“Global Packaging Coatings Market to reach a market value of USD 5.7 Billion by 2031 growing at a CAGR of 4.5%”
The Global Packaging Coatings Market size is expected to reach $5.7 billion by 2031, rising at a market growth of 4.5% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,534.1 kilo tonnes experiencing a growth of 21.0% (2020-2023).
Acrylic resins can be formulated to achieve specific performance characteristics tailored to the requirements of different packaging substrates and end-use applications. For example, acrylic coatings can provide excellent adhesion to various substrates, including metal, plastic, glass, and paperboard, ensuring compatibility with various packaging materials. Consequently, the acrylics segment would acquire nearly 20% of the total market share by 2031. Also, the Russian market would utilize 25.81 kilo tonnes of acrylics by 2031.
The market is transforming towards sustainable and eco-friendly solutions in response to escalating environmental concerns. In addition, a key driver of this shift towards sustainability is the exploration of biodegradable, compostable, and recyclable coatings. Therefore, these aspects will boost the demand in the market. Additionally, Moisture, oxygen, light, and microbial contamination pose formidable challenges to preserving food and beverage products. In addition, oxygen exposure accelerates oxidative reactions that degrade flavor, aroma, and nutritional content, diminishing product quality and shelf life. Thus, these factors will pose lucrative growth prospects for the market.
However, A substantial proportion of the comprehensive production expenses in the market are attributed to raw materials. Additionally, coating manufacturers encounter an increase in production costs when the costs of raw materials escalate as a result of supply disruptions, geopolitical tensions, or vibrations in the global oil sectors. Hence, these aspects will hamper the demand in the market.
Based on end-use, the market is divided into food & beverages, cosmetics, pharmaceuticals, consumer electronics, and others. In 2023, the cosmetics segment witnessed a 19.5% revenue share in the market. In terms of volume, the segment attained 266.8 kilo tonnes in 2023. These coatings play a crucial role in elevating the aesthetics of cosmetic packaging, enhancing the tactile feel, visual impact, and perceived value of beauty and personal care products.
On the basis of packaging type, the market is divided into rigid packaging, flexible packaging, and others. In 2023, the rigid packaging segment witnessed 36% revenue share in the market. In terms of volume, the segment recorded 497.8 kilo tonnes. As consumers become more environmentally conscious and look for items with little environmental impact, there is an increasing demand for rigid packaging materials that can be recycled, reused, or composted at the end of their useful life.
Based on resins, the market is segmented into epoxies, acrylics, polyurethane, polyolefins, polyester, and others. The polyurethane segment garnered 23% revenue share in the market. Polyurethane coatings provide excellent barrier properties, moisture resistance, and mechanical strength, making them ideal for protecting packaged products from environmental hazards, physical damage, and wear during storage, transportation, and handling.
Free Valuable Insights: Global Packaging Coatings Market size to reach USD 5.7 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific segment procured 38% revenue share in the market. The region's expanding economy, coupled with increasing consumer spending and industrial activity, has fueled demand for protective, functional, and aesthetically appealing packaging solutions, driving the adoption of coatings that enhance product performance, shelf life, and brand differentiation.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 4 Billion |
| Market size forecast in 2031 | USD 5.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.5% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 376 |
| Number of Tables | 790 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Resins, Packaging Type, End-use, Region |
| Country scope |
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| Companies Included | Axalta Coating Systems Ltd., Akzo Nobel N.V., BASF SE, Arkema S.A., Berger Paints India Limited, Chugoku Marine Paints, Ltd., DuPont de Nemours, Inc., Evonik Industries AG (RAG-Stiftung), Henkel AG & Company, KGaA and Kansai Paint Co., Ltd. |
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 Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $5.7 billion by 2031.
Increased focus on sustainability and environmental concerns are driving the Market in coming years, however, Volatility in raw material prices restraints the growth of the Market.
Axalta Coating Systems Ltd., Akzo Nobel N.V., BASF SE, Arkema S.A., Berger Paints India Limited, Chugoku Marine Paints, Ltd., DuPont de Nemours, Inc., Evonik Industries AG (RAG-Stiftung), Henkel AG & Company, KGaA and Kansai Paint Co., Ltd.
In the year 2023, the market attained a volume of 1,534.1 kilo tonnes experiencing a growth of 21.0% (2020-2023).
The Food & Beverages segment led the Market by End-use in 2023; thereby, achieving a market value of $1.6 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.2 billion by 2031.
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