The Packaging Coating Market was valued at $2,830 million in 2016, and is expected to reach $3,865 million by 2023, registering a CAGR of 4.6% from 2017 to 2023. Packaging coating is defined as a medium to give functional as well as aesthetic appeal to various products related to consumer goods, personal care, healthcare, chemicals, food & beverages, and other such industries. These impart additional features by providing chemical resistance, corrosion protection, attractive appearance, protection against various environmental factors, and more. The coatings are applied to various materials that are employed during packaging ranging from paper to cans. Also, the extensive applications of packaging coatings depends upon the type of resin and additives used in these materials. The abovementioned qualities make packaging coatings important for all manufacturers as it ensures safety, promotion, ease in supply, and convenience & customization for consumers.
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Increase in usage in various industries such as food & beverage cans, aerosol, and others drive the market. In addition, demand for flexible packaging coatings, rapid growth of the food & beverage industry, and rise in trend for E-commerce also fuel the market. Asia-Pacific is the leading region, in terms of growth, due to massive urbanization, growth in income of people living in urban areas, and rapid industrial development. However, stringent government regulations and harmful VOC emissions during the production process are some factors that limit the market growth and direct companies to look for substitution. Growth in demand from emerging economies such as China & India and continuous advancements in packaging industry coupled with ongoing R&D activities to develop sustainable and more effective packaging coatings represent lucrative opportunities for the market expansion.
Global Retail E-commerce Sales 2014-2020 (Usd Billion)
The above figure shows the lucrative growth of global retail sales of e-commerce from 2014 to 2020. This is a type of business model that enables an individual or a firm to conduct business over an electronic network, usually internet. Also, it is one of the driving factors for the global packaging coatings market and is anticipated to contribute towards its growth during the forecast period.
Segment Review
The global packaging coatings market is segmented by type, substrate, application, end user, and geography. By type, the market is classified into epoxy thermoset, urethane, UV-curable, BPA free, and soft touch UV-curable & urethane. By substrate, it is categorized into metal, rigid plastic, glass, liquid cartons, paper-based containers, flexible packaging, and others. By application, it is divided into food cans, beverage cans, caps & closures, aerosols & tubes, industrial packaging, promotional packaging, and specialty packaging. By end user, it is segmented into food & beverages, cosmetics, pharmaceuticals, consumer electronics, and automotive components. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Investment Pocket, by Substrate
Liquid cartons is the most lucrative segment in the global packaging coatings market owing to its ease of handling, lower costings, negligible wastages, and others.
Global Packaging Coatings Market, by Geography
Europe dominated the global packaging coatings market occupying more than one-third share in 2016 and registering the second highest CAGR of around 4.4% during the forecast period. Asia-Pacific witnessed the highest CAGR and second highest revenue share in the global market owing to rapid increase in the number of end user industries.
Turkey Packaging Coatings Market, 2016-2023 ($Million)
Key leading players operating in this market include 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, Allnex Belgium SA/NV, and FlintGroup.
Other key market players in the value chain include ALTANA, Brancher, ColorMatrix, CROMOS TINTAS GRAFICAS, Dainichiseika Color & Chemicals Manufacturing, DIC, Encres Dubuit, Environmental Inks and Coatings, Kansai Paint, Nippon Paint, Sakata, Siegwerk Druckfarben, T&K TOKA, Toyo Ink, Wikoff Color, and Zeller+Gmelin.
Key Benefits:
- This report provides an extensive analysis of the current trends and emerging estimations & dynamics of the global packaging coatings market.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Detailed analysis of the industry based on the type and application help understand the trending product type and potential applications.
- Porter’s Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top players within the market framework…
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