Rise in demand for flexible packaging coatings and the growth of the food & beverage industry drive the growth of the global packaging coatings market. However, stringent environmental regulations on packaging safety hinder the market growth. On the other hand, rapid expansion of packaging industry presents new opportunities in the coming years.
A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.
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The global Packaging Coatings industry generated $3.2 billion in 2020, and is anticipated to generate $4.9 billion by 2030, witnessing a CAGR of 4.7% from 2021 to 2030.
The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.
The Packaging coatings market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.
The food cans segment held the highest market share in 2020, accounting for more than one-fourth of the global packaging coatings market, and is estimated to maintain its leadership status throughout the forecast period. Canned foods are a convenient and practical way to add more nutrient-dense foods to diet. This, in turn, is acting as a driving factor for the segment. However, the industrial packaging segment is projected to manifest the highest CAGR of 5.6% from 2021 to 2030, owing to its usage at the production site right after production and at any point in the supply chain.
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Packaging coatings Companies Covered Market:- Akzo Nobel N.V, Axalta Coating Systems, BASF SE, Eastman Chemical Company, Kemira, PPG Industries, Inc., Sun Coating Company, The Lubrizol Corporation and Other.
The epoxy thermoset segment accounted for the largest share in 2020, contributing to more than two-fifths of the global packaging coatings market, and is projected to maintain its lead position during the forecast period. This is due to its thermal and mechanical properties as well as dimensional stability. However, the UV-curable segment is expected to portray the largest CAGR of 6.1% from 2021 to 2030. This is owing to usage of high-intensity ultraviolet light.
Analysis of COVID-19 impact:
The outbreak of the pandemic has had a massive impact on the majority of industries and the Packaging coatings market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Packaging coatings market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.
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