PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616216
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616216
Packaging Coatings Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Packaging Coatings Market was valued at USD 4.86 billion in 2023. Projections indicate a CAGR of 5% CAGR from 2024 to 2032, primarily driven by a rising consumer preference for eco-friendly and sustainable packaging solutions. In response, companies are innovating coatings that boost the recyclability and biodegradability of packaging materials. This pivot towards sustainability not only resonates with global environmental regulations but also meets evolving consumer demands, paving the way for advanced coatings that bolster the circular economy. For example, in July 2024, AkzoNobel unveiled the Securshield 500 Series.
This PVC-free and bisphenol-free coating is designed for easy-open food can ends. The industry spotlight is firmly on sustainability and eco-friendliness. In line with tightening environmental regulations and shifting consumer preferences, companies are turning to coatings sourced from renewable and biodegradable materials. Noteworthy innovations include bio-based coatings, which are increasingly supplanting traditional petrochemical-based counterparts.
Such strides not only bolster the environmental credentials of packaging but also resonate with the global agenda of curbing plastic waste and enhancing recyclability. The overall industry is segmented into coating type, substrate material, formulation, application, end-use industry, and region. The market segments based on substrate material include metal, plastic, glass, paper, and others. The plastic segment is projected to grow at a CAGR of over 5% during the forecast period.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $4.86 Billion |
| Forecast Value | $7 Billion |
| CAGR | 5% |
Valued for their flexibility and versatility, plastics are the go-to choice for diverse packaging applications. The surging demand for plastic packaging solutions, driven by booming sectors like consumer goods, food & beverages, and pharmaceuticals, underscores the need for advanced coatings that prioritize both performance and sustainability. Formulation-wise, the packaging coatings market is categorized into water-based, solvent-based, powder-based, and UV-curable segments. Dominating the global landscape, the water-based segment is set to generate revenues exceeding USD 3 billion by 2032. The preference for water-based coatings stems from their reduced environmental impact when juxtaposed with solvent-based counterparts.
With fewer volatile organic compounds (VOCs), these coatings not only facilitate compliance with stringent environmental regulations but also cater to the growing consumer demand for sustainable products. This momentum towards eco-friendliness is propelling the water-based coatings segment. North America led the global packaging coatings market, securing over 25% share in 2023. The region stringent environmental regulations are catalyzing a demand for eco-friendly and sustainable packaging solutions. This includes advanced coatings tailored to meet these regulatory benchmarks.Furthermore, the region's heightened emphasis on waste reduction and recyclability dovetails seamlessly with the industry's shift towards greener coatings.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Vendor matrix
- 3.3 Profit margin analysis
- 3.4 Technology & innovation landscape
- 3.5 Patent analysis
- 3.6 Key news and initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Increasing demand for sustainable packaging solutions
- 3.8.1.2 Advancements in coating technologies, such as water-based and UV-curable coatings
- 3.8.1.3 Rising e-commerce and food delivery services boosting packaging needs
- 3.8.1.4 Stringent regulatory standards for food safety and environmental impact
- 3.8.1.5 Growing focus on brand differentiation through unique packaging designs
- 3.8.2 Industry pitfalls & challenges
- 3.8.2.1 High costs associated with advanced, eco-friendly coatings
- 3.8.2.2 Supply chain and raw material constraints affecting production efficiency
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.10.1 Supplier power
- 3.10.2 Buyer power
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
- 3.10.5 Industry rivalry
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Coating Type, 2021 - 2032 (USD Million)
- 5.1 Key trends
- 5.2 Epoxies
- 5.3 Acrylics
- 5.4 Polyurethane
- 5.5 Polyolefins
- 5.6 Polyester
- 5.7 Others
Chapter 6 Market Estimates & Forecast, By Substrate Material, 2021 - 2032 (USD Million)
- 6.1 Key trends
- 6.2 Metal
- 6.3 Plastic
- 6.4 Glass
- 6.5 Paper
- 6.6 Others
Chapter 7 Market Estimates & Forecast, By Formulation, 2021 - 2032 (USD Million)
- 7.1 Key trends
- 7.2 Water-based
- 7.3 Solvent-based
- 7.4 Powder-based
- 7.5 UV-curable
Chapter 8 Market Estimates & Forecast, By Application, 2021 - 2032 (USD Million)
- 8.1 Key trends
- 8.2 Cans
- 8.3 Bottles
- 8.4 Pouches
- 8.5 Tubes
- 8.6 Drums
- 8.7 Containers
- 8.8 Others
Chapter 9 Market Estimates & Forecast, By End Use, 2021 - 2032 (USD Million)
- 9.1 Key trends
- 9.2 Food & beverages
- 9.3 Cosmetics
- 9.4 Pharmaceuticals
- 9.5 Consumer electronics
- 9.6 Automotive components
- 9.7 Industrial
- 9.8 Others
Chapter 10 Market Estimates & Forecast, By Region, 2021 - 2032 (USD Million)
- 10.1 Key trends
- 10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
- 10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Rest of Europe
- 10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 South Korea
- 10.4.5 ANZ
- 10.4.6 Rest of Asia Pacific
- 10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Rest of Latin America
- 10.6 MEA
- 10.6.1 UAE
- 10.6.2 South Africa
- 10.6.3 Saudi Arabia
- 10.6.4 Rest of MEA
Chapter 11 Company Profiles
- 11.1 Akzo Nobel N.V.
- 11.2 ALTANA
- 11.3 Asian Paints Limited
- 11.4 Axalta Coating Systems
- 11.5 BASF SE
- 11.6 Berger Paints India
- 11.7 Covestro AG
- 11.8 Evonik Industries AG
- 11.9 Follmann GmbH & Co. KG
- 11.10 Hempel A/S
- 11.11 Hexion Inc.
- 11.12 ICL Group Ltd.
- 11.13 Jamestown Coating Technologies
- 11.14 Kansai Paint Co., Ltd.
- 11.15 Mantrose-Haeuser Co., Inc.
- 11.16 Michelman, Inc.
- 11.17 PPG Industries, Inc.
- 11.18 RPM International Inc.
- 11.19 Saudi Basic Industries Corporation (SABIC)
- 11.20 Sherwin-Williams Company
- 11.21 Sonoco Products Company
- 11.22 Sun Chemical
- 11.23 The Dow Chemical Company
- 11.24 Wacker Chemie AG
