The latest report by IMARC Group, titled “Packaging Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global packaging coatings market size reached US$ 3.4 Billion in 2021. Packaging coatings are functional and aesthetic media that protect and prevent the packaged product from oxygen, light, and moisture. Epoxy thermoset, urethane, acrylic, and polyester are some of the widely used packaging coatings. They help ease the supply chain, promote sales, and extend the shelf life of contents. They also offer chemical resistance, corrosion protection and ensure the safety of the products. As a result, packaging coatings find application in the consumer goods, personal care, healthcare, chemical, and food and beverage industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Packaging Coatings Market Trends:
The global packaging coatings market is primarily driven by their growing demand from the food sector to maintain original quality and taste and prevent contamination of food content by foreign agents. Besides this, the expanding e-commerce industry has increased the need for various metal, plastic and paper-based containers, cans, closures, and industrial packaging products. Consequently, this has led to the growing adoption of packaging coatings across the industry. In addition to this, with rising environmental concerns, manufacturers are shifting toward solvent-borne, waterborne, and powder-based epoxy and acrylic resin products. These acrylic packaging coatings offer excellent transparency and high durability to stains, blistering, heat and cracking to various packed products. Furthermore, research and development (R&D) activities have introduced sustainable and more effective packaging coatings, which, in turn, is significantly fueling the market growth. Looking forward, the market is expected to grow at a CAGR of 4.27% during the forecast period (2022-2027).
- Based on the substrate, the market has been segmented into plastic, metal, paper, glass, and others.
- On the basis of the resin, the market has been classified into epoxy, acrylic, polyurethane, polyester, and others.
- The market has been categorized based on the formulation into water-based, solvent-based, radiation-cured, and powder-based coatings.
- On the basis of the application, the market has been segregated into beverages, food products, caps and closures, monobloc and tubes, and others.
- Region-wise, the market has been divided into Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), North America (the United States and Canada), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others).
- The competitive landscape of the market has been examined, with some of the key players being Akzo Nobel N.V., Arkema Group, Axalta Coating Systems LLC, BASF SE, Mantrose-Haeuser Co. Inc., PPG Industries Inc., Sun Coating Company, The Dow Chemical Company, The Valspar Corporation, and Wacker Chemie AG Ltd.
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