Packaging plays a significant role in every manufacturing process. Manufacturers and packers are paying noteworthy attention to packaging for ensuring product safety, ease in supply chain, promoting sales, and increasing consumer convenience. Hence, packaging coatings plays a major role in improving the packaging process with a view to attain the above mentioned attributes. Packaging coating not only helps enhance the packaging process by providing additional protection, corrosion resistance, and numerous chemical attributes, but also helps in improving the overall aesthetic characteristics of the packaging form. The growing application areas of packaging are estimated to benefit the global packaging coatings market.
The global packaging coatings market is primarily driven by the growth witnessed in the packaging industry. Global, the packaging industry is estimated to expand at CAGR of 4% over the forecast period. The growing scope of packaging in various products, especially in consumer goods and food and beverages industry, is estimated to further drive growth of the globally packaging coatings market in the coming years. The increasing need for maintaining original quality and taste and keeping a check on contamination are pushing manufacturers to use packaging coatings, especially in the food and beverages market.
On the other hand, stringent government laws and regulations, especially in terms of food and beverages packaging, is expected to restrain growth of the global packaging coatings market in the coming years. Besides, increasing concern and awareness regarding the side effects of chemicals used in coatings of cans and bottles among both, manufacturers and end users, is anticipated to further restrain growth of the global packaging coatings market in the coming years.
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Growth opportunity for players operating in the global packaging coatings market lies in the usage of environmentally safe and organic materials, which could be reuse and recycled, in the production of packaging products.
Some of the major players in the global packaging coatings market are PPG Industries, Inc., The Valspar Corporation. , Akzo Nobel N.V., Allnex Belgium SA/NV, Wacker Chemie AG, BASF SE, ARKEMA GROUP, Axalta Coating Systems, LLC, W. R. Grace and Company, The Dow Chemical Company, Mantrose-Haeuser Co., Inc., and Sun Coating Company.