Packaging Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Packaging Coatings Market is segmented by Resin (Epoxies, Acrylics, Polyurethane, Polyolefins, Polyester, and Other Resins), Application (Food Cans, Beverage Cans, Aerosol and Tubes, Caps and Closures, Industrial, and Specialty Packaging), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa). The report offers market size and forecasts in value (USD million) for all the above segments.

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Packaging Coatings Market Size

Packaging Coatings Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: > 5 %

Major Players

Packaging Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Packaging Coatings Market Analysis

The packaging coatings market is expected to register a CAGR of more than 5% during the forecast period.

  • COVID-19 impacted the global packaging coatings industry's growth. However, the increased demand for packaged food and online food deliveries during the pandemic and post-pandemic propelled the consumption of packaging coatings.
  • The major factors driving the market studied are increasing demand for flexible packaging coatings and rising food and beverage packaging. On the flip side, increasing regulations are expected to hinder the market's growth.
  • Swiftly shifting the market to eco-friendly coatings is likely to act as an opportunity in the future. Asia-Pacific dominates the global market, with the largest consumption from countries such as China, India, and Japan.

Packaging Coatings Industry Segmentation

The term "packaging coatings" refers to coatings applied on plastic tubes, metal cans, or any other substrate used in packing for protection, performance, and decoration.

The packaging coatings market is segmented into resin, application, and geography. Based on resin, the market is segmented into epoxies, acrylics, polyurethane, polyolefins, polyester, and other resins. Based on application, the market is segmented into food cans, beverage cans, aerosol and tubes, caps and closures, and industrial and specialty packaging. The report also covers the market size and forecasts for the packaging coatings market in 15 countries across major regions.

The market sizing and forecasts for each segment have been done on the basis of value (USD million).

By Resin
Epoxies
Acrylics
Polyurethane
Polyolefins
Polyester
Other Resins
By Application
Food Cans
Beverage Cans
Aerosol and Tubes
Caps and Closures
Industrial and Specialty Packaging
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Packaging Coatings Market Trends

This section covers the major market trends shaping the Packaging Coatings Market according to our research experts:

Increasing Demand for Acrylics

  • Acrylic resins are segmented into thermoplastic and thermosetting plastic substances. They are produced from acrylic acid, methacrylic acid, or other acryl-based acids. Acrylic resins possess characteristics like excellent transparency and durability and are used in coatings.
  • Due to their features like durability and weatherability as coating materials, these resins are used extensively in packaging applications such as beverage cans, food cans, etc. Additionally, they are also resistant to stains, blistering, and cracking. These unique characteristics make acrylic resins a noble choice as a coating material.
  • The growing demand for coatings for high-speed packaging lines is enhancing the use of solid acrylics. Solid acrylic resins in packaging coating applications offer properties such as wet and dry adhesion, early water resistance, corrosion and chemical resistance, hardness, good inter-coat adhesion, and excellent exterior durability. These properties make acrylic resin a suitable coating for applications like beverage cans, solid cans, etc.
  • Packaging plays a crucial role in adding value to various FMCG products such as beverage and food cans, caps and aerosols, etc. The prime reason for this market's growth is its increasing use in the food and beverage industry.
  • Acrylics in packaging coatings are used heavily for packaging FMCG products owing to their innovative and visual appeal for customer attraction and convenience. The growth in lifestyle and consumption patterns has increased the demand for packaged products resulting in a growing packaging industry.
  • Acrylic resin coatings are now leading the market of the paints and coatings industry. They are known for their properties of color retention and inertness to environmental conditions. Due to growing environmental concerns and governmental regulations, industries are shifting to waterborne acrylic resins from solvent-based acrylic resins.
  • The market value of China's paint manufacturing sector increased annually between 2011 and 2021, reaching a peak of USD 89.25 billion. The total trade between China and India in 2021 stood at USD 125.66 billion, up 43.3% from 2020.
  • Furthermore, the trade value of India's paint industry was over INR 46 billion (USD 620 million) in 2021. The value of exported paint and allied products in the country amounted to approximately INR 17.4 billion (USD 234 million) compared to over INR 29 billion (USD 391 million) import value.
  • India's largest paint and coating producer, Asian Paints, plans to invest INR 9.60 billion (USD 128 million) to expand the installed capacity at its facility at Ankleshwar in Gujarat. Such positive growth for acrylics will likely increase the demand for the packaging coatings market during the forecast period.
Export Value of Paints and Allied Products, in INR Billion, India, 2017-2021

