Global Packaging Coatings Market: Mass-produced Food and Beverages Boost Growth, finds TMR

A new study by Transparency Market Research (TMR), titled “Packaging Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024,” states that environmentally safe organic packaging materials, which can be reused and recycled, spell opportunity for manufacturers in terms of growth.

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In today’s world of mass-produced consumer goods and packaged food and beverages, innovative packaging solutions are seeing a surge in demand. Going forward, the report adds, the global packaging industry would likely expand at a CAGR of 4.0% during the period of 2016 to 2024. This would, in turn, boost the global market for packaging coatings, which not just provide additional protection to thwart corrosion, but also help in making the packaging aesthetically more appealing. The food and beverage sector is at the forefront in terms of demand for packaging coatings. This is because packaging coatings help maintain the original quality and taste of food and beverages and prevent contamination. Burgeoning popularity of PET bottles, for example, has tremendously filliped the market. A rapidly expanding consumer goods industry too is bringing about growth.

Strict government rules and regulations on food and beverages packaging, coupled with the rising awareness about the side effects of chemicals used in coatings of cans and bottles both in manufacturers and end users is, however, restraining the growth of the market.

Having discussed the growth drivers and restraints, the TMR report segments the global packaging coatings market on various parameters such as packaging type, resin type, regions, and end-use sector. The two segments under packaging type are rigid packaging coatings and flexible packaging coatings. On the basis of resin type, the market is divided into vinyl, epoxy, phenolic, acrylic, amino, polyester, polyurethane, and others. Depending upon end use, the global packaging coatings market is divided into cosmetics and pharmaceuticals, food and beverage sector, industrial goods, and others.

Geography-wise, North America is the leading market for global packaging coatings due to the growth in food packaging practices, particularly in the can segment. Asia too is slated to exhibit good growth in the coming years on the back of robust demand for packaged food and consumer goods in the region. Latin America would follow the Asia Pacific market in terms of growth and Europe would come in the third position, the report predicts.

Some of the key companies in the global market for packaging coatings mentioned in the report are PPG Industries, Inc., Akzo Nobel N.V., the Valspar Corporation., Wacker Chemie AG, BASF SE, Axalta Coating Systems, LLC, the Dow Chemical Company, and Sun Coating Company.

About TMR

TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.