Packaging plays a significant role in every manufacturing process. Manufacturers and packers are paying noteworthy attention to packaging for ensuring product safety, ease in supply chain, promoting sales, and increasing consumer convenience. Hence, packaging coatings plays a major role in improving the packaging process with a view to attain the above mentioned attributes. Packaging coating not only helps enhance the packaging process by providing additional protection, corrosion resistance, and numerous chemical attributes, but also helps in improving the overall aesthetic characteristics of the packaging form.
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The growing application areas of packaging are estimated to benefit the global packaging coatings market. Changing lifestyle and food habits are estimated to be the major reasons for the rise of the food and beverages sector, which is a major application segment for the global packaging coating market. Rise in consumption and manufacturing of PET bottles is also estimated to be a major growth contributor for the global packaging coating market.
The global packaging coatings market is primarily driven by the growth witnessed in the packaging industry. Global, the packaging industry is estimated to expand at CAGR of 4% over the forecast period. The growing scope of packaging in various products, especially in consumer goods and food and beverages industry, is estimated to further drive growth of the globally packaging coatings market in the coming years. The increasing need for maintaining original quality and taste and keeping a check on contamination are pushing manufacturers to use packaging coatings, especially in the food and beverages market.
On the other hand, stringent government laws and regulations, especially in terms of food and beverages packaging, is expected to restrain growth of the global packaging coatings market in the coming years. Besides, increasing concern and awareness regarding the side effects of chemicals used in coatings of cans and bottles among both, manufacturers and end users, is anticipated to further restrain growth of the global packaging coatings market in the coming years.
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Growth opportunity for players operating in the global packaging coatings market lies in the usage of environmentally safe and organic materials, which could be reuse and recycled, in the production of packaging products.
The global packaging coatings market is segmented on the basis of packaging type, resin type, end use sector, and regions. On the basis of packaging type, the global packaging coatings market is segmented into rigid packaging coatings and flexible packaging coatings. On the basis of resin type, the global packaging coatings market is segmented into Epoxy, Acrylic, Phenolic, Amino, Vinyl, Polyurethane, Polyester, and others. On the basis of substrate type, the global packaging coatings market is segmented into glass, metal (cans, containers, and sheets), plastic (PET bottles, jars, and others), and paper. On the basis of end use sector, the global packaging coatings market is segmented into food and beverage sector, cosmetics and pharmaceuticals, industrial goods, and others.
On the basis of geography, the global packaging coatings market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. North America is anticipated to be the largest market for global packaging coatings due to rise in food packaging practices, especially in the can segment in the region.
Asia is anticipated to contribute significantly towards growth of the global packaging coatings market in the coming years, due to the increasing demand for packaging coatings in the packaged food and consumer goods segments in the region. Latin America is estimated to be the leading consumer of packaging coatings after Asia Pacific. The Latin America market is expected to be followed by the Europe market. The Middle East and Africa market is estimated to exhibit sluggish growth in the global packaging coatings market.
Some of the major players in the global packaging coatings market are PPG Industries, Inc., The Valspar Corporation. , Akzo Nobel N.V., Allnex Belgium SA/NV, Wacker Chemie AG, BASF SE, ARKEMA GROUP, Axalta Coating Systems, LLC, W. R. Grace and Company, The Dow Chemical Company, Mantrose-Haeuser Co., Inc., and Sun Coating Company.