Packaging Coatings Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 5.70 Billion |
| Market Size (2029) | USD 7.08 Billion |
| CAGR (2024 - 2029) | 4.45 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Packaging Coatings Market Analysis
The Packaging Coatings Market size is estimated at USD 5.70 billion in 2024, and is expected to reach USD 7.08 billion by 2029, growing at a CAGR of 4.45% during the forecast period (2024-2029).
- The impact of COVID-19 on the global packaging coatings market was largely negated, and the market reached pre-pandemic levels.
- Over the short term, the increasing demand for food and beverage packaging and the growing utilization of packaging coatings in aerosol cans for the personal care industry are expected to drive market demand during the forecast period.
- However, on the flip side, increasing VOC emission constraints are likely to hinder the market's growth.
- Furthermore, the growing inclination for eco-friendly packaging coatings is likely to act as an opportunity for the market.
- The Asia Pacific region accounts for the highest market share and is expected to dominate the market during the forecast period.
Packaging Coatings Market Trends
Increasing Demand for Epoxies
- Epoxy-based resins are reinforced polymers derived from petroleum sources after a reaction process involving epoxide units. These resins help in the development of several properties of coatings, including strength, durability, and chemical resistance.
- Due to their features, such as fast-drying properties, toughness, adhesion properties, resistance to water, and good curing, they are suitable for protecting metal surfaces. These unique characteristics make acrylic resins a noble choice as a coating material.
- Different blends of epoxy-based coatings are available, which include epoxy-phenolic, epoxy-anhydride, and epoxy-amino coatings, among which epoxy-phenolic is mainly used.
- The demand for canned food and beverages has been increasing over time. The growing preference for canned fruit juice and beer among people in recent times has been boosting the demand for cans and other metal caps, which may further drive the applications of epoxy-based packaging coatings in the coming years.
- The market value of China's food manufacturing sector increased annually between 2012 and 2022, according to the China Canned Food Industry Association; in 2022, China exported nearly 3.13 million tons of canned food, a 12% increase year-on-year, valued at USD 6.89 billion, making its finest performance in terms of export volume and value in the past six years.
- Furthermore, according to the statistics by the Department for Promotion of Industry and Internal Trade (India), the annual growth rate for industrial production in India recovered and registered a growth rate of over 11 percent in the financial year 2022. Industrial and specialty packaging coatings majorly include the coatings used on steel drums.
- In the United States, the sales volume of liquid refreshment beverages reached 36,300 million gallons in 2022 and registered growth when compared to 36,040 million gallons in 2021.
- Similarly, in Canada, according to the Farm Credit Canada Report 2022, Beverage manufacturing sales increased 11.3% YoY in 2021 to USD 14.5 Billion compared to USD 13 billion in 2020. In 2022, the registered sales were around USD 156,224 million.
- In January 2023, the European Bank for Reconstruction and Development (EBRD) announced to provide a EUR 15 million loan to Akkim Kimya Sanayi ve Ticaret A.S. (Akkim) in Turkey to finance the establishment of the first local epoxy resin manufacturing plant at its premises in Yalova. The loan will enable Akkim to produce liquid epoxy resin (LER), solid epoxy resin (SER), and epichlorohydrin (ECH), with an annual production capacity of 68,000 tonnes.
- All the factors above are expected to increase the demand for packaging coatings during the forecast period.
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.
- In 2022, 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 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.
- Moreover, companies such as Foshan Ikeda Air Freshener Co., Ltd. are focusing on specializing in the production of canned car fresheners. The company has 4 factories in China with a total area of more than 100,000 square meters, with over 30 different production lines. The company’s vision is to increase the output value will reach 1 billion by 2026. Such developments are expected to affect the studied market.
- The factors above contribute to the increasing demand for packaging coatings consumption in the country during the forecast period.
Packaging Coatings Industry Overview
The packaging coatings market is consolidated. The major companies include Akzo Nobel NV, PPG Industries Inc., The Sherwin-Williams Company, Axalta Coating Systems, and Kansai Paint Co. Ltd, among others.
