According to IMARC Group latest report titled” Packaging Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The global packaging coatings market size to grow at a CAGR of around 4% during 2021-2026. Packaging coatings are specialized chemical agents applied on the inside or on the surface of packaging products. They are used in cans, closures, metal-, plastic- and paper-based containers, and industrial packaging products. Some of the most commonly available resins for packaging coatings include epoxy resins, acrylic resins, polyester and polyurethane resins. These coatings aid in increasing the shelf-life of and provide environmental protection, corrosion resistance and aesthetic appeal to the product. On account of these benefits, packaging coatings are extensively used in the food and beverages (F&B), personal care and healthcare industries.As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Market Trends:
The widescale utilization of improved packaging solutions in the food and beverages industry is primarily driving the global packaging coatings market. Besides this, the expansion in the retail and e-commerce sectors, and rapid industrialization and urbanization, especially in the developing economies, are contributing to the market growth. Furthermore, the increasing application of acrylic-based coatings is also impacting the market growth positively. Acrylic variants offer high transparency, durability and resistance to stains, blistering, heat and cracking to various consumer goods products. Extensive research and development (R&D) activities to develop sustainable packaging coatings are acting as another major growth-inducing factor.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Akzo Nobel N.V.
Arkema Group
Axalta Coating Systems LLC
BASF SE
Mantrose-Haeuser Co. Inc.
PPG Industries Inc.
Sun Coating Company
The Dow Chemical Company
The Valspar Corporation
Wacker Chemie AG Ltd.
Packaging Coatings Market Segmentation:
Our report has categorized the market based on region, substrate, resin, formulation and application.
Market Breakup by Substrate:
Plastic
Metal
Paper
Glass
Others
Market Breakup by Resin:
Epoxy
Acrylic
Polyurethane
Polyester
Others
Market Breakup by Formulation:
Water-Based
Solvent-Based
Radiation-Cured
Powder-Based
Market Breakup by Application:
Beverages
Food Products
Caps and Closures
Monobloc and Tubes
Others
Market Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)