Global Packaging Coatings Market - Segmented by Resin, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global packaging coatings market was estimated at around USD 2.9 billion in 2017, and is expected to grow at a moderate rate during the forecast period, 2018-2023. The major factors driving the growth of the market are the increasing demand for packaged foods and the rapidly expanding e-commerce sector around the world.
Booming E-Commerce Sector
Electronic commerce or e-commerce is one of the fastest growing sectors around the world, with consistent growth of over 20% in the retail e-commerce sales since 2014. Asia-Pacific and Latin America are the regions registering strong growth of e-commerce sectors, with rapid developments in cross-border shopping and logistic facilities. The market in the developing countries, such as India and China, is expected to grow faster with the increasing penetration of internet and e-commerce service providers. The major e-commerce players, such as Alibaba group and Amazon, have been regularly introducing better services, such as one-day delivery, which has led to growth in sales (as it makes the products readily available to consumers). Nearly 70% of the total e-commerce sales deal with products that need to be transported from one place to another, most of the times through various stops. Such products have the utmost requirement of packaging. This robust demand for packaging is supporting the growth of the packaging coatings market at a significant rate during the forecast period.
Ultra Violet Coatings Gaining Traction
The chief use of ultra violet coatings is to protect the underlying material from harmful radiations. There are different products that are coated with this technique, such as paper, wood, plastic, aluminum beverage cans, etc. Recently, researchers have formulated UV coatings for applications in fields, such as concrete, LVT, vinyl tile, and so on. Companies, such as Professional Coatings (Cabot Ar), UV Green Cure, and Arborites, are coming up with new techniques in coating formulation and curing devices. UV coating is relatively costlier than other coating techniques, such as water-based techniques. However, they have unique advantages. They are more durable and have a variety of options when it comes to textures, scents, soft touch and so on. UV coating is also more striking and glossy than a water-based coating. Additionally, prominent usage of UV coatings in the food & beverage packing sector is also expected to provide a positive outlook in the coming years.
Increasing Demand for Beverage Cans
Beverage cans are used for the packaging of various fluids, like water, coffee, tea, and energy and sports drinks. The usage of beverage cans is increasing on a regular basis due to the increasing demand for lightweight packaging, as they aid the vendors in reducing the cost of transportation. Also, the rising automation in beverage packaging is offering flexibility in volume and consistency. Robotic machines are equipped with advanced monitoring and control capabilities that maintain packaging lines and help in the reduction of energy consumption. These factors, along with the increasing demand for alcoholic beverages and functional drinks, is anticipated to increase the demand for packaging coatings used for beverage cans at a healthy rate during the forecast period.
Key Developments in the Market
September 2017: AkzoNobel finalized the acquisition of French manufacturer Disa Technology. The acquisition strengthens AkzoNobel’s global leadership position in supplying innovative performance coatings.
Major Players: Akzonobel, PPG Industries Inc., Sherwin-Williams (Valspar), Wacker Chemie AG and BASF SE amongst others.
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Which application is expected to dominate the market
Which regions are expected to witness fastest growth during the forecast period
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