New York, July 05, 2023 (GLOBE NEWSWIRE) -- The flexible plastic packaging coating market is estimated to grow at a CAGR of ~5% from 2022 to 2033. The market is estimated to garner a revenue of nearly ~USD 5 billion by the end of 2033, up from a revenue of about ~USD 2 billion in the year 2022. The market growth is mainly backed by the increasing sales and demand for snacks across the world, followed by a massive rise in the consumer goods industry. For instance, the snack food sales were estimated to be around USD 60 billion in the year 2022.
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Flexible plastic packaging coatings are widely used in the food and beverage industry. The most common package coatings include acrylics, urethanes, polyurethanes, and epoxies, as they are easy to use and have the ability to give the product a unique finish. The packaging is given the term flexible on the back of its elastic and flexible properties. Flexible packaging is a means of packaging products made of non-rigid materials, allowing for more economical and customizable options. It is a relatively new method in the packaging industry as a result of its high efficiency and low cost. It is also gaining popularity owing to its effectiveness.
Global Flexible Plastic Packaging Coating Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The pharmaceuticals segment to garner the highest growth
- Market in North America to grow at a highest rate
Globally Increased Demand for Plastic Coating Packaging in the Automotive Industry to Drive Market Growth
Global car sales were noted to account for about 65 million units in 2021. Automotive has a great need for flexible exterior plastic package coatings. Plastic coatings, also known as polymer coatings, improve the appearance and quality of automobiles and provide a superior finish. The modern era sees a huge demand for automobiles, increasing the production and distribution of these vehicles. Therefore, such higher requirements are estimated to drive growth of the global industry during the forecast period. Rapid development and manufacturing of tablets and capsules and increasing food supply worldwide are also expected to have a positive response on market growth during the forecast period. For instance, the tablet formulation is expected to account for around USD 60 billion by 2027, while total tablet shipments worldwide are estimated at around 150 million units in 2021. Moreover, increasing usage of skin and hair care products and exponential growth in the cosmetics industry are expected to further accelerate the market growth during the forecast period. The skincare segment is expected to generate total sales of approximately USD 8 billion by 2022.
Global Flexible Plastic Packaging Coating Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Cosmetic Product Usage to Drive Market Growth in the Asia Pacific Region
The industry of flexible plastic packaging coating in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The regional growth can majorly be attributed to the increasing use of cosmetics by the population, and there is a growing demand for ready-to-eat foods in the region. For instance, the total sales of the cosmetics industry are estimated to reach around USD 7 billion by 2026 in India alone. Therefore, such factors are expected to boost the growth of the market during the forecast period. Rising disposable income has underpinned the growth of the Indian beauty and personal care industries in recent years. As disposable income continues to rise and Indian consumers' expectations for looking beautiful are rising, the beauty and personal care business in India is ripe for significant expansion. Skin care, hair care, makeup, perfumes, toiletries, deodorants, and oral cosmetics are the major product categories in the cosmetics industry. Skincare is the leading category for 2021 in the industry, accounting for around 35% of regional sales. Skincare is one of the most profitable product categories, with sales expected to reach approximately USD 150 billion by the year 2026. Hence, this is expected to be a major factor influencing the growth of the market in the Asia Pacific region.
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The Automotive Industry's Expansion to Drive Growth in the North American Region
The flexible plastic packaging coating market in the North American region is estimated to garner the highest CAGR by the end of 2033. The growth of the market in this region can primarily be attributed to the rapid expansion of the automotive industry in the region. Approximately 923,000 Americans are engaged in manufacturing automobiles and their parts, and 1,251,600 work in dealerships. The automotive and parts industry in the United States generated approximately USD 1.5 trillion in sales by 2021.The automobile industry contributes 3% of overall GDP to America. In addition, an increase in per capita income for residents should enable them to switch to private eco-friendly vehicles. By 2022, nearly 75% of Americans say they own a car, and another 20% say they will own a business or family car. Flexible plastic packaging coating is widely used in the automotive industry to make modern and efficient vehicles. Hence, this is expected to drive market growth in the North American region.
Global Flexible Plastic Packaging Coating Market, Segmentation by Functions
- Food & Beverage
- Cosmetics
- Pharmaceuticals
- Automotive
- Other
Amongst these five segments, the pharmaceuticals segment is anticipated to hold the largest share over the forecast period. The growth of this segment is mainly attributed to the growing demand for flexible plastic packaging in the pharmaceutical industry. On the other hand, the revenue of the global pharmaceutical industry is also growing at quite a notable rate. For instance, total pharmaceutical sales in the year 2021 are estimated to be close to USD 1.5 trillion. Hence, this is also expected to drive the growth of this segment over the forecast period. The pharmaceutical industry discovers, develops, manufactures, and markets drugs or medicinal products that are used as medicines to be administered to patients for the purpose of treatment, vaccination, or alleviation of symptoms. Pharmaceutical companies deal in generic or branded drugs and medical devices. Flexible packaging is especially useful in industries that require versatile packaging, such as food and beverage, personal care, and the pharmaceutical industries.
Global Flexible Plastic Packaging Coating Market, Segmentation by Substrate
- Metal
- Liquid Cartons
- Rigid Plastic
- Paper-Based Container
- Flexible Packaging
- Others
Amongst these segments, the flexible packaging segment is anticipated to hold a significant share over the forecast period. The segment growth can majorly be attributed to the significantly growing food and beverage industry all over the world. The industry is predicted to witness robust revenue of nearly USD 6.5 billion by the year 2031. Increasing consumption of packaged food and flavored drinks is also estimated to be a major factor influencing the growth of this segment. Flexible packaging is largely used in the food and beverage industry, especially in ready-to-eat food packaging. Hence, the growth of the food and beverage industry is expected to be a major factor contributing to segmental growth.
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Global Flexible Plastic Packaging Coating Market, Segmentation by Type
- Urethane
- Soft Touch
- UV-Curable
- BPA Free
- Others
Global Flexible Plastic Packaging Coating Market, Segmentation by Application
- Caps & Closures
- Aerosols & Tubes
- Industrial & Promotional Packaging
- Others
Few of the well-known market leaders in the global market of flexible plastic packaging coating that are profiled by Research Nester are PPG Industries, Inc., Glenroy, Inc., Akzo Nobel N.V., Sierra Coating Technologies LLC, Koninklijke DSM N.V., Paramelt B.V., DuPont de Nemours, Inc., Amcor Limited, Mondi plc, and other key market players.
Recent Development in the Global Flexible Plastic Packaging Coating Market
- Amcor Limited was introduced by the company's Vice President at the Global Plastics Summit. The company attended the summit and spoke about the industry's evolution towards circularity.
- Witnessing growing demand for sustainable flexible packaging, Glenroy, Inc. also announced an investment to expand its adhesive lamination capacity. These steps are taken to provide a better solution for existing and new customers.
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