The North America Packaging Coatings Market would witness market growth of 4.1% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 254.8 kilo tonnes, showcasing a growth of 20.6% (2020-2023).
Flexible packaging represents a significant and rapidly growing segment in the Market, offering versatile and lightweight solutions for a wide range of applications. Coatings play a vital role in enhancing the performance and functionality of flexible packaging materials such as films, pouches, and wraps. Coatings provide essential properties such as barrier protection against moisture, oxygen, and light, preserving the freshness and shelf life of packaged goods. Consequently, the US market utilized 175.4 kilo tonnes of these coatings in flexible packaging in 2023.
The US market dominated the North America Packaging Coatings Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,225.2 million by 2031. The Canada market is experiencing a CAGR of 6.4% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 5.5% during (2024 - 2031).
The proliferation of convenience-oriented packaging formats, including single-serve packaging, portion control packaging, and on-the-go packaging solutions, has fueled demand for coatings that offer barrier properties, moisture resistance, and tamper-evident features. As consumers seek convenience and portability in their lifestyles, these coatings are crucial in meeting these evolving needs while maintaining product integrity and freshness.
The applications of these coatings span across a diverse spectrum of industries and product categories, each with unique requirements and specifications. In the food and beverage sector, these coatings preserve perishable goods' flavor, aroma, and nutritional value, extending shelf life and minimizing food waste. Coatings with barrier properties, oxygen scavengers, and antimicrobial agents help protect packaged foods from external contaminants, moisture, and spoilage, ensuring product safety and quality.
Packaging coatings are of utmost importance in Canada's ever-evolving and expanding food and beverage industry. They serve to prolong the shelf life of products, enhance their visual allure, and guarantee product safety. One of the primary drivers of the growing demand for these coatings in Canada is the increasing consumption of packaged foods and beverages. As per the data from the Government of Canada, in 2022, in terms of production value, the food and beverage processing industry held the position of the largest manufacturing sector in Canada, worth $156.5 billion in sales of manufactured products. In 2022, processed food and beverage product exports reached a noteworthy $54.3 billion in value, reflecting a 14.1% growth compared to 2021. This figure accounted for 34.7% of the total value of production. Thus, the rising food and beverage sector in North America will assist in the growth of the regional market.
Free Valuable Insights: The Packaging Coatings Market is Predict to reach USD 5.7 Billion by 2031, at a CAGR of 4.5%
Based on Packaging Type, the market is segmented into Flexible Packaging, Rigid Packaging, and Others. Based on End-use, the market is segmented into Food & Beverages, Cosmetics, Consumer Electronics, Pharmaceuticals, and Others. Based on Resins, the market is segmented into Epoxies, Polyurethane, Acrylics, Polyolefins, Polyester, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Packaging Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End-use (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Resins (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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