Newark, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4 billion in 2022 global packaging coatings market will reach USD 5.92 billion in 2032. Materials are applied to the surfaces of packaging materials as packaging coatings. These coatings improve the packaging's functionality and aesthetics. Additionally, they provide defence against the elements and other factors such as heat, pressure, sunshine, and dust. Food and beverage, pharmaceuticals, personal care and cosmetics, and consumer products are just a few industries that use them. By enhancing visual appeal and promoting brand awareness, package coatings' exceptional printability and customization capabilities support marketing initiatives and brand distinction. Additionally, they increase product shelf life, which is crucial for perishable commodities in the food and beverage industry. They provide printability and flexibility to suit different packaging formats.
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Key Insight of the Global Packaging Coatings Market
Asia Pacific will dominate the market during the forecast period.
The demand for food and beverages will be driven by the expanding population and changing lifestyles, which will help the packaging and coatings business flourish. Similarly, growth is predicted for the pharmaceutical, healthcare, and cosmetics sectors throughout the projection period, supporting the packaging coatings market. The dynamic need for coatings is further driven by the automotive, electronics, and sustainable packaging sectors, with an increasing focus on eco-friendly solutions.
In 2022, the acrylic segment dominated the market with the largest market share of 57% and market revenue of 1.48 billion.
The type segment is divided into epoxy, polyurethane, rosin, acrylic, UV-curable and others. In 2022, the acrylic segment dominated the market with the largest market share of 57% and market revenue of 1.48 billion.
In 2022, the metal segment dominated the market with the largest market share of 34% and revenue of 1.36 billion.
The substrate segment is divided into plastic, glass, metal and paper. In 2022, the metal segment dominated the market with the largest market share of 34% and revenue of 1.36 billion.
In 2022, the cans segment dominated the market with the largest market share of 36% and market revenue of 1.44 billion.
The application segment is divided into containers, caps and closures, cans, aerosols and tubes, and others. In 2022, the cans segment dominated the market with the largest market share of 36% and market revenue of 1.44 billion.
In 2022, the food and beverages segment dominated the market with the largest market share of 37% and market revenue of 1.48 billion.
The end-user segment is divided into food and beverages, personal care and cosmetics, pharmaceuticals, automotive, and others. In 2022, the food and beverages segment dominated the market with the largest market share of 37% and market revenue of 1.48 billion.
Advancement in market
The acquisition of ICP Industrial Solutions Group (ISG), a pioneer in high-performance packaging coatings, has been agreed to by Stahl, a coatings technology provider. This acquisition will strengthen Stahl's position as a flexible material coatings pioneer. Innovative Chemical Products (the ICP Group) division ISG provides a wide range of high-performance coatings mostly utilized in packaging and labelling applications, particularly in the food and pharmaceutical industries.
Report Attribute Details
| Report Attribute | Details |
| Revenue forecast in 2022 | USD 4 Billion |
| Market size value in 2032 | USD 5.92 Billion |
| Expected CAGR Growth | 4% |
| Base Year | 2022 |
| Forecast Year | 2023 - 2032 |
| Top Market Players | WikoffColor Corporation, T&K TOKA, Siegwerk Druckfarben, Nippon Paint, Kansai Paint, Encres Dubuit, Dainichiseika Color & Chemicals Manufacturing, CROMOS TINTAS GRAFICAS, ColorMatrix Corporation, ALTANA AG |
| Segments Covered | Type, Substrates, Application and End User |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Market Dynamics
Driver: The rising need for packaging coatings in a variety of sectors.
The ongoing growth of the consumer goods, pharmaceutical, cosmetic, and food and beverage industries provides a strong market for packaging coatings. Coatings are widely employed in the food and beverage sector to prolong the shelf life of products, protect them from unwanted external elements, and maintain their freshness. The pharmaceutical industry also uses coatings to preserve the integrity of medications. Since aesthetic appeal drives consumer demand for their products, the cosmetics business uses it for branding and marketing objectives to differentiate their products. The consumer products sector uses coatings to enhance the practicality and aesthetic appeal of packaging. The expansion of these sectors will propel the growth of the worldwide packaging coatings market.
Restraints: Environmental considerations.
Customary or typical packing Because coatings are made from petroleum-based materials, they create pollution and carbon emissions, which presents a problem for the environment and its users. Another issue that exacerbates market participants' problems is their disposal; they are disposed of in landfills, increasing pollution. Because some coatings are not recyclable, their application in a sustainable and eco-friendly environment is questioned. This will reduce the market demand for the product. Furthermore, coatings containing potentially hazardous substances raise health and safety issues, particularly when they touch food or medications. Until fresh developments create a way for products to overcome the shortcomings given by the current ones, all these worries will impede the market's growth.
Opportunities: developments in technology.
Market participants' continuous technological developments in packaging coatings will support the market's growth. For example, smart coatings that use nanotechnology and sensors enhance the coatings' endurance and barrier qualities. Real-time indicator-equipped smart coatings improve quality control, especially in the food and pharmaceutical industries. Antimicrobial coatings stop the growth of microorganisms, which improves product safety. Concurrently, a notable transition towards sustainability is observed, which promotes the advancement of bio-based, recyclable, and environmentally friendly coatings. Therefore, during the projection period, the global packaging coatings market's growth would have attractive prospects due to technological improvements driving innovation.
Challenges: Regulatory compliance.
There is no standardization in regulations; each country has its regulations, which are different for the food, pharmaceutical, and cosmetics industries. The market players face difficulty navigating these confusing and often complex regulations. The dynamic nature of regulatory frameworks, frequently evolving to address emerging concerns and technological advancements, demands continuous adaptation from industry players. Additionally, testing and certification processes are both time-consuming and capital-intensive. Therefore, stringent regulations will challenge the growth of the global packaging coatings market during the forecast period.
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Some of the major players operating in the global packaging coatings market are:
• WikoffColor Corporation
• T&K TOKA
• Siegwerk Druckfarben
• Nippon Paint
• Kansai Paint
• Encres Dubuit
• Dainichiseika Color & Chemicals Manufacturing
• CROMOS TINTAS GRAFICAS
• ColorMatrix Corporation
• ALTANA AG
Key Segments covered in the market:
By Type
• Epoxy
• Polyurethane
• Rosin
• Acrylic
• UV-Curable
• Others
By Substrates
• Plastic
• Glass
• Metal
• Paper
By Application
• Containers
• Caps and Closures
• Cans
• Aerosols and Tubes
• Others
By End User
• Food and Beverages
• Personal Care and Cosmetics
• Pharmaceuticals
• Automotive
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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