Rockville, June 26, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the Packaging Coating Market is projected to reach US$ 3.5 billion in 2023 and US$ 6.8 billion, growing at a CAGR of 6.8% by the end of 2033. Metal cans, plastic tubes, and other substrates used in packaging can all benefit from coatings for performance, decoration, and protection.
The packaging coatings market has many prospects due to the expanding packaging sector. The act of packaging involves designing a container for a consumer commodity. End users can distinguish their brands with packaging, which also makes it simple for customers to recognize their items.
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Key Driving Forces Accelerating the Market Growth
- There is a growing demand for sustainable packaging solutions in North America due to increasing environmental awareness and regulations. Packaging coatings play a crucial role in enhancing the sustainability of packaging materials by providing barrier properties, extending shelf life, and improving recyclability.
- Advancements in coating technologies have led to the development of innovative packaging coatings that offer improved functionality and performance. These coatings provide benefits such as enhanced barrier properties, chemical resistance, anti-microbial properties, and improved printability, thereby driving their adoption in the packaging industry.
- The rapid growth of the e-commerce sector in North America has increased the demand for efficient and durable packaging materials. Packaging coatings play a vital role in protecting products during transportation, preventing damage from moisture, temperature changes, and handling, thereby supporting the growth of the e-commerce packaging segment.
- Packaging coatings offer opportunities for branding, visual appeal, and differentiation in the highly competitive consumer goods market. With a focus on product differentiation and aesthetics, brand owners are incorporating coatings that provide unique finishes, textures, and special effects, which boost consumer engagement and drive the demand for packaging coatings.
- North America has stringent regulations regarding food safety, product protection, and chemical compliance. The US packaging coating market is expected to witness a CAGR of 6.8% during the forecast period. Packaging coatings that meet these regulations and safety standards are in high demand. Coatings that are free from harmful substances such as bisphenol A (BPA) and phthalates are gaining popularity, driving market growth.
Vital indicators shaping the future of the industry
- The growing focus on sustainability and environmental responsibility is expected to drive the demand for eco-friendly packaging coatings. Regulations and consumer preferences favor packaging coatings that are free from harmful substances, recyclable, and contribute to the circular economy. The future of the market will be shaped by the development of sustainable coating solutions and the adoption of environmentally friendly practices by manufacturers.
- Ongoing advancements in coating technologies, such as nanotechnology, bio-based materials, and smart coatings, will play a significant role in shaping the future of the packaging coatings market. These innovations aim to enhance barrier properties, improve functionality, and provide added features like antimicrobial properties, intelligent monitoring, and temperature control. The adoption of these advanced technologies will drive the market's growth and expand the range of applications for packaging coatings.
- The packaging industry is undergoing digital transformation and embracing Industry 4.0 principles, leading to increased automation, connectivity, and data-driven decision-making. This transformation will impact the packaging coatings market by driving the demand for coatings compatible with digital printing, smart packaging, and track-and-trace technologies.
- Changing consumer preferences and purchasing patterns will influence the future of the packaging coatings market. Consumers are increasingly seeking convenience, sustainability, and an engaging brand experience. Packaging coatings that offer features like easy-open solutions, resealability, and unique visual effects will be in demand. Additionally, coatings that contribute to product freshness, shelf life extension, and protection against contamination will play a crucial role in meeting consumer expectations.
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Challenges hindering the market growth
- Fluctuations in the prices of raw materials used in packaging coatings, such as resins, pigments, and additives, can significantly impact the profitability of manufacturers. Volatile prices make it difficult to maintain stable pricing for packaging coatings, leading to uncertainty and potential margin pressures.
- The packaging industry is subject to stringent environmental regulations, including restrictions on the use of certain substances and requirements for recyclability and sustainability. Compliance with these regulations can be challenging for coating manufacturers, as it requires reformulation, testing, and certification of products, which may increase costs and complexity.
How competition influences the market
Key market players are focusing on expanding their presence in various untapped geographies. Moreover, packaging coating manufacturers strive to differentiate their products to gain a competitive edge. Product differentiation enables companies to cater to specific market segments and meet the evolving needs of brand owners and end-users. Moreover, companies are building long-term relations with other leading suppliers and end-users, to create immense growth opportunities for the market players.
Competitive Landscape:
The existence of several local and regional companies has led to the highly fragmented and competitive nature of the global medical flexible packaging market. Key players use a variety of marketing tactics, including mergers & acquisitions, expansions, collaborations, and partnerships.
Additionally, the top businesses use new product creation as a strategic way to enhance their market position among consumers. Modern medical flexible packaging has been incorporated as a result of these tactics.
Key Companies Profiled
- Axalta Coating System
- DuPont
- Solvay S.A
- Nippon Paint
- Kansai Paints
- Evonik Industries
- BASF SE
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Segmentation of Packaging Coating Industry Research
- By Coating Type:
- Acrylic
- Epoxy
- Fluoropolymer
- Plastisol Polyurethane
- Others
- By Packaging Type:
- Rigid Plastic Packaging Can
- PET Bottle
- Glass Flexible Plastic
- Rigid Plastic
- Liquid Carton
- Others
- By Technology:
- Coil Sheet Coating
- Roll Coating
- Spray Coating
- By End-Use Industry:
- Food & Beverage
- Consumer Product
- Chemical
- Paints & Coatings
- Industrial Product
- Semiconductor & Electronics
- Others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Check out more related studies published by Fact.MR Research:
Metal Packaging Coatings Market: The global metal packaging coatings market is poised to embark on a positive growth trajectory, registering a CAGR of ~5% across the forecast period (2020-2030). Premiumization has emerged as an ultimate choice across various sectors in the beverage packaging industry.
Metal Coating Market: The global metal coatings market is estimated at USD 15.3 Billion in 2022 and is forecast to reach USD 30.8 Billion by 2032, growing at a CAGR of 6.9% during 2022-2032. As per a recent industry analysis by Fact.MR - market research and competitive intelligence provider, global metal coatings market enjoyed a growth of nearly 5.3% by value during 2017-2021 and has been valued at USD 14.3 Billion in 2021.
Architectural Coatings Market: The architectural coatings market accumulated a market value of US$ 77,888 Mn in 2021 and is expected to register a positive CAGR of 4.52% in the assessment period 2022-2032 by garnering a market value of US$ 121,000 Mn.
Steel Pipe Coatings Market: The global steel pipe coatings market is estimated to be valued at US$ 8.8 billion in 2023 and it is expected to grow at a CAGR of 4.7% to reach US$ 14.0 billion by the end of 2033. Coatings for pipes are more successful than other corrosion prevention techniques including cathodic protection, sacrificial anodes, and inhibitors. As a result, steel pipe coating is gaining traction.
Medical Flexible Packaging Market: The global medical flexible packaging market is estimated at USD 25.7 Billion in 2022 and is forecast to surpass USD 40.9 Billion by 2032, growing at a CAGR of 4.7% from 2022 to 2032. The global medical flexible packaging market accounts for ~30% of the global medical packaging market in 2022.
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