Packaging Coatings Market Booming to $9.2 Billion by 2034 Fueled by Urbanization and Sustainability | Future Market Insights, Inc.

Future Market Insights (FMI) predicts a robust future for the packaging coating market. This growth is primarily driven by the growing trend of urbanization and its impact on lifestyles. This trend signifies a rising demand for packaged goods, creating ample opportunities for the market to expand. FMI's report highlights the increasing popularity of sustainable packaging solutions, with bio-based coatings derived from natural sources emerging as a preferred alternative to conventional coatings. This focus on sustainability is expected to be a key driver of market growth in the coming years.

NEWARK, Del., April 30, 2024 /PRNewswire/ -- The global packaging coating market will reach a valuation of US$ 5.4 billion in 2024, attributed to factors such as urbanization as well as lifestyles. The trend is set to create new opportunities for the market, leading to a projected CAGR of 5.4% between 2024 and 2034, and reaching a total valuation of approximately US$ 9.2 billion by 2034.

Download the Sample PDF report to explore key market insights and trends: https://www.futuremarketinsights.com/reports/sample/rep-gb-19541

Metal packaging, including cans and aerosol containers, is experiencing a resurgence due to its sustainability credentials and recyclability. Coatings that provide corrosion resistance, decorative finishes, and brand differentiation for metal substrates will to witness increased demand.

Nano coatings, which utilize nanotechnology to impart unique properties including enhanced barrier properties, and antimicrobial effects, are emerging as a promising area of innovation in the packaging coating market. The coatings offer superior performance in terms of durability and functionality.

The shift towards bio-based materials and renewable resources is driving the demand for bio-based coatings derived from natural sources such as plant-based polymers, starches, and waxes. The coatings offer a more sustainable alternative to conventional petroleum-based coatings.

Smart packaging solutions equipped with sensors, RFID tags, and NFC technology enable real time monitoring of product freshness, integrity, and location throughout the supply chain. Coatings compatible with smart packaging applications, such as printable electronics and conductive inks, enable the integration of intelligent features into packaging designs.

Increasing consumer awareness of environmental issues is driving demand for plant-based and renewable packaging materials. Coatings derived from renewable sources, such as bio-based polymers and natural resins, are aligned with this trend and offer sustainable alternatives to conventional coatings.

The transition towards a circular economy model, where materials are reused, recycled, or repurposed at the end of their lifecycle, is influencing packaging design and material selection.

Coatings that facilitate the recyclability and compatibility of packaging materials with existing recycling infrastructure support the circular economy agenda. Coatings that enable downgauging of packaging materials while maintaining performance characteristics, such as strength and barrier properties, contribute to sustainability efforts and cost savings.

Report Scope

Key Takeaways from the Market Study

• Global packaging coating market was valued at US$ 5.1 billion in 2023.
• From 2019 to 2023, the market demand expanded at a CAGR of 7.1%.
• The market in Korea to expand at a CAGR of 6.9% through 2034.
• By type, the epoxy thermoset segment to account for a CAGR of 5.2% through 2034.
• The market in China will expand at a CAGR of 6.2% through 2034.
• In terms of end user, the food and beverage segment to account for a CAGR of 5.0% through 2034.

"There is a growing demand for lightweight packaging solutions, as manufacturers seek to reduce packaging waste and transportation costs," says Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.). 

Competitive Landscape

Prominent players in the packaging coating market are Akzo Nobel N.V., PPG Industries, Inc., Sherwin-Williams Company, Axalta Coating Systems, RPM International Inc., Kansai Paint Co., Ltd., Jotun Group, Tikkurila Oyj, Nippon Paint Holdings Co., Ltd., Altana AG, Fujikura Kasei Co., Ltd., Toyo Ink SC Holdings Co., Ltd., Dymax Corporation, Michelman, Inc., and Follmann GmbH & Co. KG., among others.

Company Portfolio

• Toyo Ink SC Holdings Co. Ltd. is a Japanese company specializing in printing inks, coatings, and related products. It offers packaging coatings for various substrates, including paper, plastic, and metal, serving the Asia Pacific region.
• Michelman Inc. is a United States based manufacturer of coatings, surface modifiers, and additives for packaging, printing, and industrial applications. The company serves customers across North America, Europe, and Asia Pacific regions.

Purchase now and gain full access to the Packaging Coating Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global packaging coating market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the packaging coating market, the market is segmented on the basis of type (epoxy thermoset, urethane, UV curable, BPA free, soft touch UV curable and urethane), application (food cans, beverage cans, caps and closures, aerosols and tubes, industrial packaging, promotional packaging, specialty packaging), and end user (food and beverages, cosmetics, pharmaceuticals, consumer electronics, automotive components), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).

About the Packaging Division at Future Market Insights

The packaging team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

About the Author:

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power. 

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics. 

Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association. 

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE Future Market Insights

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