With the growing demand for protection and safety of products, packaging has been subject to significant transformation. In order to ensure safety and protection of the products, manufacturers in various industries are integrating advanced technology in the packaging products. Surge in demand for enhanced packaging techniques has led to increasing demand for packaging coating in several industries including food and beverages, pharmaceutical, and chemical. According to a recent report published by Fact.MR, the global packaging coating market is expected to represent a value of over US$ 4,000 Mn by the end of 2022.
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Significant Demand in Food and Beverages Industry
As preference for preservation of taste, smell, and nutritious value of the food products is increasingly, manufacturers witness significant demand for packaging coatings in the food industry. In order to ensure protection from adhesion and corrosion of the food products, manufacturers are using acrylic coatings in the food and beverages packages.
Construction Industry to Impact the Market Growth
Construction industry continues to witness considerable demand for packaging coating in order to protect aluminium coils and steel materials used during construction. Moreover, electronic appliances and roof coatings witness considerable demand in the construction industry. Several construction materials including roof, and electronic appliances need water-proof and anti-corrosion protection. Attributed to growing need for water-proof and corrosion resistance, demand for packaging coating such as acrylic coating is expected to rev up.
Construction materials are manufactured with thermoplastics including power tools, gear wheels, and cupboard hinges. As thermoplastics are sensitive to the changing temperature, several construction materials need protective packaging. Due to increasing need for protective packaging, manufacturers are increasingly using packaging coatings such as acrylic coatings for providing safety to the product.
Consumption in the Electronic Industry
Besides construction industry, packaging coating also witnesses considerable demand in the consumer products and electronics industry. With increasing application of thermoplastic materials among the manufacturers of the consumer products, demand for temperature sensitive packaging is expected to increase. Manufacturers prefer packaging consumer products including power tools, gear wheels, and cupboard hinges with acrylic coated packages to provide protection.
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Moreover, thermoplastic materials also witness high adoption in several industries including semiconductor and electronic packaging, industrial products, and automotive. Surge in demand for automotive, industrial, and electronic products is expected to impact growth of the global packaging coating market positively.
Food and Beverages to Represent a Leading Segment
As demand for protective packaging in the construction and electronic industry increases, manufacturers turn to acrylic packaging coating. Acrylic coating as compared to other coatings is expected to witness the highest revenue growth, representing over US$ 400 Mn by the end of 2022. However, fluoropolymer coating is expected to register the highest CAGR in the global market throughout 2022.
On the basis of packaging type, the flexible plastic segment is expected to witness the highest revenue growth, followed by the metal can segment. The flexible plastic segment is expected to represent a value of over US$ 200 Mn by the end of 2017. However, the liquid carton segment is expected to register the highest CAGR in the global packaging coating market.
Food and beverages segment as compared to other end users is expected to witness the highest revenue growth, representing a value of over US$ 400 Mn by 2022. The industrial product segment is expected to register the highest CAGR growth in the global market through 2022.
Coil & Sheet Coating is expected to witness the highest revenue growth as compared to other coating technology, accounting for a value of US$ 700 Mn by the end of 2017. However, spray coating and roll coating is expected to register the highest CAGR in the global packaging coating market through 2022.
Leading market players in the global packaging coating market include PPG, AkzoNobel, Sherwin Williams, BASF SE, Evonik, Kansai Paints, Nippon paint, Solvay, Axalta, and DuPont.
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