The packaging coatings market improves performance, aesthetics, and protection on metal cans, plastic tubes, and other packaging substrates.

ROCKVILLE, MD, UNITED STATES, October 12, 2023 /EINPresswire.com/ -- The US packaging coatings market is projected to experience a robust growth rate with a compound annual growth rate (CAGR) of 6.8% over the forecasted period. This expansion can be attributed to the thriving packaging industry in the US, fueled by the booming e-commerce, food & beverage, and pharmaceutical sectors. Packaging coatings play a vital role in enhancing the durability and resilience of packaging materials, making them more resistant to wear and tear. These factors are expected to be significant drivers of growth in the US packaging coatings market throughout the forecast period.

According to Fact.MR's analysis, the worldwide packaging coating market size is expected to reach a value of $3.5 billion in 2023. It is projected to exhibit a compound annual growth rate (CAGR) of 6.8% and is anticipated to reach $6.8 billion by the conclusion of 2033.

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The Evolution of Packaging Coating Market: Past and Future

Packaging coatings encompass a range of specialized chemical compounds that are applied to the interior or exterior of packaging materials, enhancing their properties. These coatings find utility in various packaging products such as cans, closures, and industrial containers composed of materials like metal, plastic, and paper.

Among the primary resin types employed in packaging coatings are polyester, polyurethane, acrylic, epoxy, and acrylic resins. These coatings not only bolster protection and corrosion resistance but also augment the aesthetic appeal of packaging, extending the shelf life of the enclosed products. Consequently, packaging coatings have found widespread applications in sectors such as food and beverage, personal care, and healthcare.

- Factors Facilitating Short-Term Growth (2023-2026): The burgeoning demand for packaging in the food and beverage industry is poised to drive the packaging coatings market in the short term.
- Medium-Term Growth Drivers (2026-2029): Packaging coatings serve as indispensable safeguards for pharmaceutical products during transportation, ensuring minimal exposure to external gases and temperature fluctuations. As a result, the thriving pharmaceutical industry in emerging economies is expected to fuel the growth of the packaging coatings market in the medium term.
- Long-Term Growth Prospects (2029-2033): Market players are actively pursuing various strategies to maintain their competitiveness in the highly fragmented market, leading to substantial growth opportunities.

Key Companies Profiled

- Axalta Coating System
- DuPont
- Solvay S.A
- Nippon Paint
- Kansai Paints
- Evonik Industries
- BASF SE

Expanding Packaging Industry Offers Robust Growth Prospects for Packaging Coating Market

The burgeoning packaging industry presents significant growth opportunities for the packaging coatings market. Packaging involves the creation of containers for consumer goods, serving as a means for end-users to distinguish their brands and aiding consumers in product identification.

Increasing consumer demand for packaged goods, driven by evolving dietary preferences and changing lifestyles, is poised to have a pivotal impact on the packaging market. Furthermore, products with superior barrier properties, extended shelf lives, and enhanced consumer safety will witness heightened demand as both population and per capita income rise.

Consequently, the packaging industry is expected to exhibit substantial growth, with the flourishing packaging sector laying the foundation for the expansion of the packaging coatings market in the foreseeable future.

Stringent Government Regulations Stifle Market Growth: Addressing VOC Concerns

A group of chemicals referred to as volatile organic compounds (VOCs) has the ability to evaporate into the atmosphere. These VOCs are often found in coatings used for packaging and can be detrimental to human health, causing symptoms like nose and throat irritation, eye irritation, headaches, nausea, and loss of coordination. Furthermore, they can lead to kidney, central nervous system, and liver damage. Among the VOCs, some have been identified or confirmed as carcinogens.

In order to mitigate harm to the ozone layer and reduce health risks associated with VOCs, governments in both developed and developing economies have implemented stringent rules and regulations governing the use of materials containing or emitting VOCs. Given these regulatory measures, the packaging coatings market is expected to encounter certain challenges in the forecasted period.

Insights by Product Category

Within the packaging coating market, acrylic coatings are expected to experience a notable growth rate, with a projected Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period. These coatings are sought after for their transparency and rapid dye absorption, qualities widely utilized in various packaging applications. Their exceptional stability and resistance to adverse weather conditions make them a preferred choice for numerous coating needs, including food and beverage packaging, wine coating, and more.

In addition to these advantages, acrylic resins also exhibit resistance to blistering, staining, and cracking, further enhancing their suitability as a coating material. As a result, they are in high demand within the food and beverage industry, where consumer preferences are influenced by the innovative and visually appealing nature of packaging. This heightened consumer attraction fuels the demand for acrylic packaging coatings in the food and beverage sector.

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Market Competitiveness:

The global medical flexible packaging market is characterized by a high degree of fragmentation and intense competition, owing to the presence of numerous local and regional companies. Key industry players employ a diverse range of marketing strategies, such as mergers and acquisitions, expansion initiatives, collaborations, and partnerships.

Furthermore, leading enterprises strategically utilize the development of innovative products to bolster their standing in the market, effectively integrating modern medical flexible packaging solutions as a result of these strategic maneuvers.

In its latest report, Fact.MR has presented comprehensive data regarding the pricing strategies of primary packaging coatings manufacturers in various regions, as well as insights into their sales growth, production capabilities, and potential technological advancements.

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.

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