Packaging Coatings Market Size Forecast to Reach $4.0 Billion by 2026
Increasing Demand for Epoxy Thermoset Coatings Driving the Growth of Packaging Coatings Market.
(EMAILWIRE.COM, October 02, 2021 ) Packaging Coatings Market size is forecast to reach $4.0 billion by 2026, after growing at a CAGR of 4.6% during 2021-2026 due to rise in the consumption of plastic bottles and containers. International Bottled Water Association (IBWA), Americans consumed 13.8 billion gallons of bottled water in 2018. The packaging coatings give protection and prevent oxygen, light, and moisture to the end product. Growing food & beverages packaging, personal care and cosmetics industry are the major driving factor to increasing the demand for packaging products. Epoxy thermoset, urethane, acrylic, and polyester are the most common type which is available for packaging coatings. These provide protection, attractive appearances, and prevent environmental factors. Currently, recyclability of the flexible packaging is increasing the demand for packaging coatings.
Packaging Coatings Market Segment Analysis – By Product
Epoxy thermoset segment held the largest share in the packaging coatings market in 2020 as they provide a high level of protection against abrasion, turbulence, and extreme temperatures. Epoxy thermoset exhibit high strength and low shrinkage during curing, are known for their toughness and resistance to both chemical and environmental damage. Depending on the formulation, epoxy thermosets are used as casting resins, potting agents, or binders in packaging applications. Additionally, acrylics provide durable, chemical resistant, nontoxic packaging, and ease of maintenances. Apart from this, polyester is widely used in packaging applications such as beverage cans, food cans, paper containers, plastic containers, and metal (metal aerosol can, metal tins, collapsible metal tubes). Thus, due to the high-temperature resistance and tensile strength of epoxy thermoset is expected to grow the market of packaging coatings.
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Packaging Coatings Market Segment Analysis – By From
Liquid formulation is the most lucrative segment in the packaging coating market in 2020 owing to the increasing demand for liquid coatings in metal cans, and PET bottles. The liquid coating has superior benefits such as lower VOCs, extremely stable, and improved heat resistance. Liquid-based coatings emit lower VOCs and cost efficiency for an application that required maximum abrasion resistance and hardness. Therefore, increasing demand for liquid-based coatings in cans is expected to drive the demand for the packaging coatings market.
Packaging Coatings Market Segment Analysis – By Application
Food & beverage packaging application segment dominated largest share for the packaging coatings market in 2020 and is growing a CAGR of 4.8% during 2021-2026 due to growing changes in lifestyle and consumption for packed food, water cans, cold drinks, and beverage cans, which is expected to a growing packaging coating market. Packaging coatings are used for food & beverage cans, to protect food when it comes in contact with the metal surface. These cans are convenient to keep in refrigerators and ovens. Moreover, changes in consumer trends towards healthy drinks are driving the market for metal cans during the forecast period. According to the Environmental Protection Agency of the United States, 1.9 million tons of aluminum beverage cans packaging was generated for beers and soft drink cans, and 49.2% of beverage cans were recycled. Additionally. According to the Associated Chambers of Commerce and Industry of India, the organized packed food market size was INR 780 million (US$ 10.64 million) in 2020. Thus, increasing demand from the food industry is expected to grow consumption for packaging coatings.
Packaging Coatings Market Segment Analysis Segment Analysis – By Geography
Asia Pacific dominated the largest share of the packaging coatings market in 2020 with 30% due to the increasing demand for packed food and beverages in the region and construction activities developing countries such as China and India are projected to make this region an ideal destination for the packaging coatings market. According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021. Thus, according to the India Brand Equity Foundation (IBEF), the real state sector in India is expected to reach a market size of US$ 1 trillion by 2030 and will grow to (US$ 9.30 billion) by 2040 According to the National Bureau of Statistics, China's real estate market investment jumped from 15.7% in 2019 to 38.3% in January-February 2021. Additionally, the packaged food market of India is expected to reach US$ 70 billion by 2025 by IBEF. Hence, all such factors are cresting growth for the market during the projected year.
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Packaging Coatings Market Drivers
Increasing Demand for Epoxy Thermoset Coatings
Epoxy thermoset coatings are widely used in packaging coatings applications such as food cans, beverage cans, line cans, and so on due to various properties such as chemical resistance, excellent transparency, and extreme durability. The growing demand for coatings for high-speed packaging is enhancing the use of coatings from the food sector. According to the India Brand Equity Foundation (IBEF), GST on food products and hygiene products has been reduced to 0-5% and 12-18% respectively in 2020. Thus, increasing food demand will fuel the market size. Apart from this, the industries are shifting to solvent-borne, waterborne, and powder-based epoxy products, owing to the growing environmental concerns, thus providing high growth opportunities to the overall packaging coatings market.
