Newly-released packaging coating industry analysis by Fact.MR - a market research and competitive intelligence provider, shows that the global market experienced year-on-year (YoY) growth of 3.6% in 2021, to total US% 3.1 Bn in revenue.
As per packaging coating market insights, revenue generated from polyester coatings and polyurethane coatings cumulatively is expected to hold or over 28% of the market share in 2021. Epoxy coatings account for over 24% of the market share, and are expected to be valued around US$ 744 Mn in 2021.
Key Points Covered in Packaging Coating Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Packaging Coatings and How to Navigate
- Recommendation on Key Winning Strategies
Sales Analysis of Packaging Coatings from 2016 to 2020 Vs Market Outlook for 2021 to 2031
Historically, from 2016 to 2020, use of packaging coatings increased at around 5.7% CAGR, wherein, developed countries such as the U.S., Canada, Germany, and the U.K. held significant share in the global market.
Upsurge in the utilization and requirement of packaging coatings in the food & beverage industry is the reason for overall market growth. Escalating consumer demand for the preservation of taste, nutrition, and aroma in many food products has been defining the product development of packaging coatings. Leading manufacturers are focusing on developing new technologies for food and beverage packaging by addressing these customer requirements.
On a global scale, food packaging costs have doubled in the past few years, which can be attributed to rising expenditure on adopting new technology this packaging.
The food packaging industry is poised to expand at a CAGR 5% from 2021 to 2031 and be valued over US$ 450 Bn by 2031. This would trickle down towards supplementing the sales growth of packaging coatings during the forecast period. Demand for polyurethane coatings for flexible packaging is also expected to rise. Also, demand for packaging coatings in industrial packaging is witnessing steady increase.
Increasing spending on infrastructure development across the globe and rising inclination towards modern lifestyle in developed and well as several developing economics increase demand for fancy packaging in several applications. Packaging coatings for electronic goods have shown a drastic increase in demand during the past few years, and are expected to add US$ 231 Mn to total market value by 2031.
What are the Key Opportunities on Offer for Packaging Coating Manufacturers?
Growing concerns about environmental pollution is triggering several governments to shift towards eco-friendly solutions, which, in turn, increases demand for bio-degradable and recyclable coatings used in several applications.
By looking into the global scenario and rapid adoption of environment-friendly products, packaging coating manufacturers should focus on making eco-friendly packaging solutions. Manufacturers switching to eco-friendly packaging such as cornstarch packaging, mushroom packaging, seaweed packaging, etc., are going to get benefitted in the long-run forecast period.
As per Fact.MR’s forecasts, the eco-friendly food packaging market is projected to reach over US$ 315 Bn by 2031, which will open up demand opportunities for packaging coatings.
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What Restraints Do Packaging Coating Suppliers Experience?
Modern food packaging provides a way to make food reliable, safe, clean, and shelf-stable. However, food packaging is mostly designed for single use and can’t be recycled. Almost 85% of the processed food we buy comes in packages.
From grocery stores to restaurants, use of packaging is budding considerably, and this is beneficial for packaging manufacturers. But by looking towards the growing concerns for green product development, it has become a reason that would cause a huge downfall in demand for non-eco-friendly packaging coatings in the long term.
Manufacturers are facing difficulties due to stringent regulations imposed by several governments for using plastic, chemicals, and other harmful raw materials in food packaging. For instance, in 2016, the U.S. Food & Drug Administration (FDA) banned three specific perfluoroalkyl ethyl containing chemicals used in food packaging coatings.
Which Region Offers the Largest Opportunity for Sales of Packaging Coatings?
North America is the most prominent region for packaging coating suppliers, and is anticipated to create an absolute dollar opportunity over US$ 650 Mn during 2021-2031. The U.S. is leading in North American market and is expected to witness double-digit growth through 2031.
With fast-paced growth of its economy and changes in lifestyle, American consumers’ inclination towards packaged food and beverages has resulted complementing the demand outlook for packaging coatings multi-fold in the past half-decade.
Europe and Latin America accounted for 1/3 of the market value and also experienced healthy growth during the past few years. These two regional markets are expected to expand at 5.6% and 6.4% CAGRs, respectively, during 2021-2031.
Rapid economic development and construction activities being undertaken in the MEA region make it one of the prominent regions in the long-term forecast period. The Middle Eastern and African market is set to progress at a moderate pace and reach US$ 121 Mn by 2031.
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Why is the Packaging Coating Industry in the U.S. Still Growing at a Rapid Pace?
The market in the U.S. grew 5.3% during 2016-2020, and is expected to reach US$ 265 Mn by 2031. Consumers in the U.S. have busy schedules, which make them purchase packaged food from convenience stores on their way to work.
Apart from that, the adult population of the country is very much open to the modern world and consumes health drinks and beer on a daily basis. More than 80% of the adult population and 35% of the population over 28 years of age consume beer and health drinks on an everyday basis. This, in turn, leads to increased demand for can packaging solutions.
What Makes Brazil a Hub for Packaging Coating Demand?
In 2020, Brazil accounted for over 45% share of the Latin American market for packaging coatings. Besides, the metal packaging market is anticipated to witness fast growth in the country over the coming years. The country is known for being one of the prominent consumers of beer and cold drinks.
Beer packaging is mostly preferred by consumers in metallic cans, because of ease of portability. The packaging coatings used for metallic beer cans is estimated to generate revenue of above US$ 113 Mn every year from Brazil itself.
Why are Acrylic Coatings the Most Used in Several Applications?
The acrylic packaging coating type is anticipated to expand at a 5.8% CAGR through 2031 and capture over 24% of the global market share.
Acrylic resin has properties such as transparency and fast dye, which can be used with these coatings. The stability and weather resistance tendency make it preferable in the packaging industry for several coating applications such as wine coatings, foodstuff, and more.
