Packaging Coating Market to reach $4 billion value
The growing consumer shift toward convenience products has increasingly impacted the developments in packaging coating.
The growing demand for better packaging to fulfill wide range of needs, such as aesthetics, branding, and functional, in various end-use industries has proportionately shaped the contours of the global packaging coating market. The growing consumer shift toward convenience products and ready-to-eat food products has increasingly impacted the developments in packaging coating for the food and beverages industry applications.
The growth is catalyzed by the advent of packaging coatings that can meet the needs of good adhesion to different substrates, has better chemical resistance, and resist well thermoactivation, among various functions. Furthermore, the rising demand for external and internal protective packaging that can meet the needs of consumer aesthetics is also propelling the expansion of the packaging coating market. Such aspects include higher shelf appeal and brand differentiation for packaged food and beverages products.
The global packaging coating market is projected to expand at modest CAGR of 5.5% during 2017–2022 and will cross a valuation of $4 billion by the end of this period.
The rapid strides being made by functional packaging has considerably impacted the dynamics of the packaging coating market. Over the past few years, acrylic among various packaging coating types has been garnering popularity as an advanced functional packaging coating. The coating type in the packaging coating market is witnessing substantial demand in several end-use industries in the packaging coating market, owing to its attractive properties.
Some of beneficial characteristics of acrylic coating pertain to the ease of application, advanced heat- and water- resistance, and print receptivity. These features are especially vital for consumers in the food and beverages packaging and construction packaging industries.
Recent advances in chemistries related to their cross-linking properties have significantly enhanced the water-resistance performance, thus boosting the packaging coating market. Acrylic type packaging coating is anticipated to garner higher sales volumes than all other types in the global packaging coating market. By the end of 2022, the segment is estimated to reach worth of over US$400 Mn. However, fluoropolymer segment is expected to expand at relatively higher CAGR during the assessment period in the packaging coating market.
Recent advancements witnessed in the food packaging technology are opening new, exciting avenues for formulators of packaging coating. The integration of coil and sheet coating technology with food and beverages packaging has substantially added to the revenue in the packaging coating market. The coating technology is expected to gain popularity in the coming years. The estimated valuation of the segment in 2017 is US$700 Mn by 2017 end. However, the technology the demand for which is expected to rise at the most rapid CAGR is the spray coating and roll coating segment.
The extensive use of flexible plastics in various end-use industries is a crucial factor offering a robust impetus to the expansion of the packaging coating market. The flexible plastic segment estimated valuation crossed US$200 Mn by 2017 end. However, among the key packaging types in the global packaging coating market, the demand for liquid carton segment is projected to expand at the most attractive CAGR during 2017–2022.
Numerous prominent players in the packaging coating market are substantially spending on research and development programs to develop advanced formulations. Several players are pursuing elaborate testing of their products to enhance the performance of their products in the packaging coating market.
Some of the leading players operating in the packaging coating market are Axalta Coating Systems, DuPont, Solvay S.A., Nippon paint, Kansai Paints, Evonik Industries, BASF SE, Sherwin Williams, AkzoNobel, and PPG Industries.
Source: Pet Food Industries