Increasing Demand for Food & Beverage Cans
Food & beverage cans are used on regular basis due to the increasing demand for lightweight packaging of various fluids, such as water, coffee, energy drinks, and soft drinks for ease to carry. A consumer wants preservation of taste and nutrition across a wide variety of food & beverages. The Ministry of Food Processing Industries in India, the food processing industry will potentially attract US$ 33 billion investment by 2024 and is expected to reach half a trillion dollars by 2025. Thus, increasing food processing industry is expected to boost the coating demand during the projected era.
Packaging Coatings Market Challenges
Volatility in Raw Material Prices
Polyethylene, epoxy, acrylic, urethane, phenolic, vinyl, and polyester are used for coatings. These are derived from crude oil. Hence, the fluctuation in crude oil prices may hamper the production of coating products. According to BP static, Oil prices declined US$64.21/bbl in 2019 as compared with US$71.31/bbl in 2018. The Global crude oil demand drops by 2.5 mb/d in Q2 of 2020. The second quarter declined by around 90,000 barrels a day compared with 2019. Thus, fluctuation in oil prices is hampering the prices of coating products, which may hamper the packaging coatings market.
Packaging Coatings Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the packaging coatings market. Major players in the packaging coatings market are Akzo Nobel N. V., ARKEMA GROUP, Axalta Coating System LLC, BASF SE, Montrose- Haeuser, Co. Inc., PPG Industries Inc., Sun Coating Company, The Dow Chemical Company, The Valspar Corporation, Wacker Chemie AG, Allnex Belgium SA/NV, and among others.
Key Takeaways
Asia-Pacific dominates the packaging coatings market owing to increasing demand from an application such as food & beverages, marine, architectural, packaging, and healthcare industries.
According to the India Brand Equity Foundation (IBEF), the demand for plastic bottles continues to expand in India.
The growing popularity of new plastic technologies to develop recyclable and sustainable solutions that include specific properties such as light puncture, moisture, and chemical resistance, is likely to aid in the market growth of the packaging coatings market.
Related Reports:
A. Plastic Coatings Market
https://www.industryarc.com/Report/11728/plastic-coatings-market.html
B. Packaging Additives Market
https://www.industryarc.com/Report/16539/packaging-additives-functional-additivesbarrier-coatings-market.html
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Packaging Coatings Market Segment Analysis – By Product
Epoxy thermoset segment held the largest share in the packaging coatings market in 2020 as they provide a high level of protection against abrasion, turbulence, and extreme temperatures. Epoxy thermoset exhibit high strength and low shrinkage during curing, are known for their toughness and resistance to both chemical and environmental damage. Depending on the formulation, epoxy thermosets are used as casting resins, potting agents, or binders in packaging applications. Additionally, acrylics provide durable, chemical resistant, nontoxic packaging, and ease of maintenances. Apart from this, polyester is widely used in packaging applications such as beverage cans, food cans, paper containers, plastic containers, and metal (metal aerosol can, metal tins, collapsible metal tubes). Thus, due to the high-temperature resistance and tensile strength of epoxy thermoset is expected to grow the market of packaging coatings.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=501486
Report Price: $ 4500 (Single User License)
Packaging Coatings Market Segment Analysis – By From
Liquid formulation is the most lucrative segment in the packaging coating market in 2020 owing to the increasing demand for liquid coatings in metal cans, and PET bottles. The liquid coating has superior benefits such as lower VOCs, extremely stable, and improved heat resistance. Liquid-based coatings emit lower VOCs and cost efficiency for an application that required maximum abrasion resistance and hardness. Therefore, increasing demand for liquid-based coatings in cans is expected to drive the demand for the packaging coatings market.
