Paint Packaging Market Expected to Reach $30.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Paint Packaging Market," The paint packaging market was valued at $20.6 billion in 2022, and is estimated to reach $30.4 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.

The market is driven by increase in construction and infrastructure spending coupled with the rise in consumption of exterior paints globally. The market has been witnessing a soaring demand from exterior paint application. Exterior paints are being increasingly used to protect the exterior surfaces of buildings from harsh weather conditions. These paints are also gaining popularity as waterproofing agents while being widely employed for exterior walls.

Furthermore, the availability of a wide spectrum of exterior paints has driven the demand for these products to enhance the aesthetic appeal of buildings. Such factors have necessitated large-scale application of packaging products across the globe.

Increase in construction activities in a variety of industries are positively influencing paint consumption and, as a result, the market is experoencing growth. Rapid urbanization and rise in consumer living standards are expected to drive market growth during the forecast period.

Also, surge in package innovation is projected to drive the market. Increase in R&D spending is positively impacting the global market growth. Consumer demands for creative packaging are expected to drive growth globally during the forecast period. There are several types of paints available in the market. This presence is also expected to drive the industry growth.

The wide access to product replacements, as well as volatility in raw material prices, are hampering the market growth. Moreover, lack of awareness among people regarding advanced techniques used in painting is expected to hinder the market growth. Also, paints are hazardous to health since they irritate the throat, nose, and eyes.

Furthermore, it causes long-term damage to body systems such as the kidneys, lungs, and nervous system, when exposed to high quantities of gaseous pollutants released from the paints. These challenges are also expected to obstruct market expansion.

Paint and coating thickeners are growing in popularity due to rise in demand from end-use industries in emerging countries. Growing economies and rising per capita income, together with the rising need for packaging, are supporting the market. Increased R&D and innovations are aiding the expansion of areas of applications, giving the market further growth opportunities.

Environment-friendly products

The U.S. industry is driven by the increase in popularity of environment-friendly products with low VOC content. This trend has prompted many prominent players in the paint industry to introduce a new range of products, thereby, necessitating the employment of packaging containers. In essence, the demand for paint packaging products in the U.S. is principally driven by increase in construction and industrial spending.

Also, the U.S. market is driven by rise in paint exports and imports. The country exports paint products principally to Mexico, Canada, and China. It largely imports paint products from Japan and Germany. The rise in export and import operations calls for efficient packaging products, which will protect products in transit. This, in turn, has positively impacted the market growth in the country.

The paint packaging market is divided on the basis of material, product, end-use industry, and region. On the basis of material, the market is classified into metals, polyethylene, polypropylene, polyethylene terephthalate, and others. On the basis of product, the market is segregated into cans and pails, pouches, bottles, and others. On the basis of end-use industry, the market is bifurcated into professional and consumer. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

On the basis of product, the cans & pails segment was the largest segment in 2022, which accounted for three-fourths of the global market share and is expected to retain its position during the forecast period on account of rising popularity of metal cans, most notably aerosol cans. Increased consumption of spray paints has necessitated large-scale consumption of cans across the globe. One of the key factors driving the demand for cans & pails is the increasing popularity of lightweight packaging. Metal cans and plastic cans are preferred for their dissimilar benefits in the industry.

On the basis of material, the metals segment was the dominant segment in 2022, which accounted for two-fifths of the global market share. Increased demand for cans & pails has significantly contributed to the growth of the segment. However, polypropylene (PP) segment is expected to grow at the fastest rate during the forecast period owing to increase in demand for enhanced clarity in packaging products.

On the basis of end-use industry, the professional segment was the largest segment in 2022, which accounted for four- fifths of the global market share. The segment is expected to retain its position during the forecast period on account of expanding application scope of paints in the construction industry.

However, the consumer segment is expected to grow at the fastest rate during the forecast period, registering a CAGR of 4.4%. Rise in demand for interior designing and decoration across the globe is expected to drive the segment growth during the forecast period.

On the basis of region, Asia-Pacific was the largest regional market for paint packaging and accounted for two-fifths of the total market share in 2022. This can be attributed to the robust growth of construction industry, most notably China and India. Increased consumption of industrial and architectural paints in the aforementioned countries fostered the market growth in the region.

The key players operating in the global market include Berry Global Inc., BWAY Corporation, Dow, Hitech Group, International Paper, KARSHNI PACKS PRIVATE LIMITED, Mold-Tek Packaging Ltd., Mondi, Smurfit Kappa and WestRock Company.

Key findings of the study

• Region-wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 4.3%, in terms of revenue, during the forecast period.
• On the basis of end-use industry, the professional segment accounted for the largest market share in 2022.
• Depending on material, the metal segment garnered the highest share in 2022.
• On the basis of product, the cans & pails segment accounted for the largest market share in 2022.