Escalating Use of Bio-based Coatings to Bolster Demand for Packaging Coatings, Opines Fact.MR
Published : 30 Nov -0001 Industry: Chemical & Materials
As per a new report published by Fact.MR - a market research and competitive intelligence provider, the global packaging coating market is anticipated to exceed a valuation of US$ 3.1 Bn in 2021, and expand at an impressive CAGR of more than 6% over the forecast period of 2021 to 2031.
The market is in the growth phase of its lifecycle, having registered annual growth of 4.6% during 2016 - 2020. Fact.MR anticipates significant potential in the market, owing to factors such as increasing consumption of packaged food and growing demand for fancy packaging in several applications.
Use of coatings in the packaging industry has been the talk of the town. On a good notes, coatings have played a prominent role in ensuring packaging quality and preserving food flavour. However, in the past, the coating industry utilized synthetic coatings that tend to diffuse with the food causing long-term health problems, which has become a reason to worry.
To deal with this pressing issue, over the past half-decade, manufacturers have invested billions of dollars on bio-based coatings that are human- as well as environmental-friendly.
However, bio-based coatings are expensive as compared to conventional coatings. To overcome this issue, regional governments are focussing on gradual banning of conventional non eco-friendly packaging coatings, bolstering the adoption of bio-based coatings.
Aside from the high coverage of food packaging coatings, demand for electronics packaging and semiconductor coating is also on the rise. It is anticipated that this will open new avenues for packaging manufacturers. Demand from this end-use industry is also driven by the advent of temperature-sensitive packaging coatings for high performance applications.
Key Takeaways from Market Study
- North America accounted for a major chunk of the market at over 27% market share.
- The U.S. is projected to create an incremental opportunity of over US$ 450 million during 2021-2031.
- Europe’s market for packaging coatings is likely to be the second-largest market during the forecast period.
- Fluoropolymer coatings are likely to be one of the highly preferred packaging coating types. Towards the end of 2031, fluropolymer coatings are estimated to reach close to US$ 690 million in revenue.
- Polyester coatings are also expected to experience robust demand growth during 2021-2031.
“Food packaging to provide strong demand growth for packaging coatings,” says a Fact.MR analyst.
The market is highly consolidated and manufacturers are trying to maintain their long-run dominance in the market. Key manufacturers are constantly involved in developing new product lines to enter untapped segments. Moreover, their thirst for market dominance is high, due to the higher growth potential in emerging countries.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the packaging coating market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of coating type (acrylic coating, epoxy coating, fluoropolymer coatings, plastisol coatings, polyester coatings, polyurethane coatings, and others), packaging type (metal can packaging, pet bottles packaging, glass packaging, flexible plastic packaging, rigid plastic packaging, liquid carton packaging, and others), end use (food & beverages, consumer products, chemicals, paints and coatings, industrial products, semiconductors and electronics, and others), and technology (coil & sheet coatings, roll coatings, and spray coatings), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Chemicals & Materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the Chemicals & Materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Chemicals & Materials Division