China to Dominate the Asia-Pacific Region

  • China has the biggest manufacturing sector in the world and the largest consumer base. Being the most populated country, China makes it the largest consumer of various goods. Owing to various reasons, the packaging coatings market is one of the fastest-growing markets in the Chinese economy.
  • The applications of coatings on various products have grown significantly in recent times. The increasing need for decorative and attractive packaging has led to an increase in the demand for coatings for packaging.
  • China has the largest share of the e-commerce market. Sales in China account for more than 30% of the total e-commerce sales. China is one of the fastest-growing e-commerce markets in the world, and it is home to the e-commerce giant, Alibaba.
  • The United States agricultural exports to China increased significantly in 2021, with a growth of 25% to a record high of USD 32.9 billion. China is the 5th largest market for the export of United States processed foods. Exports in 2021 were valued at USD 2.1 billion, an increase of 27% from the prior year.
  • In 2021, China contributed to more than half of the world's e-commerce retail sales, with the sales value surpassing the combined total of Europe and the United States.
  • The growth in the e-commerce market led to a huge increase in demand for the packaging industry and, consequently, the packaging coatings industry. Food and beverage packaging is the fastest-growing sector among them.
  • In June, the total retail sales of social consumer goods reached CNY 3,874.2 billion (USD 572 billion), an increase of 3.1 percent year-on-year. Among them, the retail sales of consumer goods other than automobiles reached CNY 3,419.2 billion (USD 505 billion), an increase of 1.8 percent. In China, the awareness concerning the environment and pollution led to the formation of regulations related to harmful chemicals (such as volatile organic compounds (VOCs)). Such factors can adversely affect the market for packaging coatings. These factors have also been a blessing in disguise, as companies have quickly adapted to various eco-friendly alternatives.
  • The aforementioned factors contribute to the increasing demand for packaging coatings consumption in the country during the forecast period.
Packaging Coatings Market - Growth Rate by Region, 2023-2028

Packaging Coatings Industry Overview

The packaging coatings market is consolidated. The major companies include Akzo Nobel NV, PPG Industries Inc., The Sherwin-Williams Company, Henkel AG & Co. KGaA, and Jotun, among others

Packaging Coatings Market Leaders

  1. Akzo Nobel NV

  2. PPG Industries

  3. Henkel AG & Co. KGaA

  4. Jotun

  5. The Sherwin-Williams Company

*Disclaimer: Major Players sorted in no particular order

Market Concentration - Packaging Coatings Market.png

Packaging Coatings Market News

  • November 2022: Henkel and Siegwerk developed an oxygen barrier coating for food packaging made from flexible monomaterial plastic for streamlined recyclability. The monomaterial flexible packaging enables “industrially validated oxygen barrier coating” without compromising shelf life. The product enables increased recyclability and, therefore, circularity. This has a positive environmental impact as it keeps materials in the cycle and limits environmental leakage.
  • August 2022: PPG announced PPG Innnovel PRO, an enhanced internal spray coating that uses no bisphenol-A (BPA) or bisphenol starting substances and provides more robust application properties for the infinitely recyclable aluminum beverage can. PPG Innovel PRO is a next-generation, high-performance acrylic coating that draws on PPG Innovel’s nearly ten years as the market’s most widely used non-BPA internal beverage spray coating. The company estimates that PPG Innovel coatings have been used on more than 220 billion cans in more than 40 countries.

Packaging Coatings Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Flexible Packaging Coatings

      2. 4.1.2 Rising Food and Beverage Packaging

    2. 4.2 Restraints

      1. 4.2.1 VOC Emission Constraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 By Resin

      1. 5.1.1 Epoxies

      2. 5.1.2 Acrylics

      3. 5.1.3 Polyurethane

      4. 5.1.4 Polyolefins

      5. 5.1.5 Polyester

      6. 5.1.6 Other Resins

    2. 5.2 By Application

      1. 5.2.1 Food Cans

      2. 5.2.2 Beverage Cans

      3. 5.2.3 Aerosol and Tubes

      4. 5.2.4 Caps and Closures

      5. 5.2.5 Industrial and Specialty Packaging

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 France

        3. 5.3.3.3 United Kingdom

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) **/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Axalta Coating Systems

      2. 6.4.2 Akzo Nobel NV

      3. 6.4.3 ALLNEX NETHERLANDS BV

      4. 6.4.4 Arkema Group

      5. 6.4.5 BASF SE

      6. 6.4.6 Berger Paints India Limited

      7. 6.4.7 Chemetall

      8. 6.4.8 Chugoku Marine Paints Ltd

      9. 6.4.9 Diamond Vogel

      10. 6.4.10 DowDuPont

      11. 6.4.11 Evonik Industries AG

      12. 6.4.12 HEMPEL A/S

      13. 6.4.13 Henkel AG & Co. KGaA

      14. 6.4.14 Jotun

      15. 6.4.15 Kansai Paint Co. Ltd

      16. 6.4.16 Masco Corporation

      17. 6.4.17 NIPPONPAINT Co. Ltd

      18. 6.4.18 PPG Industries Inc.

      19. 6.4.19 RPM International Inc.

      20. 6.4.20 SACAL INTERNATIONAL GROUP LTD

      21. 6.4.21 The Sherwin-Williams Company

      22. 6.4.22 Sika AG

      23. 6.4.23 Solvay

      24. 6.4.24 Wacker Chemie AG

      25. 6.4.25 Yip's Chemical Holdings Limited

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Swiftly Shifting Market to Eco-Friendly Coatings

    2. 7.2 Growing Research on Food Grade Coatings

**Subject to Availability
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Packaging Coatings Market Research FAQs

The Packaging Coatings Market is studied from 2018 - 2028.

The Packaging Coatings Market is growing at a CAGR of >5% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2022.

Akzo Nobel NV, PPG Industries, Henkel AG & Co. KGaA, Jotun, The Sherwin-Williams Company are the major companies operating in Packaging Coatings Market.

Packaging Coatings Industry Report

Statistics for the 2023 Packaging Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Packaging Coatings analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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