The market for packaging coatings is expected to expand at a CAGR of more than 5.12% during the forecast period of 2019-2024. The major factor driving the market studied is the growing coatings usage in developing markets. On the flipside, increasing regulations are expected to hinder the growth of the market studied.
- Swiftly shifting market to eco-friendly coatings is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand for Acrylics
- Acrylic resins are segmented into thermoplastic and thermosetting plastic substances. They are produced from acrylic acid, meth acrylic acid or other acryl-based acids.
- They are used in a wide spectrum of areas, such as paints and coatings, architectural coatings, customized coatings, and so on. They are resistant toward stains, blistering, and cracking. These unique characteristics make acrylic resins a noble choice as a coatings material.
- Acrylic resin coatings are now leading the market of paints and coatings industry. They are known for their properties of color retention and inertness to environmental conditions.
- Thermoplastic acrylic coatings are used as architectural and wood finishes. Thermosetting resins are applied to containers, automobiles, machinery, aluminum, and steel coils.
- Recently, the industries are shifting to the waterborne acrylic resins, owing to the growing environmental concerns and governmental regulations.
- Such positive growth for acrylics is likely to increase the demand for packaging coatings market in the forecast period.
China to Dominate the Asia-Pacific Region
- China has the biggest manufacturing sector in the world and the largest consumer base. Being the most populated country, makes it the largest consumer of various goods. Owing to various reasons, the packaging coatings market is one of the fastest growing markets in the Chinese economy.
- The applications of coatings on various products have grown significantly in recent times. The growing need for decorative and attractive packaging has led to an increase in the demand for coatings for packaging.
- China has the largest share in the e-commerce market. Sales in china account for more than 30% of the total e-commerce sales. China is one of the fastest growing e-commerce markets in the world, and is home to the e-commerce giant, Alibaba.
- The growth in the e-commerce market has led to a huge increase in demand for the packaging industry, and consequently the packaging coatings industry. The food and beverage packaging is the fastest growing sector among them.
- In China, the recent rise in awareness regarding environment and pollution has led to the formation of regulations regarding harmful chemicals (such as VOCs).
- Such factors can adversely affect the market for packaging coatings. These factors have also been a blessing in disguise as companies have quickly adapted to various eco-friendly alternatives.
- The aforementioned factors, are contributing to the increasing demand for packaging coatings consumption in the country during the forecast period.
The packaging coatings market is consolidated The major companies include Akzo Nobel NV, PPG Industries, Inc., The Sherwin-Williams Company, Henkel AG & Co. KGaA, Jotun, etc.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support