A new report published by Fact.MR finds the global packaging coating market is anticipated to exceed a valuation of $3.1 billion in 2021, and expand at a CAGR of more than 6% over the forecast period of 2021-2031.
The market is in the growth phase of its lifecycle, having registered annual growth of 4.6% during 2016-2020. The study anticipates significant potential in the market, owing to factors such as increasing consumption of packaged food and growing demand for fancy packaging in several applications.
The report says the use of coatings in the packaging industry has been popular, with coatings playing a prominent role in ensuring packaging quality and preserving food flavor. However, in the past, the coating industry utilized synthetic coatings that tend to diffuse with the food causing long-term health problems. To deal with this issue, over the past half-decade, manufacturers have invested billions of dollars on bio-based coatings that are human and environmental-friendly.
Bio-based coatings are expensive as compared to conventional coatings. To overcome this issue, regional governments are focusing on gradual banning of conventional non eco-friendly packaging coatings, bolstering the adoption of bio-based coatings.
Aside from the high coverage of food packaging coatings, demand for electronics packaging and semiconductor coating is also on the rise. It is anticipated that this will open new avenues for packaging manufacturers. Demand from this end-use industry is also driven by the advent of temperature-sensitive packaging coatings for high performance applications.
Key Takeaways from Market Study
- North America accounted for a major chunk of the market at over 27% market share.
- The U.S. is projected to create an incremental opportunity of over $450 million during 2021-2031.
- Europe’s market for packaging coatings is likely to be the second-largest market during the forecast period.
- Fluoropolymer coatings are likely to be one of the highly preferred packaging coating types. Towards the end of 2031, fluropolymer coatings are estimated to reach close to U$690 million in revenue.
- Polyester coatings are also expected to experience robust demand growth during 2021-2031.
For more information, visit www.factmr.com/report.
