Packaging Coatings Market Outlook - 2021–2030
The global packaging coatings market size was valued at $3.2 billion in 2020 and is projected to reach $4.9 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.
Packaging coatings are the coatings, which are used for protection, performance, and decoration purposes for plastic tubes, metal cans, or any other substrate used in packaging. These coatings offer aesthetic appeal to myriad products related to consumer goods, healthcare, personal care, chemicals, food & beverages, and other industries. These provide corrosion protection, chemical resistance, attractive appearance, and protection against different environmental factors. The growth of the e-commerce industry and increased demand for flexible packaging from consumer goods industry are the crucial factors that drive the packaging coatings market growth. Furthermore, the rise in demand for canned food & beverages across the globe has bolstered the demand for packaging coatings. Moreover, upsurge in demand for environment-friendly packaging coatings offers opportunities to the market players. However, stringent government rules & regulations and harmful VOC emissions during the production process hinder the growth of the global packaging coatings market.
The packaging coatings market is segmented on the basis of application, type, end user, substrate and region.
On the basis of application, the market is segmented into food cans, beverage cans, caps & closures, aerosols & tubes, industrial packaging, promotional packaging and specialty packaging. Based on type, the market is segmented into epoxy thermoset, urethane, UV-Curable, BPA Free and soft touch UV-curable &urethane. Depending on end-user, the market is categorized into food & beverages, cosmetics, pharmaceuticals, consumer electronics and automotive components. On the basis of substrate, the market is categorized into metal, rigid plastic, glass, liquid cartoons, paper based containers, flexible packaging and others. By region, the packaging coatings market is analysed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the dominating region in terms of demand for packaging coatings, and is expected to maintain its dominance over the projection period. The high adoption of packaging coatings products in the region owing to growing demand for packaging coatings in the packaged food & beverage and consumer goods segments is anticipated to continue to bolster the packaging coatings market size.
The key players profiled in the report include AKZO NOBEL N.V; AXALTA COATING SYSTEMS; BASF SE; Eastman Chemical Company; KEMIRA; PPG INDUSTRIES, INC.; Sun Coating Company; THE LUBRIZOL CORPORATION; THE SHERWIN-WILLIAMS COMPANY; and WACKER CHEMIE AG.
The other companies operating in the packaging coatings industry include ALTANA, Brancher, ColorMatrix, CROMOS TINTAS GRAFICAS, Dainichiseika Color & Chemicals Manufacturing, DIC, EncresDubuit, Environmental Inks and Coatings, Kansai Paint, Nippon Paint, Sakata, SiegwerkDruckfarben, T&K TOKA, Toyo Ink, WikoffColor, and others. These companies compete for the share of the market through product launch, joint venture, partnership, and expansion of the production capabilities to meet the future demand for the packaging coatings market during the forecast period.
Packaging Coatings Market, by Region
Asia-Pacific dominates the packaging coatings market and consists of countries, such as China, India, Japan, and rest of Asia-Pacific. The developing nations in the region are predicted to witness a steady growth rate, owing to surge in growth of the overall economy. The rise in need for decorative as well as attractive packaging has led to an upsurge in the demand for packaging coatings in the region. Furthermore, rise in investments by key manufacturers is another crucial factor that propels the market growth. Consequently, these factors are expected to have a positive influence on the growth of the packaging coatings market.
Asia-Pacific is projected to create abundant $ opportunity till 2030
Packaging Coatings Market, by Application
The food can segment dominates the global packaging coatings market. The food cans play a vital role in beverage industry, which enhances their shelf life and protect lids from corrosion in bottles and jars. These factors bolster the demand for epoxy coatings during the forecast period
Food Cans is projected to create abundant $ opportunity till 2030
Packaging Coatings Market, by Type
The epoxy thermoset segment dominates the global packaging coatings market. The epoxy coatings on food and beverage containers enhance their shelf life and protect lids from corrosion in bottles and jars. These factors bolster the demand for epoxy coatings during the forecast period.
Epoxy Thermoset segment is projected as the most lucrative segment.
Packaging Coatings Market, by End-user
Food & Beverages segment holds the highest share owing to the increased consumption of beverages and packaging coatings protect beverages from getting contaminated by reacting with the metal.
Food & Beverages is projected as the most lucrative segment.
Packaging Coatings Market, by Substrate
The flexible packaging segment dominates the global packaging coatings market on account of the strength, flexibility, and durability of coatings. They are water-resistant, abrasion-resistant, and are also readily heat-sealed, making them ideal for single-use disposable food packaging.
Flexible Packaging is projected as the most lucrative segment.
The COVID-19 pandemic has negatively affected the overall market and supply chain. Disruption of the supply and demand for raw materials due to lockdowns and stringent government laws limited production, consequently negatively impacting production facilities worldwide. Moreover, food & beverage and consumer goods industries which are the major end-users of packaging coatings are witnessing substantially decreased consumption and disrupted supply chains. However, the vaccination programs and lifting of lockdowns are expected to propel the packaging coatings market growth during the coming years.
Key benefits for stakeholders
- This report provides a detailed quantitative analysis of the current packaging coatings market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
- An in-depth analysis of packaging coatings market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global packaging coatings market.
Packaging Coatings Market Report Highlights
By Application Type
By End User
Growth of the food & beverage industry, increase in demand for flexible packaging coatings, and surgein the consumption &production of PET bottles are some of the key factors that drive the growth of the packaging coatings market. The use of packaging coatings witnessed quite a notable growth in the past years, owing to its enhanced adhesion, product protection, durability, flexibility, and resistance properties. In addition, packaging coatings help enhance the overall aesthetic characteristics of the packaging form.
Furthermore, growth in inclination toward modern lifestyle and change in food habits among the population in developed and several developing economies boost the demand for packaging coatings in various applications including food cans, beverage cans, caps & closures, aerosols & tubes, industrial packaging & specialty packaging, and others. The surge in demand for environment-friendly packaging coatings is anticipated to provide ample opportunities for the global packaging coatings market growth over the projection period.
Asia-Pacific dominated the regional market for the packaging coatings market owing to increase in demand from food & beverages, personal care, and healthcare industries. Moreover, rise in food production coupled with the development of food cans in the region, owing to benefits of food cans, such as food protection and durability bolster the demand for packaging coatings. Rise in demand from emerging countries such as China and India, continuous advancements in the packaging sector, and continuous R&D activities to produce sustainable & more effective packaging coatings are the other key factors that drive the packaging coatings market in the region.