Packaging Coating Market

Packaging Coatings Market Outlook (2023 to 2033)

Based on the analysis of the Fact.MR, the global packaging coating market is anticipated to be valued at US$ 3.5 billion in 2023 and it is anticipated to grow at a CAGR of 6.8% to reach US$ 6.8 billion by the end of 2033.

Packaging coatings are the coatings used for performance, decoration purposes, and protection for metal cans, plastic tubes, or other substrates used in packaging.

Report Attributes	Details
Estimated Market Value (2023E)	US$ 3.5 Billion
Forecasted Market Value (2033F)	US$ 6.8 Billion
Global Market Growth Rate (2023-2033)	~6.8% CAGR
North America Market Share (2023)	~28.2%
East Asia Market Growth Rate (2023-2033)	~7.3% CAGR
Europe Market Growth Rate (2023-2033)	~6.4% CAGR
Key Companies Profiled	Axalta Coating System DuPont Solvay S.A Nippon Paint Kansai Paints Evonik Industries BASF SE

Historic and Future Path for Packaging Coating Market

Various specialized chemical substances that are applied both inside or on the exterior or surface of the packaging products are referred to as packaging coatings. They are used on a variety of cans, closures, and industrial packaging items made of metal, plastic, and paper.

The most widely used resins for packaging coatings are polyester, polyurethane, acrylic, epoxy, and acrylic resins. These coatings offer additional protection, corrosion resistance, and aesthetic appeal while extending the product's shelf life. As a result, packaging coatings have a wide range of uses in the food and beverage, personal care, and healthcare sectors.

• Growth Factors for Short Term (2023-2026): Rising demand for packaging from food & beverage to boost the demand for the packaging coatings market in short term.
• Factors for Medium-Term Growth (2026-2029): Packaging coatings play a crucial role in keeping medicines safe during transportation and also ensure minimum exposure to gases and outside temperature, hence, thriving pharmaceutical industry across the emerging economies to drive the packaging coatings market growth during the projection period.
• Long Term Growth Opportunities (2029-2033): Various efforts led by market players to remain competitive in the highly fragmented market to create immense growth opportunities.

“Growing Packaging Industry to Supplement Packaging Coating Market Growth”

The growing packaging industry creates high opportunities for the packaging coatings market. Packaging is the process of creating a package for a consumer good. Packaging enables end-users to differentiate their brands and makes it effortless for consumers to identify their products.

Growing consumer demand for packaged goods as a result of changing dietary preferences and altering lifestyles may have a critical impact on the packaging market. Further, owing to their high barrier properties, shelf lives, and consumer safety, products will be in greater demand as the population and per capita income rise.

Hence, due to such factors, the packaging industry is anticipated to grow at a prominent growth rate, and mushrooming packaging industry paves the way for the packaging coatings market growth over the forecast period.

“Government Strict Rules to Hamper Market Growth”

A class of chemicals known as volatile organic compounds (VOCs) is capable of vaporizing into the atmosphere. In some coatings used for packaging, VOCs are present which are harmful to health as they cause nose, and throat irritation, eye, headaches, nausea, and loss of coordination. They can also cause damage to the kidneys, central nervous system, and liver. Among VOCs, some are inferred or verified as carcinogens.

Hence, to prevent harm to the ozone layer and check health hazards due to VOCs governments across both developed as well as developing economies imposed rules and regulations over the use of materials containing or emitting VOCs. On the back of the aforementioned facts, the packaging coatings market is estimated to witness certain challenges during the forecast period.

Country-wise Insights

Why the US Increases its Demand for Packaging Coating in the Coming Years?

The US packaging coating market is expected to expand at a CAGR of 6.8% over the projected period.

The growing packaging industry in the US, due to the thriving e-commerce, food & beverage, and pharmaceutical industry to drive the packaging coatings market. Packaging coatings play a crucial role in strengthening the material used for packaging increasing its wear tear resistance and more. Such factors are anticipated to drive the US packaging coatings market over the forecast period.

What Role does China Play in the Expansion of the Packaging Coating market?

China holds the largest market for chemicals across the globe. It is valued at over US$ 1.8 trillion in 2022. The growing chemical industry in China is likely to boost the demand for packaging in the coming years. With the help of packaging, chemicals get protection from exposure to moisture.

It is anticipated that China will lead the market in the forecast period and will grow at a CAGR of 7.5% and increases the sales of the product.

Category-wise Insights

Why are Acrylic Coatings the Most Widely Used in Several Applications?

The acrylic coatings in the packaging coating market are anticipated to grow at a CAGR of 7.1% during the forecast period.

Transparency and fast dye are some of the properties which are widely used in packaging coating. Their stability and weather resistance makes them suitable for use in the packaging industry for various coating applications such as food and beverages, wine coating, and many more.

Furthermore, they are also resistant to blisters, stains, and cracks. These are some of the several properties which make acrylic resin a perfect choice for the coating material. Due to this, it is highly in demand from the food and beverage industry. Consumers are attracted by the innovative and visual appeal of packaging. This, in turn, drives the sales of acrylic packaging coating for the food & beverage industry.

Which Industry is Likely to Drive the Packaging Coating Market Growth?

The food & beverage industry is likely to dominate the packaging coating market growth during the forecast period. The global food packaging industry is valued at over US$ 300 billion in 2022 and is expected to continue its steady growth.

Increasing demand from consumers for packaged food is anticipated to drive the packaging market growth in the forecast period. Rising disposable income and a shift towards ready-to-eat food are some of the prime factors for the growth of the packaging market. Also, need to protect food from outside influences and damage, and to provide consumers with information regarding ingredients and nutrition.

Market Titans Key Strategies

Prominent packaging coatings market titans are Axalta Coating System, DuPont, Solvay S.A, Nippon Paints, Kansai Paints, Evonik Industries, BASF SE, Sherwin Williams, AkzoNobel N.V

Market players focus on expanding their business across untapped markets and gaining high-profit margins. Further, the adoption of eco-friendly coatings for packaging to spur the packaging coatings market growth outlook. Long-term trade relations with the suppliers and end-users to create immense growth opportunities for the market players.

Fact.MR has provided detailed information about the price points of key manufacturers of packaging coatings positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Packaging Coating Industry Research

• Packaging Coating Market by Coating Type :

  • Acrylic
  • Epoxy
  • Fluoropolymer
  • Plastisol Polyurethane
  • Others

• Packaging Coating Market by Packaging Type :

  • Rigid Plastic Packaging Can
  • PET Bottle
  • Glass Flexible Plastic
  • Rigid Plastic
  • Liquid Carton
  • Others

• Packaging Coating Market by Technology :

  • Coil Sheet Coating
  • Roll Coating
  • Spray Coating

• Packaging Coating Market by End-Use Industry :

  • Food & Beverage
  • Consumer Product
  • Chemical
  • Paints & Coatings
  • Industrial Product
  • Semiconductor & Electronics
  • Others

• Packaging Coating Market by Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA