Press release
Packaging Coatings Market Growth Projections and Detailed Analysis of Key Trends Shaping Expansion to 2030
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Key Drivers of Growth
The rise in demand for flexible packaging coatings and expansion of the food & beverage sector are significant factors fueling market growth. Nevertheless, stringent environmental regulations on packaging safety standards pose challenges to the market. In contrast, the rapid growth of the packaging industry worldwide offers new growth avenues.
Segment Insights:
Application: The food cans segment dominated in 2020, holding over one-fourth of the market share, and is expected to maintain its leading position due to the convenience and nutritional benefits of canned foods. Meanwhile, the industrial packaging segment is projected to grow at the fastest CAGR of 5.6% through 2030 due to its versatility across production and supply chain points.
Type: Epoxy thermoset coatings led the market in 2020 with over two-fifths of the market share, attributed to their thermal and mechanical durability. The UV-curable segment, however, is set to grow at the highest CAGR of 6.1%, driven by demand for efficient curing through high-intensity UV light.
Regional Analysis:
Asia-Pacific, followed by Europe and North America, accounted for the largest market share in 2020, representing nearly two-fifths of global revenue. This region is anticipated to see the highest growth rate (CAGR of 5.3%) due to ongoing urbanization and industrialization.
Leading Companies in the Packaging Coatings Market
- Akzo Nobel N.V
- Axalta Coating Systems
- BASF SE
- Eastman Chemical Company
- Kemira
- PPG Industries, Inc.
- Sun Coating Company
- The Lubrizol Corporation
- The Sherwin-Williams Company
- Wacker Chemie AG
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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