PUBLISHER: The Business Research Company | PRODUCT CODE: 1458708
PUBLISHER: The Business Research Company | PRODUCT CODE: 1458708
Packaging coatings are specialized coatings applied to various packaging materials to enhance their performance, protection, and visual appeal. They provide resistance against moisture, corrosion, UV rays, and chemicals, and improve printability and offer barrier protection.
There are various types of packaging coatings, including epoxy thermoset, acrylics, amino, alkyd, polyester, vinyl coating, urethane, phenolic, polyurethane, and others. Epoxy thermoset coatings, for example, offer durability and protection by forming a polymer with extensive cross-linking for a three-dimensional network. They are suitable for various substrates such as metal, glass, paper, and plastic. Packaging coatings find applications in containers, caps and closures, cans, aerosols and tubes, among others. They are used across industries such as food and beverage, consumer products, chemicals, paints and coatings, industrial products, semiconductors, electronics, and others.
The packaging coatings research report is one of a series of new reports from The Business Research Company that provides packaging coatings market statistics, including the packaging coatings industry's global market size, regional shares, competitors with a packaging coatings market share, detailed packaging coatings market segments, market trends and opportunities, and any further data you may need to thrive in the packaging coatings industry. This packaging coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The packaging coatings market size has grown strongly in recent years. It will grow from $4.33 billion in 2023 to $4.58 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to several key factors. Firstly, there has been an increasing demand for consumer goods, driven by rising populations and growing middle-class segments in many countries. Secondly, advancements in material science have led to the development of new and improved products, driving growth in the market. Thirdly, stringent regulatory requirements have pushed companies to innovate and develop products that meet these standards, further fueling growth. Additionally, urbanization and changing lifestyles have increased the demand for a wide range of consumer goods, driving market growth. Lastly, sustainability initiatives have also played a role, with consumers and companies alike increasingly prioritizing environmentally friendly products and practices.
The packaging coatings market size is expected to see strong growth in the next few years. It will grow to $5.71 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period is driven by the rapid expansion of the food and beverage industry, the increasing demand for flexible packaging, rising health and safety concerns, the growth of e-commerce, and the globalization of supply chains. Major trends in the forecast period include technological innovations, the development of sustainable coating solutions, the rise of smart and intelligent coatings, the use of bio-based and biodegradable coatings, and the adoption of digital printing and personalization in the industry.
The expansion of e-commerce is expected to drive the packaging coatings market. E-commerce, involving online buying, digital payments, and varied transaction models, has transformed commerce through the Internet. Packaging coatings are crucial for providing protective, durable, and visually appealing finishes that ensure product integrity and presentation during e-commerce transactions. For instance, in the third quarter of 2023, retail e-commerce sales in the United States reached approximately $284.1 billion, showing a 2.3% growth from the second quarter of 2023. This trend indicates that the packaging coatings market will benefit from the rapid growth of e-commerce activities.
Major players in the packaging coatings market are increasingly focusing on developing innovative, eco-friendly coating products to enhance their market position. One such innovation is the development of oxygen barrier coatings, which are applied to packaging surfaces to reduce oxygen permeation, thereby extending shelf life and preserving the freshness of packaged products. For example, Hubergroup Print Solutions recently introduced the HYDRO-LAC GA oxygen barrier coating for flexible food packaging. This coating provides a protective barrier on monomaterial film, enabling more recyclable packaging solutions. The HYDRO-LAC GA coating offers high barriers against oxygen and water vapors, ensuring food freshness. It allows food manufacturers to use pure mono-materials in their packaging, providing a sustainable solution for protecting oxygen-sensitive foods such as muesli or nuts from atmospheric oxygen within modern and recyclable packaging.
In March 2023, Stahl Holdings B.V., a Netherlands-based coatings technology provider, acquired ICP Industrial Solutions Group (ISG) to further solidify its global leadership in specialty coatings for flexible substrates. This acquisition not only enhances Stahl's environmental, social, and governance (ESG) credentials but also integrates water-based and energy-cured coating technologies. ISG, a US-based chemical company specializing in packaging coatings, brings complementary expertise and products to Stahl's portfolio, strengthening its position in the market.
Major companies operating in the packaging coatings market report are BASF SE, The Sherwin-Williams Company, Evonik Industries AG, PPG Industries Inc., Solvay S.A., Arkema S.A., Akzo Nobel N.V., Eastman Chemical Company, Nippon Paint Holdings Co. Ltd., Wacker Chemie AG, Masco Corporation, Kansai Paint Co. Ltd., RPM International Inc., DIC Corporation, The Lubrizol Corporation, Sun Coating Company, Axalta Coating Systems LLC, The Valspar Corporation, Hempel A/S, Toyo Ink SC Holdings Co. Ltd., Jotun, ALTANA AG, DAW SE, Siegwerk Druckfarben AG & Co. KGaA, T&K TOKA Co. Ltd., ColorMatrix Group, CROMOS TINTAS GRAFICAS S.A.
Asia-Pacific was the largest region in the packaging coatings market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the packaging coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the packaging coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The packaging coatings market consists of revenues earned by entities by providing services such as speed steel coating, food packaging coatings, extrusion, precision slitting, plastic fabrication services, and technical support. The market value includes the value of related goods sold by the service provider or included within the service offering. The packaging coatings market also includes sales of heat seal coatings, non-stick coatings, UV-curable coatings, resins and binders, and PET coatings. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Packaging Coatings Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on packaging coatings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for packaging coatings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The packaging coatings market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.