NEW YORK, July 8, 2021 / PRNewswire / – According to a study by Fact.MR, the packaging coating market sales grew 3.6% in 2021. The global market grew at a CAGR of 5.7% during its historical period. The market is expected to grow at a CAGR of 6% during the forecast period 2021 to 2031. Overall sales in 2021 will exceed 3.1 billion US dollars in 2021.
Packaging coating sales have experienced significant growth in developed countries such as USA, UK, Germany, and Canada due to the infrastructure developed. The growing demand for packaging coatings from the food and beverage industry is expected to create sales opportunities.
Consumers demand nutrition, aroma and taste, which has encouraged manufacturers in the food industry to focus on advanced packaging solutions. Therefore, the focus is on the development of new packaging technologies which will create sales prospects for packaging coatings in the years to come.
With the anticipated expansion of the food and beverage industry at a steady pace, there are growing prospects for packaging coating producers to capitalize on. According to Fact MR, demand for polyurethane coatings will increase in response to the focus on flexible packaging solutions.
In addition to food packaging, applications are expected to increase in various sectors. The report points out that the demand for packaging for electronic products will become the main driver of growth in the years to come. Sales within the category are expected to reach 231 million US dollars by the end of 2031.
Global sales of packaging coatings are also increasing due to increased spending on modern lifestyle and demand for sophisticated packaging.
“The major players in the market are investing in environmentally friendly products, as consumers actively become aware of the strict regulation of government agencies. The focus on improving sustainability will remain a key growth driver going forward, ”says Fact.MR analyst.
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Key points to remember
- Polyester and polyurethane coatings account for 28% of the market share in 2021 due to the growing demand for flexible packaging options.
- Epoxy coatings represent 24% of the market and are expected to reach $ 744 million in 2021.
- The food packaging industry is expected to grow at a CAGR of 5% during the forecast period and an assessment of 450 billion dollars by the end of 2031.
- The United States will emerge as an attractive market for packaging coatings, reaching a valuation of US $ 265 million by 2031.
- Over 45% of packaging coatings sold in Latin America in 2020 concentrated in Brazil. It is expected to remain dominant thanks to the increasing demand for packaging coatings in various industries.
- The move towards environmentally friendly solutions to reduce concerns about environmental pollution is driving the demand for recyclable and biodegradable coatings in many applications.
- The expansion of the food packaging industry and the demand for sustainable food packaging solutions will continue to drive growth.
- Packaging designed for single use cannot be recycled and is therefore a drag on the growth in demand for packaging coatings.
- Strict regulations imposed by many government agencies for the production of certain harmful raw materials, chemicals and plastics pose a threat to growth.
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The major players in the global packaging coatings market are focused on expanding their geographic footprint and establishing them across the globe. The players invest in obtaining advanced technical characteristics to obtain optimal opportunities in the market. For example:
- In 2019, DIC Corporation acquired BASF Colors & Effect, which was BASF’s global pigment segment. This acquisition helped DIC Corporation expand its portfolio.
- In April 2019, Ardagh Group announced the expansion of its production facility located in Brazil to meet the growing demand for aluminum packaging.
The major players operating in the packaging coatings market presented by Fact.MR include
- Axalta Coating Systems
- Solvay SA
- Japanese painting
- Kansai paintings
- Evonik Industries
- BASF SE
- Sherwin Williams
- PPG Industries.
More information on the packaging coatings market:
Fact.MR provides an unbiased analysis of the Packaging Coatings market, presenting historical demand data (2016-2020) and forecast statistics for the period 2021-2031. The study reveals compelling insights into the global packaging coatings market with detailed segmentation on the basis of:
- Acrylic packaging coatings
- Epoxy thermosetting packaging coatings
- Fluoropolymer packaging coatings
- Plastisol packaging coatings
- Polyester packaging liners
- Polyurethane packaging coatings
Type of packaging
- Metal box packaging coatings
- PET bottles Packaging Coatings
- Glass packaging coatings
- Flexible plastic packaging liners
- Rigid plastic packaging liners
- Liquid cardboard packaging liners
- Coatings for food and beverage packaging
- Consumer product packaging coatings
- Chemical packaging coatings
- Painting and coating Packaging Coatings
- Packaging coatings for industrial products
- Coatings for semiconductors and electronic packaging
- Coil and sheet packaging coatings
- Roll packaging coatings
- Spray packaging coatings
- Functional packaging coatings
- North America
- Latin America
Key questions addressed in the Packaging coating Market report
- The report offers in-depth information on the outlook for the packaging coatings demand for 2021-2031
- The market study also highlights the forecasted sales growth for the packaging coatings market between 2021 and 2031.
- The Packaging Coating market research identifies key growth drivers, restraints, and other forces impacting prevailing trends, assessing the current market size, and technological advancements within the industry. ‘industry
- Analysis of the packaging coatings market share of key companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
Explore the facts. MR coverage on chemicals and materials
Coating Additives Market – Manufacturers are gradually working on improving the performance of coatings and creating multi-functional and hybrid coatings, as well as new environmentally friendly products such as green coatings, nano-coatings and other environmentally friendly products. Manufacturers would be able to adapt to new regulatory dynamics thanks to these advances. Furthermore, these advancements are expected to be application specific, expanding the customer base of the coating additives market.
Hydrophobic Coatings Market – The increased use of anti-corrosive and anti-icing / wetting coatings in the aviation industry is likely to fuel demand in the years to come. The medical industry is expected to experience a sharp increase in the demand for hydrophobic coatings due to their increasing application in the manufacture of biocompatible stainless steel operative and surgical equipment. Asia Pacific currently holds the highest share of the global market, and this dominance is expected to continue in the future.
Polyurethane Dispersion Market – The demand for water-based polyurethane dispersions, especially water-based polyurethane dispersions for textile coatings, is expected to increase as government regulations to ensure low emissions of VOCs are becoming more stringent. In addition, the textile sectors of developing economies are experiencing an increase in demand for polyurethane dispersion. The leather sector in Asia is also booming, offering more chances to polyurethane dispersion manufacturers.
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