Piece Tinplate Welded Cans
        3. General Line Cans
        4. Aerosol Cans
          1. 2 Piece Aluminum Monobloc Cans
          2. 3 Piece Tinplate Welded Aerosol Cans
        5. Tinplate Pails
        6. Drums
      2. By Material Type
        1. Epoxy
        2. Acrylic
        3. Polyester
        4. Others (Vinyl, Phenolic, Oleoresin, etc.)
      3. By Surface Type
        1. Interior
        2. Exterior
      4. By Printing Type
        1. Printed Cans
        2. Non-Printed Cans
      5. By Country
        1. Thailand
        2. Malaysia
        3. Indonesia
        4. Vietnam
        5. Philippines
        6. Singapore
        7. Cambodia
        8. India
        9. Bangladesh
        10. Sri Lanka
        11. Others
      6. By Competitors
        1. Competition Characteristics
        2. Revenue Share
  11. Thailand Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  12. Malaysia Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  13. Indonesia Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  14. Vietnam Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  15. Philippines Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  16. Singapore Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  17. Cambodia Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  18. India Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  19. Bangladesh Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  20. Sri Lanka Can Coatings Market Outlook, 2018-2028
    1. Market Size & Analysis
      1. By Revenue
      2. By Quantity Sold
    2. Market Share & Analysis
      1. By Application
      2. By Material Type
      3. By Surface Type
      4. By Printing Type
      5. By Region
  21. Southeast Asia & Indian Subcontinent Can Coatings Market Key Strategic Imperatives for Success
  22. Competition Outlook (More companies to be added during the course of the study)
    1. Competition Matrix
      1. Competitor Capabilities
      2. Target Markets
      3. Target End Users
      4. Strategic Alliances or Partnerships 
      5. Strategic Initiatives
    2. Company Profiles Company Profiles (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. PPG Industries Inc.
      2. Kansai Paints
      3. PT. Magna Coatings Indonesia
      4. Toyo Ink Sc Holdings Co., Ltd
      5. TIGER Drylac Vietnam Co. Ltd.
      6. Sherwin Williams Co.
      7. UBIS (Asia) Public Co., Ltd
      8. AkzoNobel N.V.
      9. Eason Paint Public Company Limited
      10. M-DEC Enterprise Pte. Ltd
      11. Sun Chemical
      12. Henkel AG & Co.KGaA
  23. Disclaimer
Southeast Asia & Indian Subcontinent Can Coating Market - Segmentation Slide