Packaging Coatings market to hit $6.8 Bn by 2033

23rd February 2023
Sheryl Miles

The global packaging coating market is anticipated to be valued at $3.5 billion in 2023 and it is anticipated to grow at a CAGR of 6.8% to reach $6.8 billion by the end of 2033.

Various specialised chemical substances that are applied both inside or on the exterior or surface of the packaging products are referred to as packaging coatings. They are used on a variety of cans, closures, and industrial packaging items made of metal, plastic, and paper.

The most widely used resins for packaging coatings are polyester, polyurethane, acrylic, epoxy, and acrylic resins. These coatings offer additional protection, corrosion resistance, and aesthetic appeal while extending the product's shelf life. As a result, packaging coatings have a wide range of uses in the food and beverage, personal care, and healthcare sectors.

“Growing packaging industry to supplement packaging coating market growth”

The growing packaging industry creates high opportunities for the packaging coatings market. Packaging is the process of creating a package for a consumer good. Packaging enables end-users to differentiate their brands and makes it effortless for consumers to identify their products.

Growing consumer demand for packaged goods as a result of changing dietary preferences and altering lifestyles may have a critical impact on the packaging market. Further, owing to their high barrier properties, shelf lives, and consumer safety, products will be in greater demand as the population and per capita income rise.

Hence, due to such factors, the packaging industry is anticipated to grow at a prominent growth rate, and mushrooming packaging industry paves the way for the packaging coatings market growth over the forecast period.

Market titans key strategies

Prominent packaging coatings market titans are Axalta Coating System, DuPont, Solvay S.A, Nippon Paints, Kansai Paints, Evonik Industries, BASF SE, Sherwin Williams, AkzoNobel N.V

Market players focus on expanding their business across untapped markets and gaining high-profit margins. Further, the adoption of eco-friendly coatings for packaging to spur the packaging coatings market growth outlook. Long-term trade relations with the suppliers and end-users to create immense growth opportunities for the market players.

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