Functional Packaging Coatings Market to unwrap a slew of appealing opportunities amidst gaining acceptance across diverse industries

SEATTLE, WA, US, December 30, 2021 /EINPresswire.com/ -- Functional Packaging Coatings Market to unwrap a slew of appealing opportunities amidst gaining acceptance across diverse industries , Functional packaging types include flexible pouches and stick packs, among others, and include various additional features such as easy-to-peel opening and pressure-sensitive reclosures.According to data released by the Flexible Packaging Association in June 2019, the US flexible packaging industry was valued at US$ 31.8 billion in 2018, with food (retail and institutional) accounting for around 59 percent of shipments in the US flexible packaging market.

Overview

There are a variety of solutions available for different applications and requirements. There are materials for different types of coatings, including resin, emulsions, and dispersions. They also provide solutions for direct contact with food. Moreover, their portfolios feature various products that have many functional attributes. Some of these products are designed to add extra functionality to the packaging. They can be used for many different purposes such as storage and distribution. They can be easily transported and can easily be resealed. Additionally, functional packaging can be used to package food and health products.

Competitive Landscape

Major companies contributing to the global functional packaging coatings market include Sun Chemical Corporation, Solvay, Michelman Inc., SAES Getters S.p.A, BASF SE, DataLase Ltd., Toyochem Co., Ltd., Stora Enso, Sierra Coating Technologies LLC, and Henkel AG & Co. KGaA.

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Drivers

Wider adoption across the healthcare, F&B (food and beverage), cosmetics, retail, and other sectors owing to their corrosion-resistant and aesthetically-appealing characteristics is expected to foster growth of the functional packaging coatings market during the forecast period.

In addition to this, the growing popularity of polyurethane and polyester coatings across the end-use industries is expected to boost growth of the functional packaging coatings market over the forecast period.

The Epitome of the COVID-19 Aftermath

The global functional packaging coatings market witnessed a sharper than usual decline due to the prevalence of the COVID-19 pandemic. The crisis-driven pause in production activities and the delay or cancelation of shipments have significantly eaten up a large chunk of business in this market. On the bright side, the market is regaining its pre-pandemic momentum as restrictions are eased.

Key Takeaways

The functional packaging coatings market is anticipated to grow at a CAGR of during the forecast period owing to the increasing adoption across diverse industries and rising collaborative strategies among market participants. For instance, in November 2021, Michelman partnered with CMS Industrial Technologies to develop coating equipment such as Spray Coaters, Rod Coaters, Slide-Angle Testers, and others.

In geographic news, the Asia Pacific region is projected to participate heavily in the global functional packaging coatings market on account of rapid adoption across the end-use industries and increasing application in personal care products.

Also standing out in the global functional packaging coatings market is the European region, which is driven by high demand from the automotive and cosmetics industries.

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» Innovations in Technology

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» Scenarios from the Past and the Present

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» Extensive Product Line

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Market Trends:

Over the forecast period, rising consumer demand for food and personal care products with functional packaging options, owing to the properties provided by functional packaging, is expected to drive the growth of the functional packaging coatings market.
Functional packaging provides benefits such as preserving the freshness of the product with its secure seal, ensuring a longer shelf life for the product, ease of use and convenience, such as the lack of the need for scissors or other tools to open the packaging, the ability to reseal/close, and portable size and packaging that is necessary for travel. As a result of the benefits provided by such functionalities in packaging, the market for functional packaging coatings is expected to grow.

Market Taxonomy:

On the basis of coating type, the global functional packaging coatings market is segmented into:

Polymers
PVdC
EVOH
Others (PVOH and Others)
Aluminum Oxide
Silicone
Others (Bio-based Coatings, Wax, and Others)
On the basis of product type, the global functional packaging coatings market is segmented into:

Water-based/borne
Solvent-based
Others (Solid Primers, UV Cured, and Others)
On the basis of application, the global functional packaging coatings market is segmented into:

Food Packaging
Beverage Packaging
Beauty & Personal Care Products Packaging
Home Care Products Packaging
Others (Pharmaceutical Packaging and Others)

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