Packaging Coatings Market Segments, Driver, Restraints, And Trends

LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The packaging coatings market, which involves the application of special coatings to packaging materials like metal, glass, plastic, and paper, is experiencing robust growth. These coatings enhance performance, protection, and visual appeal, offering resistance against moisture, corrosion, UV rays, and chemicals, while improving printability and providing barrier protection.

Market Size and Growth
The market size for packaging coatings is projected to increase from $4.33 billion in 2023 to $4.58 billion in 2024, growing at a CAGR of 5.8%. This growth is attributed to factors such as increasing consumer goods demand, advancements in material science, stringent regulatory requirements, urbanization, changing lifestyles, and sustainability initiatives. In the forecast period, the market is expected to grow to $5.71 billion by 2028, with a CAGR of 5.6%, driven by rapid growth in the food and beverage industry, rising demand for flexible packaging, increasing health and safety concerns, the rise of e-commerce, and globalization of supply chains.

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Key Drivers of Market Growth
One of the key drivers of market growth is the increasing demand for freshwater, which is efficiently managed by axial flow pumps, thus driving the need for packaging coatings to protect these materials. Another driver is the rapid growth in e-commerce activities, where packaging coatings play a vital role in ensuring product integrity and presentation during online transactions.

Major Players and Market Trends
Major players in the packaging coatings market, such as BASF SE, The Sherwin-Williams Company, and Evonik Industries AG, are focusing on product innovation to develop eco-friendly coating products, including oxygen barrier coatings, to strengthen their market position. Technological innovations, sustainable coating solutions, smart and intelligent coatings, bio-based and biodegradable coatings, digital printing, and personalization are some of the major trends in the market.

Segments
The packaging coatings market covered in this report is segmented –
1) By Type: Epoxy Thermoset, Acrylics, Amino, Alkyd, Polyester, Vinyl Coating, Urethane, Phenolic, Polyurethane, Other Types
2) By Substrate: Metal, Glass, Paper, Plastic, Other Substrates
3) By Application: Containers, Caps And Closures, Cans, Aerosols And Tubes, Other Applications
4) By End-Use Industry: Food And Beverage, Consumer Product, Chemical, Paints And Coatings, Industrial Product, Semiconductor And Electronics, Other End-Use Industries

Regional Insights
Asia-Pacific led the packaging coatings market in 2023 and is expected to be the fastest-growing region in the forecast period. The region's growth can be attributed to rapid industrialization, urbanization, and increasing consumer goods demand.

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Packaging Coatings Global Market Report 2024 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Packaging Coatings Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on packaging coatings market size, packaging coatings market drivers and trends, packaging coatings market major players, competitors' revenues, market positioning, and market growth across geographies. The packaging coatings market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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