LONDON--(BUSINESS WIRE)--The global packaging coatings market is expected to grow at a CAGR of close to 5% from 2017-2021, according to a new market research report by Technavio.
Global packaging coatings market segmentation by substrate and end-user
Technavio’s report on the global packaging coatings market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by substrate, including paper and board, flexible packaging, rigid packaging, and metal packaging. As projected in 2016, around 32% of the market share originated from paper and board.
Based on end-user, the global packaging coatings market has been segmented into food, beverages, pharmaceutical, and personal care. As of 2016, around 51% of the market share came from food.
“The growing necessity for flexible, rigid, and paper and board packaging to pack foods is expected to drive the demand. Packaging coatings enhance the shelf life, performance, and processability of the food. It also improves the aesthetics of the packaging. Such coatings can keep the food fresh and retain nutritional value for longer periods. The increasing consumer demand for raw and processed foods is driving the need for food packaging coating,” says Hitesh Bhatia, a lead analyst at Technavio for paints, coatings, and pigments research.
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Global packaging coatings market: competitive vendor landscape
The global packaging coatings market is fragmented due to the presence of many major and regional vendors. The major vendors in the market are Akzo Nobel, Arkema, PPG Industries, The Sherwin-Williams Company, and Wacker Chemie. Some regional vendors are mostly operative in emerging regions such as Latin America and APAC. The growing industrialization and urbanization rates in developing countries such as India, Brazil, Mexico, Indonesia, and China have increased the entry and growth rate of domestic vendors.
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Other topics covered in the report:
Market drivers:
- Growth in the packaging industry
- Increasing usage of flexible packaging coating
Market challenges:
- Volatility in raw material prices
- Growing concerns of plastic packaging
Market trends:
- Growing preference for bio-based packaging coating
- Growing recycling rate
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