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Packaging Coatings Market Size
- Report ID: GMI11374
- Published Date: Sep 2024
- Report Format: PDF
Packaging Coatings Market Size
Packaging Coatings Market size was valued at USD 4.86 billion in 2023 and is expected to grow at a CAGR of over 5% between 2024 and 2032 due to the increasing consumer preference for eco-friendly and sustainable packaging solutions. Companies are investing in developing coatings that enhance the recyclability and biodegradability of packaging materials. This shift toward sustainable practices aligns with the global environmental regulations and consumer demands, leading to the adoption of advanced coatings that support the circular economy.
For instance, in July 2024, AkzoNobel introduced the Securshield 500 Series, a PVC-free and bisphenol-free coating for easy-open food can ends. This advanced packaging coating meets the new regulations and enhances food safety with superior chemical resistance, reflecting AkzoNobel's dedication to innovative & sustainable packaging solutions amid evolving market demands.
The booming e-commerce and retail sectors are fueling the demand for packaging solutions that ensure product safety and aesthetic appeal during transit, as well as the shelf life. Packaging coatings play a crucial role in enhancing the appearance, protection, and functionality of packaging materials, which is essential for maintaining product integrity and attracting consumers. As online shopping and retail activities continue to grow, the need for effective and attractive packaging coatings is expected to rise.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Packaging Coatings Market Size in 2023: | USD 4.86 billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5% |
| 2032 Value Projection: | USD 7 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 230 |
| Tables, Charts & Figures: | 350 |
| Segments covered: | Coating Type, Substrate Material, Formulation, Application, End-use Industry |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The high costs associated with advanced, eco-friendly coatings pose a significant challenge for the industry. Developing and manufacturing these coatings often involve expensive raw materials and complex production processes. For instance, eco-friendly formulations that replace harmful chemicals such as PVC and bisphenols require specialized ingredients and technologies, which can be more costly than traditional options. These higher costs are often passed on to manufacturers, impacting their profitability and potentially leading to higher prices for consumers.
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Packaging Coatings Market Scope
