Sustainability Concerns to Drive Sales of Packaging Coatings at 6% through 2031: Fact.MR Study

NEW YORK, July 8, 2021 /PRNewswire/ -- As per a study by Fact.MR, the sales of packaging coating market experienced a 3.6% in 2021. The global market increased at a 5.7% CAGR during its historical period. The market is expected to expand at a CAGR of 6% during the forecast period of 2021 to 2031. Overall sales in 2021 will surpass US$ 3.1 Bn in 2021.

The sales for packaging coating has witnessed a significant growth in developed countries such as the U.S., the U.K., Germany, and Canada due to developed infrastructure. The rising demand for packaging coating from food and beverage industry is expected to create sales opportunities.

Consumers demand nutrition, aroma, and taste therefore has encouraged manufacturers across food industry to focus on advanced packaging solutions. Consequently, there is high focus on developing novel packaging technologies which will create prospects for packaging coating sales in the coming years.

With the food and beverages industry forecast to expand at a steady pace, packaging coating producers will register increasing prospects to capitalize on. As per Fact MR, the demand for polyurethane coatings will rise in response to focus on flexible packaging solutions.

Besides food packaging, application is expected to rise across diverse sectors. The report highlights that the demand for packaging electronic goods will emerge as a chief growth driver in the coming years. Sales within the category are expected to reach US$231 mn by the end of 2031.

The global packaging coating sales is also rising owing to increasing spending on modern lifestyle and demand for fancy packaging.

 "Key players in the market are investing in environmental friendly product as consumers are actively becoming aware and stringent regulation from government bodies. Focus on offering improved sustainability will remain a key growth driver in the future," says the Fact.MR analyst.

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Key Takeaways

• Polyester and polyurethane coatings account for 28% of market shares in 2021 owing to rising demand for flexible packaging option.
• Epoxy coating account for 24% of market and is expected to reach US$744mn in 2021.
• Food packaging industry is expected to expand at a CAGR of 5% during the forecast period and an evaluation of US$450 bn by the end of 2031.
• The U.S. will emerge as an attractive market for packaging coatings, reaching a valuation of US$ 265 Mn by 2031.
• Over 45% of packaging coatings sold in Latin America in 2020 concentrated in Brazil. It is expected to remain dominant backed by rising demand for packaging coatings across diverse industries.

Key Drivers

• Shift towards eco-friendly solutions to reduce concerns regarding environmental pollution is boosting demand for recyclable and bio-degradable coating in numerous applications.
• Expansion of food packaging sector and demand for sustainable food packaging solutions will continue driving growth.

Key Restrains

• The packaging designed for single use cannot be recycled and therefore act as a restrain for the growth of packaging coating demand.
• Stringent regulation imposed by numerous government bodies for the production of certain, harmful raw materials, chemicals, and plastics are posing threat to growth.

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Competitive Landscape

Key players of the global packaging coating market are focusing on expanding their geographical footprint and establishing themselves across the globe. The players are investing in attaining advanced technical characteristics to gain optimum opportunities in the market. For instance:

• In 2019, DIC Corporation acquired BASF Colors & Effect, which was BASF's global pigment segment. This acquisition helped DIC Corporation to expand their portfolio.
• In April 2019, Ardagh Group announced expansion of its production facility located in Brazil to cater to the growing demand for aluminum packaging.

Key players operating in the packaging coating market profiled by Fact.MR includes

• Axalta Coating Systems
• DuPont
• Solvay S.A.
• Nippon paint
• Kansai Paints
• Evonik Industries
• BASF SE
• Sherwin Williams
• AkzoNobel
• PPG Industries.

More Insights on the Packaging Coating Market:

Fact.MR provides an unbiased analysis of the packaging coating market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global packaging coating market with a detailed segmentation on the basis of:

Coating Type

• Acrylic Packaging Coatings
• Epoxy Thermoset Packaging Coatings
• Fluoropolymer Packaging Coatings
• Plastisol Packaging Coatings
• Polyester Packaging Coatings
• Polyurethane Packaging Coatings
• Others

Packaging Type

• Metal Can Packaging Coatings
• PET Bottles Packaging Coatings
• Glass Packaging Coatings
• Flexible Plastic Packaging Coatings
• Rigid Plastic Packaging Coatings
• Liquid Carton Packaging Coatings
• Others

End-Use

• Food & Beverage Packaging Coatings
• Consumer Product Packaging Coatings
• Chemical Packaging Coatings
• Paint and Coating Packaging Coatings
• Industrial Product Packaging Coatings
• Semiconductor and Electronics Packaging Coatings
• Others

Technology

• Coil & Sheet Packaging Coatings
• Roll Packaging Coatings
• Spray Packaging Coatings
• Functional Packaging Coatings

Region

• North America
• Latin America
• Europe
• Japan
• APEJ
• MEA

Key Questions Covered in the Packaging Coating Market Report 

• The report offers detailed insights into packaging coating demand outlook for 2021-2031
• The market study also highlights projected sales growth for packaging coating market between 2021 and 2031
• Packaging coating market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
• Packaging coating market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others 

Explore Fact. MR's Coverage on the Chemical & Materials Domain

Coating Additives Market - Manufacturers are progressively working on improving coating performance and creating multi-functional and hybrid coatings, as well as novel eco-friendly products such as green coatings, nano-coatings, and other environmentally friendly products. Manufacturers would be able to adjust to new regulatory dynamics as a result of these advances. Also, these advancements are expected to be application-specific, expanding the coating additives market's customer base.

Hydrophobic Coatings Market - Increased use of anti-corrosive and anti-icing/wetting coatings in the aircraft industry is likely to fuel demand in the future years. The medical industry is predicted to see a large increase in demand for hydrophobic coatings due to their increasing application in the manufacturing of biocompatible stainless-steel operating and surgical equipment. Asia Pacific currently maintains the highest share of the worldwide market, and this dominance is expected to continue into the future.

Polyurethane Dispersion Market - Demand for water-based polyurethane dispersions, particularly waterborne polyurethane dispersions for textile coatings, is expected to rise as government rules to assure low VOC emissions become more stringent. In addition, the textile sectors in developing economies are seeing an increase in demand for polyurethane dispersion. The leather sector in Asia is also thriving, providing more chances for polyurethane dispersion manufacturers.

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SOURCE Fact.MR