DELRAY BEACH, Fla., Oct. 31, 2024 /PRNewswire/ -- The report "Packaging Coatings Market by Technology (Waterborne, Solventborne, Energy Curable, Digital), Resin (Polyurethane, Epoxy, Acrylic, Polyester), Application (Rigid, Flexible, Paper), Printing Process, End-use Industry - Global Forecast to 2029", is projected to grow from USD 4.21 billion in 2024 to USD 5.37 billion by 2029, at a CAGR of 5.0% between 2024 and 2029. North America is the one of the largest markets for packaging coatings. The demand for different resin used in packaging coatings is experiencing significant growth across various industries, including food & beverage, industrial goods, medical & pharma, caps & closures, and more. Emerging nations such as India, Canada, Brazil, China and Mexico are expected to play a crucial role in driving the global packaging coatings market forward.
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Energy curable by technology segment dominate the market by highest share of the packaging coatings market during the forecasted period.
Energy curable coatings technology is also in high optics in the packaging coatings market because of the accompanying benefits in efficiency, performance and environmentally friendly. These coatings are uv-curable and electron beam (EB) coatings that cure quickly and allow high-speed production and significantly less energy usage suitable for high throughput industries such as food & beverage and pharmaceuticals. One aspect that has led to their uptake is the fact that most of them or have a VOC of less than 5 g/L making them more environmentally friendly compared to usual solvent borne coatings. This is as a result of increasing legal requirements and growing customer interest in environmentally friendly packaging material. Moreover, energy curable coatings offer better physical characteristics including abrasion, chemical and moisture resistance to make the packaging material remain unharmed and appealing during handling and storage. The mentioned materials find application in a broad range of packaging types including food-grade materials as well as high-end consumer product packaging materials their suitability in the area was found to stem from the ability to meet sustainability standards, high performance and great aesthetics.
Paper packaging by application segment dominate the market by one of the highest shares of the packaging coatings market during the forecasted period.
Paper packaging coatings application is having a very high demand in packaging coatings market due to increasing concern of the public and regulatory bodies towards use of environmentally friendly products over plastics. Consequently, paper is preferred for being biodegradable and recyclable, and specifically essential in the food and beverages, e-commerce, and personal care industries. In particular, the expansion of e-commerce and food delivery has increased the need for such paper packaging with desirable characteristics, which are supplemented by coatings. On the same note, there is a higher regulatory attitude towards plastics use and disposal, coupled with innovation in sustainable coating systems, such as, water borne and bio-based systems, thereby elevating the use of coated paper packaging. These coatings not only provide the above functions for packaging but also enhance the printing on the surface of paper packaging, making paper packaging more attractive to businesses oriented to sustainable packaging and high packaging performance.
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Asia Pacific region is likely to be the fastest growing packaging coatings market during the forecast period.
Asia-Pacific is the fastest growing market for packaging coatings. The steady growth in population, especially the middle-income earners due to increased industrialization and urbanization is a main driver to packaged food products, teenage or breast milk, drugs, cosmetic etc. China, India and Southeast Asian countries are other large production hubs that contribute to the demand for high quality packaging coatings that can provide long term durability and protection. However, this growth is not without its difficulties, for example, the rigorous environmental laws that compel coating manufacturers to offer environmentally friendly and more sustainable coatings that can be quite expensive to develop. On the positive side there is increasing consumption in the e-commerce and retail industries to use packaging materials and at the same time there is a need for development of newer forms of coating solutions due to changing market requirements. In conclusion, the location offers high potential for the packaging coatings market but achieving the optimal costs and reasonable sustainability practices remain a challenge for the companies.
Key Players:
The Sherwin-Williams Company (US), PPG Industries, Inc. (US), AkzoNobel N.V. (The Netherlands), Altana Group (Germany), Axalta Coating Systems, LLC (US), DIC Corporation (Japan), and Stahl Holdings B.V. (The Netherlands) are the key players in the global packaging coatings market.
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