Sustainability Concerns to Drive Sales of Packaging Coatings at 6% through 2031: Fact.MR Study

NEW YORK, July 8, 2021 /PRNewswire/ -- As per a study by Fact.MR, the sales of packaging coating market experienced a 3.6% in 2021. The global market increased at a 5.7% CAGR during its historical period. The market is expected to expand at a CAGR of 6% during the forecast period of 2021 to 2031. Overall sales in 2021 will surpass US$ 3.1 Bn in 2021. NEW YORK,July 8, 2021/PRNewswire/ -- As per a study by Fact.MR, the sales of packaging coating market experienced a 3.6% in 2021. The...

NEW YORK, July 8, 2021 /PRNewswire/ -- As per a study by Fact.MR, the sales of packaging coating market experienced a 3.6% in 2021. The global market increased at a 5.7% CAGR during its historical period. The market is expected to expand at a CAGR of 6% during the forecast period of 2021 to 2031. Overall sales in 2021 will surpass US$ 3.1 Bn in 2021.

The sales for packaging coating has witnessed a significant growth in developed countries such as the U.S., the U.K., Germany, and Canada due to developed infrastructure. The rising demand for packaging coating from food and beverage industry is expected to create sales opportunities.

Consumers demand nutrition, aroma, and taste therefore has encouraged manufacturers across food industry to focus on advanced packaging solutions. Consequently, there is high focus on developing novel packaging technologies which will create prospects for packaging coating sales in the coming years.

With the food and beverages industry forecast to expand at a steady pace, packaging coating producers will register increasing prospects to capitalize on. As per Fact MR, the demand for polyurethane coatings will rise in response to focus on flexible packaging solutions.

Besides food packaging, application is expected to rise across diverse sectors. The report highlights that the demand for packaging electronic goods will emerge as a chief growth driver in the coming years. Sales within the category are expected to reach US$231 mn by the end of 2031.

The global packaging coating sales is also rising owing to increasing spending on modern lifestyle and demand for fancy packaging.

 "Key players in the market are investing in environmental friendly product as consumers are actively becoming aware and stringent regulation from government bodies. Focus on offering improved sustainability will remain a key growth driver in the future," says the Fact.MR analyst.

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Key Takeaways

Key Drivers

Key Restrains

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Competitive Landscape

Key players of the global packaging coating market are focusing on expanding their geographical footprint and establishing themselves across the globe. The players are investing in attaining advanced technical characteristics to gain optimum opportunities in the market. For instance:

Key players operating in the packaging coating market profiled by Fact.MR includes

More Insights on the Packaging Coating Market:

Fact.MR provides an unbiased analysis of the packaging coating market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global packaging coating market with a detailed segmentation on the basis of:

Coating Type

Packaging Type

End-Use

Technology

Region

Key Questions Covered in the Packaging Coating Market Report 

Explore Fact. MR's Coverage on the Chemical & Materials Domain

Coating Additives Market - Manufacturers are progressively working on improving coating performance and creating multi-functional and hybrid coatings, as well as novel eco-friendly products such as green coatings, nano-coatings, and other environmentally friendly products. Manufacturers would be able to adjust to new regulatory dynamics as a result of these advances. Also, these advancements are expected to be application-specific, expanding the coating additives market's customer base.

Hydrophobic Coatings Market - Increased use of anti-corrosive and anti-icing/wetting coatings in the aircraft industry is likely to fuel demand in the future years. The medical industry is predicted to see a large increase in demand for hydrophobic coatings due to their increasing application in the manufacturing of biocompatible stainless-steel operating and surgical equipment. Asia Pacific currently maintains the highest share of the worldwide market, and this dominance is expected to continue into the future.

Polyurethane Dispersion Market - Demand for water-based polyurethane dispersions, particularly waterborne polyurethane dispersions for textile coatings, is expected to rise as government rules to assure low VOC emissions become more stringent. In addition, the textile sectors in developing economies are seeing an increase in demand for polyurethane dispersion. The leather sector in Asia is also thriving, providing more chances for polyurethane dispersion manufacturers.

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