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.
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.
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.
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.
Report Content
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
3.9 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
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
3.9 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