In addition, they are resistant to stains, blisters, and cracks. These unique properties make acrylic resin a good choice as a coating material. Acrylic packaging coatings are highly demanded in the food & beverage industry. Consumers are attracted by the innovative and visual appeal of the packaging. This, in turn, drives the sales of acrylic packaging coatings for several food and beverage packaging.
Besides, several food & beverage manufacturing companies are adopting acrylic packaging instead of old coating types.
Which Packaging Coating Type Generates the Highest Revenue?
Globally, the beverage cans market reached US$ 49 Bn in 2019, and the requirement for beverage cans is likely to grow at a CAGR of 4.6% during the period of 2021-2031. Metal packaging is one of the most chosen packaging solutions globally for the preservation of food & beverage products. Nowadays, packaged F&B products have become an integral part of everyone's daily life.
In addition, with increase in demand for packaged food and grocery products, large organized retailers have started packing groceries and delivering it to consumers. Apart from this, metal cans used for F&B packaging can be recycled and do not require the addition of primary material and additives, which is an added advantage manufacturers.
Owing to extensive usage of metal cans in the F&B industry, consumption of packaging coating additives for metal cans had increased in the past half-decade. Furthermore, it is expected that demand for packaging coatings in food cans will show a lucrative growth and reach over US$ 800 Mn by 2031.
Will the F&B Industry Remain the Most Lucrative End User for Packaging Coating Manufacturers?
The food and beverage industry is witnessing highest demand for packaging coatings due to fast-growing consumption of packaged food across the globe. Growing requirement of essential consumer products globally is driving demand for packaging coatings. Over 85% of consumer products purchased globally come with some sort of packaging, in which over 58% use packaging coatings.
Consumer electronics packaging has also shown drastic demand growth in the last few years, and is expected to register a CAGR of 9.3% over the next ten years.
Packaging of industrial products had gained traction during the period of 2016-2020, owing to fast-growing industrialization throughout the globe. In terms of value, the market for packaging coatings for consumer electronics packaging is anticipated to reach US$ 360 Mn in 2021.
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Competitive Landscape as per Packaging Coating Industry Research
According to Fact.MR’s market research analysis, DuPont, Solvay S.A., Nippon paint, Kansai Paints, Evonik Industries, BASF SE, Sherwin Williams, AkzoNobel, and PPG Industries are identified as key packaging coating manufacturers. Majority of the companies discussed in the report have focused on expansion, investments, acquisitions, delivery, portfolio expansion, and brand development.
- DIC Corporation in 2019 acquired BASF's global pigment business segment which used to be known as BASF Colors & Effects. The acquisition widened the product portfolio of DIC Corporation. As a global manufacturer of pigments including those of coatings and inks, the company offers range of versatile solution to the consumers.
- Ardagh Group, a leading metal can manufacturer on April, 2019 announced the expansion of their production facility in Brazil by looking into the growing demand for aluminum packaging.
- In 2019, a North American company named Crown Beverage Packaging developed a new graphic studio for beverage cans. The Aim of the development was to attract customer through visual graphics designs.
- In September 2017, Akzonobel acquired a French manufacturer named Disa Technology, the acquisition between both the companies made a great global footprint by supplying innovative performance coatings.
Similarly, recent developments related to companies manufacturing packaging coatings have been tracked by the team at Fact.MR, which are available in the full report.
Historical Data Available for
US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
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Market Segments Covered in Packaging Coatings Industry Analysis
By Coating Type
- Acrylic Packaging Coatings
- Epoxy Thermoset Packaging Coatings
- Fluoropolymer Packaging Coatings
- Plastisol Packaging Coatings
- Polyester Packaging Coatings
- Polyurethane Packaging Coatings
By Packaging Type
- Metal Can Packaging Coatings
- PET Bottles Packaging Coatings
- Glass Packaging Coatings
- Flexible Plastic Packaging Coatings
- Rigid Plastic Packaging Coatings
- Liquid Carton Packaging Coatings
- Food & Beverage Packaging Coatings
- Consumer Product Packaging Coatings
- Chemical Packaging Coatings
- Paint and Coating Packaging Coatings
- Industrial Product Packaging Coatings
- Semiconductor and Electronics Packaging Coatings
- Coil & Sheet Packaging Coatings
- Roll Packaging Coatings
- Spray Packaging Coatings
- Functional Packaging Coatings
- FAQs -
The global packaging coating market is valued at US$ 3.1 Bn, and is expected to progress at a CAGR of 6% over the next 10 years.
Demand for packaging coatings is expected to surge in metal can packaging over the forecast period. The segment accounts for over 24% of market share.
From 2016 to 2020, the market for packaging coatings expanded at 5.7% CAGR globally.
Spray coatings have become popular owing to ease of use and customized look on packages.
Upsurge in demand for beverage cans, baked packaged food, caps & aerosols, etc., is a key factor driving demand for packaging coatings.
Top 5 players manufacturing packaging coatings account for more than 35% of the global market share.
China, Brazil, the U.S., Japan, and Germany are among the top 5 countries driving demand for packaging coatings.
North America holds more than 1/4 of global packaging coating demand, and is anticipated to expand at over 5% CAGR through 2031.
Europe sees demand divided across all countries, and is considered as a mature market. The regional market is expected to register a CAGR of more than 4% and account for 25% market share by 2031.
China, Japan, the U.S., Germany, and U.K. are key producers of packaging coatings due to the presence of leading manufacturers in these countries.
The U.S., Germany, and China are the top three exporters of packaging coatings, as they have clusters of engineering plastic manufacturers with multiple production bases.
Japan is one of the leading markets for packaging coatings and accounted for more than 10% market share. South Korea is expected to reach US$ 237 Mn in terms of value by 2031.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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