Growing need for protective packaging in the food and beverages industry has led to an upsurge in demand for packaging coating globally. In addition, increasing need for temperature sensitive packaging is further expected to impact growth of the global market positively. A recently compiled report by Fact.MR, the global packaging coating market is projected to represent reflect a moderate CAGR of 5.5% through 2022.
Factors Fuelling Growth of the Global Market
Surge in demand for packages that preserve nutritional value, taste, and smell of the food products continues to impact packaging patterns in the food industry. With the increasing need for temperature resistant packages, manufacturers are turning to packaging coating. Moreover, growing need for food packages that are resistant to adhesion continues to fuel demand for packaging coating. Attributed to these factors, manufacturers will continue to witness steady demand for acrylic packaging coating in the food and beverages industry.
Demand for packaging coating such as acrylic coatings remain concentrated in the construction industry. With growing need to provide protective packaging for steel materials and aluminium coils has further revved up sales of the packaging coating in the construction industry. Various construction materials comprise of thermoplastics, which are sensitive to the extreme temperatures. As electronic appliances in the construction industry are likely to be exposed to changing climate conditions, acrylic coating is used for protective packaging of these appliances. Surge in demand for packaging coating in the construction industry is likely to contribute towards growth of the global market.
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Although the outlook on growth of packaging coating market looks positive, emergence of technologically equipped packaging techniques and products will continue to remain a preferred alternative. Change in consumer perspective related to technically-equipped packaging solutions is likely to inhibit growth of the global market of packaging coating during the forecast period.
Acrylic Coating to Represent a Leading Segment
Acrylic coatings is projected to sell more than other coating types in the global market, however fluoropolymer segment is likely to reflect a relatively high CAGR through 2022. Currently, the acrylic coatings segment is likely to represent more than US$ 400 Mn by 2022- end. Demand for acrylic coatings is projected to remain high in the food and beverages, and construction industry.
Sales of packaging coating will continue to remain concentrated in the food and beverages end use industry type. According to Fact.MR, sales of packaging coating in this industry is projected to represent more than US$ 400 Mn by the end of 2022. As manufacturers are integrating coil & sheet technology for packaging, end users witness significant demand for packaging coatings. The report reveals that demand for coil & sheet coating technology will remain relatively high as compared to other technologies for packaging in the end use industries globally. Demand for flexible plastics among the end use industries will continue to remain high as compared to other packaging types. Liquid cartons will also witness considerable demand attributed to liquid products.
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Major players in the global market of packaging coating are AkzoNobel, PPG, BASF SE, Sherwin Williams, Kansai Paints, Evonik, Solvay, Nippon paint, DuPont, and Axalta.
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