Packaging Coatings Market Segment Analysis – By Application
Food & beverage packaging application segment dominated largest share for the packaging coatings market in 2020 and is growing a CAGR of 4.8% during 2021-2026 due to growing changes in lifestyle and consumption for packed food, water cans, cold drinks, and beverage cans, which is expected to a growing packaging coating market. Packaging coatings are used for food & beverage cans, to protect food when it comes in contact with the metal surface. These cans are convenient to keep in refrigerators and ovens. Moreover, changes in consumer trends towards healthy drinks are driving the market for metal cans during the forecast period. According to the Environmental Protection Agency of the United States, 1.9 million tons of aluminum beverage cans packaging was generated for beers and soft drink cans, and 49.2% of beverage cans were recycled. Additionally. According to the Associated Chambers of Commerce and Industry of India, the organized packed food market size was INR 780 million (US$ 10.64 million) in 2020. Thus, increasing demand from the food industry is expected to grow consumption for packaging coatings.
Packaging Coatings Market Segment Analysis Segment Analysis – By Geography
Asia Pacific dominated the largest share of the packaging coatings market in 2020 with 30% due to the increasing demand for packed food and beverages in the region and construction activities developing countries such as China and India are projected to make this region an ideal destination for the packaging coatings market. According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021. Thus, according to the India Brand Equity Foundation (IBEF), the real state sector in India is expected to reach a market size of US$ 1 trillion by 2030 and will grow to (US$ 9.30 billion) by 2040 According to the National Bureau of Statistics, China's real estate market investment jumped from 15.7% in 2019 to 38.3% in January-February 2021. Additionally, the packaged food market of India is expected to reach US$ 70 billion by 2025 by IBEF. Hence, all such factors are cresting growth for the market during the projected year.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=501486
Packaging Coatings Market Drivers
Increasing Demand for Epoxy Thermoset Coatings
Epoxy thermoset coatings are widely used in packaging coatings applications such as food cans, beverage cans, line cans, and so on due to various properties such as chemical resistance, excellent transparency, and extreme durability. The growing demand for coatings for high-speed packaging is enhancing the use of coatings from the food sector. According to the India Brand Equity Foundation (IBEF), GST on food products and hygiene products has been reduced to 0-5% and 12-18% respectively in 2020. Thus, increasing food demand will fuel the market size. Apart from this, the industries are shifting to solvent-borne, waterborne, and powder-based epoxy products, owing to the growing environmental concerns, thus providing high growth opportunities to the overall packaging coatings market.
Increasing Demand for Food & Beverage Cans
Food & beverage cans are used on regular basis due to the increasing demand for lightweight packaging of various fluids, such as water, coffee, energy drinks, and soft drinks for ease to carry. A consumer wants preservation of taste and nutrition across a wide variety of food & beverages. The Ministry of Food Processing Industries in India, the food processing industry will potentially attract US$ 33 billion investment by 2024 and is expected to reach half a trillion dollars by 2025. Thus, increasing food processing industry is expected to boost the coating demand during the projected era.
Packaging Coatings Market Challenges
Volatility in Raw Material Prices
Polyethylene, epoxy, acrylic, urethane, phenolic, vinyl, and polyester are used for coatings. These are derived from crude oil. Hence, the fluctuation in crude oil prices may hamper the production of coating products. According to BP static, Oil prices declined US$64.21/bbl in 2019 as compared with US$71.31/bbl in 2018. The Global crude oil demand drops by 2.5 mb/d in Q2 of 2020. The second quarter declined by around 90,000 barrels a day compared with 2019. Thus, fluctuation in oil prices is hampering the prices of coating products, which may hamper the packaging coatings market.
Packaging Coatings Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the packaging coatings market. Major players in the packaging coatings market are Akzo Nobel N. V., ARKEMA GROUP, Axalta Coating System LLC, BASF SE, Montrose- Haeuser, Co. Inc., PPG Industries Inc., Sun Coating Company, The Dow Chemical Company, The Valspar Corporation, Wacker Chemie AG, Allnex Belgium SA/NV, and among others.
Key Takeaways
Asia-Pacific dominates the packaging coatings market owing to increasing demand from an application such as food & beverages, marine, architectural, packaging, and healthcare industries.
According to the India Brand Equity Foundation (IBEF), the demand for plastic bottles continues to expand in India.
The growing popularity of new plastic technologies to develop recyclable and sustainable solutions that include specific properties such as light puncture, moisture, and chemical resistance, is likely to aid in the market growth of the packaging coatings market.
Related Reports:
A. Plastic Coatings Market
https://www.industryarc.com/Report/11728/plastic-coatings-market.html
B. Packaging Additives Market
https://www.industryarc.com/Report/16539/packaging-additives-functional-additivesbarrier-coatings-market.html
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Contact Information:
IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
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IndustryARC
Venkat Reddy
Tel: (+1) 970-236-3677
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results