Packaging Coatings Market Leaders
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Akzo Nobel NV
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PPG Industries
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The Sherwin-Williams Company
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Kansai Paint Co. Ltd
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Axalta Coating Systems
*Disclaimer: Major Players sorted in no particular order
Packaging Coatings Market News
- November 2023: AkzoNobel announced the investment of EUR 32 million (USD 34.99 million) in a new factory at its Vilafranca site to manufacture bisphenol-free coatings for the metal packaging industry in EMEA (Europe, Middle East, and Africa). The facility will use advanced automation and has been designed to meet high eco-efficiency requirements, allowing the company to achieve significant improvements in energy and material economy. It is projected to be operational by the middle of 2025.
- October 2022: Siegwerk and Henkel joined forces to create a new solution for recyclable flexible packaging. The company is collaborating to develop an oxygen barrier coating for food packaging that will be recognized by the leading institutes for its compatibility with recycling. The new solution provides outstanding performance and also enables mono-material flexible packaging that is easier to recycle, opening up the exciting potential for accelerating the transition to a circular economy.
Packaging Coatings Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand from Food and Beverage Packaging
- 4.1.2 Growing Utilization of Packaging Coatings In Aerosol Cans For Personal Care Industry
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4.2 Restraints
- 4.2.1 VOC Emission Constraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 By Resin
- 5.1.1 Epoxies
- 5.1.2 Acrylics
- 5.1.3 Polyurethane
- 5.1.4 Polyolefins
- 5.1.5 Polyester
- 5.1.6 Other Resins
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5.2 By Application
- 5.2.1 Food Cans
- 5.2.2 Beverage Cans
- 5.2.3 Aerosol and Tubes
- 5.2.4 Caps and Closures
- 5.2.5 Industrial and Specialty Packaging
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 AkzoNobel NV
- 6.4.2 Altana
- 6.4.3 Axalta Coating Systems LLC
- 6.4.4 BASF SE
- 6.4.5 Diamond Vogel
- 6.4.6 FGN Fujikura Kasei Global Network
- 6.4.7 Hempel A/S
- 6.4.8 Henkel AG & Co. KGaA
- 6.4.9 Jamestown Coating Technologies
- 6.4.10 Kangnam Jevisco Co. Ltd
- 6.4.11 Kansai Paint Co. Ltd
- 6.4.12 PPG Industries Inc.
- 6.4.13 RPM International Inc.
- 6.4.14 The Sherwin-Williams Company
- 6.4.15 Weilburger
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Inclination for Eco-Friendly Packaging Coatings
Packaging Coatings Industry Segmentation
Packaging coatings are materials applied to packaging surfaces to enhance protection, aesthetics, and functionality. They safeguard against moisture, UV light, and abrasion, ensuring product integrity. These coatings can also improve printability and provide branding opportunities on packaging materials.
The packaging coatings market is segmented into resin type, application, and geography. Based on resin type, 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 (Asia-Pacific, North America, Europe, South America, and Middle East & Africa).
The market sizing and forecasts for each segment have been done on the basis of value (USD).
| 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 | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Packaging Coatings Market Research FAQs
How big is the Packaging Coatings Market?
The Packaging Coatings Market size is expected to reach USD 5.70 billion in 2024 and grow at a CAGR of 4.45% to reach USD 7.08 billion by 2029.
What is the current Packaging Coatings Market size?
In 2024, the Packaging Coatings Market size is expected to reach USD 5.70 billion.
Who are the key players in Packaging Coatings Market?
Akzo Nobel NV, PPG Industries, The Sherwin-Williams Company, Kansai Paint Co. Ltd and Axalta Coating Systems are the major companies operating in the Packaging Coatings Market.
Which is the fastest growing region in Packaging Coatings Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Packaging Coatings Market?
In 2024, the Asia-Pacific accounts for the largest market share in Packaging Coatings Market.
What years does this Packaging Coatings Market cover, and what was the market size in 2023?
In 2023, the Packaging Coatings Market size was estimated at USD 5.45 billion. The report covers the Packaging Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Packaging Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Packaging Coatings Industry Report
Statistics for the 2024 Packaging Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Packaging Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
