Packaging Coatings Market Size expected to reach $4.9 Billion by 2030

According to a new report published by Allied Market Research, titled, "Packaging Coatings Market by Application, Type, End User, Substrate, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030"

The global packaging coatings market size was valued at $3.2 billion in 2020 and is projected to reach $4.9 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.

Packaging coatings are used for the protection and decoration of food & beverage, aerosol, general line cans, metal closures, and collapsible tubes. They offer wear resistance and aesthetic appeal and are widely used in food cans, beverage cans, caps & closures, aerosols & tubes, industrial packaging and specialty packaging, and others. Rapid growth of the food & beverage industry, increasing demand for flexible packaging coatings, and surge in the consumption & production of PET bottles are the key factors that drive the global packaging coatings market. In addition, production of environment-friendly packaging coatings offers growth opportunities to the market players. Further, the increase in usage of these coatings in metal packaging, in order to strengthen as well as enhance adhesion, flexibility, and resistance, fuel the demand for packaging coatings. The epoxy segment generated the highest revenue in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to its properties such as corrosion resistance, chemical resistance, attractive appearance, and protection against different environmental factors.

Furthermore, Asia-Pacific is anticipated to dominate the market. The region is a manufacturing hub for pharmaceutical, food & beverages, personal care, healthcare industries, which are the major end-users of packaging coatings. Moreover, the change in lifestyle and food habits among the populace is the crucial factor for the growth of the food and beverages sector, which is a primary application segment for the packaging coating market. These factors are expected to drive the packaging coatings market growth during the forecast period.

The packaging coatings market is segmented on the basis of application, type, end user, substrate and region.

On the basis of application, the market is segmented into food cans, beverage cans, caps & closures, aerosols & tubes, industrial packaging, promotional packaging and specialty packaging. Based on type, the market is segmented into epoxy thermoset, urethane, UV-Curable, BPA Free and soft touch UV-curable &urethane. Depending on end-user, the market is categorized into food & beverages, cosmetics, pharmaceuticals, consumer electronics and automotive components. On the basis of substrate, the market is categorized into metal, rigid plastic, glass, liquid cartoons, paper based containers, flexible packaging and others. By region, the packaging coatings market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the dominating region in terms of demand for packaging coatings, and is expected to maintain its dominance over the projection period. The high adoption of packaging coatings products in the region owing to growing demand for packaging coatings in the packaged food & beverage and consumer goods segments is anticipated to continue to bolster the packaging coatings market size.

The key players profiled in the report include AKZO NOBEL N.V; AXALTA COATING SYSTEMS; BASF SE; Eastman Chemical Company; KEMIRA; PPG INDUSTRIES, INC.; Sun Coating Company; THE LUBRIZOL CORPORATION; THE SHERWIN-WILLIAMS COMPANY; and WACKER CHEMIE AG.

The other companies operating in the packaging coatings industry include ALTANA, Brancher, ColorMatrix, CROMOS TINTAS GRAFICAS, Dainichiseika Color& Chemicals Manufacturing, DIC, EncresDubuit, Environmental Inks and Coatings, Kansai Paint, Nippon Paint, Sakata, SiegwerkDruckfarben, T&K TOKA, Toyo Ink, WikoffColor, and others which compete for the share of the market through product launch, joint venture, partnership, and expansion of the production capabilities to meet the demand for Packaging Coatings market during the forecast period.

Impact Of Covid-19 On Global Packaging Coatings Market

• Emergence of COVID-19 pandemic had a moderate impact on the growth of the global packaging coatings market.
• This impact is primarily attributed to significant disruptions in the raw material transportation and shutdown of the manufacturing and end-use industries such as food & beverages and consumer goods, hence resulting in decline in demand for packaging coatings during this period.
• However, the growth in metal packaging and coatings particularly for food & beverage products coupled with the vaccination programs and lifting of lockdowns are predicted to propel the packaging coatings market growth during the coming years. For instance, as per Smithers study, the lockdown in Europe and North America in 2020 caused an increase in demand for food cans by approximately 10%, as consumers stock up on tinned foodstuffs. Besides, there has also been a surge in demand for beverage cans as drinkers move away from restaurants and bars to socially distanced home consumption.

Key Findings of Study

• By region, Asia-Pacific accounted for the largest market share in 2020.
• By application, the food cans segment held the largest market share in 2020.
• By type, the epoxy thermoset segment held the largest market share in 2020.
• By end user, the food & beverages segment held the largest market share in 2020.
• By substrate, the flexible packaging can segment held the largest market share in 2020.