Allied Market Research published a research report on the packaging coatings market. The findings of the report states that the global market for packaging coatings generated $3.2 billion in 2020 and is projected to reach $4.9 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Significant surge in the demand for flexible packaging from consumer goods industry, growth of the e-commerce industry, rapid urbanization and industrialization across the globe, and increase in the demand for ready-to-eat or canned food and beverages are expected to drive the growth of the global packaging coatings market. On the other hand, harmful VOC emissions during the production process limit the growth to some extent. However, upsurge in demand for environment-friendly packaging coatings is expected to create ample opportunities for the industry.
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“Growth of food & beverage industry, increased demand for flexible packaging coatings, and rise in the consumption as well as production of PET bottles across the globe propel the demand for the packaging coatings. Moreover, the increase in usage of packaging coatings in metal packaging along with rise in demand from food & beverages, personal care, and healthcare industries positively impact the market growth. The surge in demand for environment-friendly packaging coatings is expected to provide lucrative opportunities for the global packaging coatings market growth over the forecast period,” says Eswara Prasad Manager, Chemicals and Materials at Allied Market Research.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the packaging coatings market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global packaging coatings market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing and end-use industries such as food & beverages and consumer goods, which consequently decreased the demand for packaging coatings. This was majorly due to the stringent social distancing restrictions imposed by the government so as to curb the spread of the virus during the pandemic. However, the market is expected to recoup soon.
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The report offers a detailed segmentation on the global packaging coatings market based on application, type, end-user, substrate and region.
Based on application, the food can segment held the largest market share in 2020, garnering more than one-fourth of the global market. The industrial packaging segment, on the other hand, is predicted to cite the fastest CAGR of 5.6% during the forecast period.
Based on type, the epoxy thermoset segment held the majority market share in 2020, holding more than two-fifths of the global market. The UV-curable segment, on the other hand, is predicted to cite the fastest CAGR of 6.1% during the forecast period.
Based on region, the market across Asia-Pacific region held the lion’s share in 2020, garnering nearly two-fifths of the global market. In addition, the same segment is expected to exhibit the fastest CAGR of 5.3% during the forecast period. Other regions analyzed in the report include North America, Europe and LAMEA.
The key players analyzed in the global packaging coatings market report include AKZO NOBEL N.V; AXALTA COATING SYSTEMS; BASF SE; Eastman Chemical Company; KEMIRA; PPG INDUSTRIES, INC.; Sun Coating Company; THE LUBRIZOL CORPORATION; THE SHERWIN-WILLIAMS COMPANY; and WACKER CHEMIE AG.
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