Packaging plays a significant role in every manufacturing process. Manufacturers and packers are paying noteworthy attention to packaging for ensuring product safety, ease in supply chain, promoting sales, and increasing consumer convenience. Hence, packaging coatings plays a major role in improving the packaging process with a view to attain the above mentioned attributes. Packaging coating not only helps enhance the packaging process by providing additional protection, corrosion resistance, and numerous chemical attributes, but also helps in improving the overall aesthetic characteristics of the packaging form. The growing application areas of packaging are estimated to benefit the global packaging coatings market. Changing lifestyle and food habits are estimated to be the major reasons for the rise of the food and beverages sector, which is a major application segment for the global packaging coating market. Rise in consumption and manufacturing of PET bottles is also estimated to be a major growth contributor for the global packaging coating market.
The global packaging coatings market is primarily driven by the growth witnessed in the packaging industry. Global, the packaging industry is estimated to expand at CAGR of 4% over the forecast period. The growing scope of packaging in various products, especially in consumer goods and food and beverages industry, is estimated to further drive growth of the globally packaging coatings market in the coming years. The increasing need for maintaining original quality and taste and keeping a check on contamination are pushing manufacturers to use packaging coatings, especially in the food and beverages market. On the other hand, stringent government laws and regulations, especially in terms of food and beverages packaging, is expected to restrain growth of the global packaging coatings market in the coming years. Besides, increasing concern and awareness regarding the side effects of chemicals used in coatings of cans and bottles among both, manufacturers and end users, is anticipated to further restrain growth of the global packaging coatings market in the coming years.
Growth opportunity for players operating in the global packaging coatings market lies in the usage of environmentally safe and organic materials, which could be reuse and recycled, in the production of packaging products.
The global packaging coatings market is segmented on the basis of packaging type, resin type, end use sector, and regions. On the basis of packaging type, the global packaging coatings market is segmented into rigid packaging coatings and flexible packaging coatings. On the basis of resin type, the global packaging coatings market is segmented into Epoxy, Acrylic, Phenolic, Amino, Vinyl, Polyurethane, Polyester, and others. On the basis of substrate type, the global packaging coatings market is segmented into glass, metal (cans, containers, and sheets), plastic (PET bottles, jars, and others), and paper. On the basis of end use sector, the global packaging coatings market is segmented into food and beverage sector, cosmetics and pharmaceuticals, industrial goods, and others.
On the basis of geography, the global packaging coatings market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. North America is anticipated to be the largest market for global packaging coatings due to rise in food packaging practices, especially in the can segment in the region. Asia is anticipated to contribute significantly towards growth of the global packaging coatings market in the coming years, due to the increasing demand for packaging coatings in the packaged food and consumer goods segments in the region. Latin America is estimated to be the leading consumer of packaging coatings after Asia Pacific. The Latin America market is expected to be followed by the Europe market. The Middle East and Africa market is estimated to exhibit sluggish growth in the global packaging coatings market.
Some of the major players in the global packaging coatings market are PPG Industries, Inc., The Valspar Corporation. , Akzo Nobel N.V., Allnex Belgium SA/NV, Wacker Chemie AG, BASF SE, ARKEMA GROUP, Axalta Coating Systems, LLC, W. R. Grace and Company, The Dow Chemical Company, Mantrose-Haeuser Co., Inc., and Sun Coating Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.