A recent report published by
Infinium Global Research on the packaging coatings market provides an in-depth
analysis of segments and sub-segments in the global as well as regional
packaging coatings market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional packaging coatings
market over the short term as well as long term. The report is a comprehensive
presentation of trends, forecasts, and dollar values of the global packaging coatings
market. According to the report, the global packaging coatings market is
projected to grow at a CAGR of over 4% over the forecast period of 2022-2028.
The revenue
generated by the market was around USD 3.5 billion in 2022 and is expected to
reach nearly USD 5 billion in 2028 and is expected to grow with a CAGR of over
4% over the forecast period 2022-2028. Packaging coatings are special coatings
used on the interiors and exteriors of packages for long-term preservation of
content inside and safe storage, transportation, or simple enhancement of the
package aesthetics. It is an area that requires high technology as the
functionality for long-term storing of contents, especially inside food cans,
is very important for customer health. According to the publisher, the global
packaging coatings market is expected to witness growth at a significant rate
during the forecast period. Eco-friendly coatings are further expected to drive
the global packaging coatings market. Apart from the food industry, other
industries like personal care, healthcare, and chemical also consume packaging
coatings for the functional as well as aesthetic aspects these coatings
possess. Flexible packaging is a growing sector that uses packaging coatings in
the forecast period.
Packaging coatings are used for
protection, performance, and decoration purposes for plastic tubes, metal cans,
or any other substrate used in packaging. Packaging coatings are used for
protection, performance, and decoration purposes for plastic tubes, metal cans,
or any other substrate used in packaging. The major factor driving the market
studied is the growing coatings usage in developing markets. On the flip side,
increasing regulations are expected to hinder the growth of the market studied.
The growing demand for coatings for high-speed packaging lines is enhancing the
use of solid acrylics. Solid acrylic resins in packaging coating applications
offer properties such as wet & dry adhesion, early water resistance,
corrosion & chemical resistance, hardness, good inter-coat adhesion, and
excellent exterior durability. These properties make acrylic resin a perfect
suitable coating for applications like beverage cans, solid cans, etc. The
prime reason for the growth of this market is the increasing food &
beverage industry. Acrylics in packaging coatings are used heavily for
packaging FMCG products owing to their innovative & visual appeal for
customer attraction and convenience. The growth in lifestyle and consumption
patterns has increased the demand for packaged products resulting in growing
packaging industry. COVID-19 was an
incomparable global public health emergency that has affected almost every
industry and is projected to impact these various industry growths during the
forecast period. During the Covid-19, pandemic people were compelled to stay in
their homes. The governments of many countries turned their focus to healthcare
from other industries. This significantly disrupted their supply chain
operations and manufacturing as lockdowns were imposed by the respective
governments. Manufacturing facilities were all shut down due to the pandemic in
almost every country across the globe. Logistical restrictions, manpower
shortage, material unavailability, and other restrictions had reduced the
growth of the industry.
The report provides a regional
outlook covering geographies such as North America, Europe, Asia-Pacific, and
the Rest of the World. Asia-Pacific holds command over the global packaging
coatings market and is expected to dominate the overall market during the
forecast period. China has the biggest manufacturing sector globally and the
largest consumer base. Being the most populated country, China makes it the
largest consumer of various goods. Owing to various reasons, the packaging
coatings market is one of the fastest-growing markets in the Chinese economy.
China has the largest share in the e-commerce market. Sales in China account
for more than 30% of the total e-commerce sales. China is one of the
fastest-growing e-commerce markets in the world, and it is home to the
e-commerce giant, Alibaba. The applications of coatings on various products have
grown significantly in recent times. The increasing need for decorative and
attractive packaging has led to an increase in the demand for coatings for
packaging. Such factors can adversely affect the market for packaging coatings.
These factors have also been a blessing in disguise, as companies have quickly
adapted to various eco-friendly alternatives. Other than this North America
holds a significant position in the market globally, US drives the growth of
the market in this region.
The report on the global packaging
coatings market covers segments such as substrate type, type, application, and
end-user. On the basis of substrate type, the sub-markets include metal, rigid
plastic, glass, liquid cartoons, paper based containers, flexible packaging,
and others. On the basis of type, the sub-markets include epoxy thermoset,
urethane, UV-curable, BPA free, and soft touch. On the basis of application,
the sub-markets include beverage cans, aerosols & tubes, caps &
closures, food cans, promotional packaging, specialty packaging, and industrial
packaging. On the basis of end-user, the sub-markets include food &
beverages, cosmetics, consumer electronics, automotive components, and
pharmaceuticals.
The report provides profiles of the
companies in the market such as Axalta Coating Systems, Akzo Nobel NV, ALUMAX
INDUSTRIAL CO. LTD, ALLNEX NETHERLANDS BV, Arkema Group, Asian paints, BASF SE,
Berger Paints India Limited, CARPOLY, and Chemetall.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the packaging coatings market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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