Global Packaging Coatings Market 2017-2021
About Packaging Coatings
Packaging refers to the process of enclosing a product for better storage and distribution. Packaging products are commonly manufactured using raw materials such as plastic, metal, paper, glass, and fiber. Packaging manufacturers are engaging in newer product development and innovation plans to ensure product safety, promote product sales, ease of transportation, and increase consumer convenience. Packaging coatings are materials with a chemical composition that offer additional protection to the packaged product. It provides better adhesion to the substrate and also enhances the performance, processability, and the external appearance of the packaging. It also provides better strength and chemical resistance to the packaging material.
Technavio’s analysts forecast the global packaging coatings market to grow at a CAGR of 4.7% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global packaging coatings market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Packaging Coatings Market 2017-2021
Technavio recognizes the following companies as the key players in the global packaging coatings market: Akzo Nobel, Arkema, PPG Industries, The Sherwin-Williams Company, and Wacker Chemie
Other Prominent Vendors in the market are: allnex group, ALTANA, Axalta Coating Systems, BASF, Endura coating, Evonik Industries, KANSAI PAINT, Mantrose-Haeuser, Michelman, Sun Coating, The Dow Chemical Company, and VPL Coatings.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing preference for bio-based packaging coating. Major players have increased their R&D investment to reduce the manufacturing and operation costs of packaging coatings. The increasing rate of innovation and product development will be responsible for products with better efficiency and enhanced properties. Thus, to gain a competitive edge in the market, major vendors are likely to emphasize on innovations.”
According to the report, one of the major drivers for this market is Growth in the packaging industry. The packaging includes materials to wrap, store, protect, and display a variety of goods. Various substrates are used in the production of packaging materials, such as paper and board, plastic film, foil, rigid plastic, flexible plastic, glass, metal, wood, and textiles. The packaging coating provides moisture and chemical resistance, strength, and durability to the packaging material. The growing use of packaging is expected to foster the demand for packaging coating.
Further, the report states that one of the major factors hindering the growth of this market is Volatility in raw material prices. Polymeric materials are commonly used in the manufacturing of packaging coating. Epoxy, acrylic, polyurethane, phenolic, and amino are some of the other raw materials. Most of these raw materials are the downstream/byproducts of crude oil. Hence, high crude oil prices are expected to affect the prices of these raw materials. For instance, Dow Polyurethanes Europe, India, the Middle East, and Africa announced an increase in prices of polyurethane raw materials such as polyols, toluene diisocyanate (TDI), and methylene diphenyl isocyanate (MDI) on May 2016.
Akzo Nobel, Arkema, PPG Industries, The Sherwin-Williams Company, Wacker Chemie, allnex group, ALTANA, Axalta Coating Systems, BASF, Endura coating, Evonik Industries, KANSAI PAINT, Mantrose-Haeuser, Michelman, Sun Coating, The Dow Chemical Company, and VPL Coatings.