Packaging Coatings Market: Key Insights
The packaging coatings market is expected to grow significantly in the coming years, driven by the increasing demand for packaging coatings in various end-use industries such as food and beverage, pharmaceuticals, and personal care. Packaging coatings protect packaged goods from external factors such as moisture, light, and oxygen, which can affect the quality and shelf life of the product.
One of the key trends in the packaging coatings market is the increasing use of sustainable and eco-friendly coatings. Consumers are becoming more conscious about their environmental impact and are increasingly looking for environmentally friendly packaging materials. The use of bio-based coatings and water-borne coatings is becoming popular due to their lower environmental impact.
Another trend in the market is the growing demand for functional packaging coatings. These coatings provide additional functionalities such as UV protection, antimicrobial properties, and enhanced barrier properties, which are in high demand in the food and beverage, pharmaceuticals, and personal care industries.
The market is also witnessing the development of advanced packaging coatings with enhanced performance and extended service life, such as bio-based coatings with longer service life and barrier coatings with improved performance. These advanced packaging coatings are expected to drive the growth of the packaging coatings market in the coming years.
Growing Demands for Canned Food and Beverages to Drive Packaging Coatings Market
The growing demand for canned food and beverages is expected to drive the growth of the packaging coatings market. Canned food and beverages require protective coatings to preserve the quality of the product and extend its shelf life. Using packaging coatings on canned food and beverages can protect the product from external factors such as moisture, light, and oxygen, which can affect the quality and shelf life of the product. As the demand for canned food and beverages increases, the demand for packaging coatings will also increase.
Moreover, the increasing demand for convenience food and ready-to-eat meals, mostly packaged in cans, is also expected to drive the demand for packaging coatings. The use of packaging coatings in canned food and beverages can help extend the product's shelf life, which is becoming increasingly important as the demand for packaged goods is increasing. The growing popularity of canned food and beverages is expected to drive the demand for packaging coatings in the coming years, as it offers a convenient and easy way to preserve the food and beverages while maintaining their quality. The demand for ready-to-eat meals and convenience foods will continue to grow, driving the demand for packaging coatings.
Packaging Coatings Market: Segmental Overview
The global packaging coatings market is segmented on the basis of type, substrate, application and end user. Based on type, the market is segmented as epoxy thermoset, urethane, UV-curable, BPA free, soft touch UV-curable. By substrate, the market is segmented as metal, rigid plastic, glass, liquid cartons, paper-based containers, flexible packaging, and others. On the basis of the application the market is segmented as food cans, beverage cans, caps & closures, aerosols & tubes, industrial packaging, promotional packaging, and specialty packaging. The market on the basis of the end user is classified as food & beverages, cosmetics, pharmaceuticals, consumer electronics and automotive components.
Based on type, the epoxy thermoset segment held the substantial share in the market. Epoxy thermoset is a packaging coating type expected to drive the growth of the packaging coatings market. Epoxy thermoset is known for their excellent chemical resistance, high durability, and toughness, making them a suitable choice for packaging various goods, including food, beverages, and pharmaceuticals. It has a high resistance to moisture and oxygen, making it an ideal coating for packaged goods with a long shelf life. The use of epoxy thermoset in packaging coatings can help extend the product's shelf life and protect it from external factors such as moisture, light, and oxygen, which can affect the quality of the product. The high resistance of epoxy thermoset to various chemicals also makes it suitable for use in the packaging of chemical products.
Packaging Coatings Market: Competitive Landscape and Key Developments
Akzo Nobel N.V., Arkema Group, Axalta Coating Systems, LLC, BASF SE, Mantrose-Haeuser Co., Inc., PPG Industries, Inc., Sun Coating Company, The Dow Chemical Company, The Sherwin-Williams Company, and Wacker Chemie AG among the key players operating in the packaging coatings market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.
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