Flexible Plastic Packaging Coating Market : Global Share, Size, Growth, Trends & Outlook ( 2023 – 2032 )
Flexible Plastic Packaging Coating Insights:
Flexible plastic packaging coatings are wont to protect the contents of the packaging and to enhance the general appearance and functionality of the packaging. These coatings are applied to a spread of plastic films, like polyethylene, polypropylene, and polyester, to supply properties like water resistance, oxygen and lightweight barriers, and improved sealing.
There are different types of coatings utilized in flexible plastic packaging, including solvent-based coatings, water-based coatings, and radiation-cured coatings. Solvent-based coatings are typically used for applications where high performance and sturdiness are required. Water-based coatings are environmentally friendly and are preferred for applications where low odor and low VOC emissions are required. Radiation-cured coatings use UV light to cure the coating and supply excellent performance properties. The choice of acceptable coating for flexible plastic packaging depends on the precise requirements of the appliance.
Flexible Plastic Packaging Coating Market
The flexible plastic packaging coating market is predicted to grow significantly within the coming years, driven by factors like the increasing demand for packaged food and beverages, also because of the need for innovative and sustainable packaging solutions. The worldwide flexible plastic packaging coating market size is predicted to grow from $3.0 billion in 2022 to $5.6 billion by 2032, at a CAGR of 6.4% during the forecast period (2023-2032).
The Asia-Pacific region is predicted to dominate the flexible plastic packaging coating market thanks to the growing population and increasing demand for packaged food and beverages in countries like China and India. The marketplace for water-based coatings is predicted to grow significantly thanks to their eco-friendly properties and increasing demand for sustainable packaging solutions.
Some key players within the flexible plastic packaging coating market include AkzoNobel N.V., Dow Inc., BASF SE, PPG Industries, Inc., and Kansai Paint Co., Ltd. These companies are that specialize in product innovation and development to satisfy the increasing demand for sustainable and high-performance coatings within the market.
Flexible Plastic Packaging Coating Market Key Drivers:
There are several key drivers contributing to the growth of the flexible plastic packaging coating market:
- Advancements in packaging technology: The development of the latest packaging materials, coatings, and techniques like barrier coatings, has led to a rise within the use of flexible plastic packaging.
- Growing demand for convenience packaging: The increase in consumer demand for convenience packaging, like stand-up pouches and resealable packaging, is additionally driving the expansion of the flexible plastic packaging coating market.
- Growing demand from emerging economies: Emerging economies, like China, India, and Brazil, are experiencing rapid economic process and urbanization resulting in a rise in demand for packaged food and beverages and, in turn, driving the expansion of the flexible plastic packaging coating market.
- Increasing adoption of radiation-cured coatings: Radiation-cured coatings offer several advantages over solvent-based coatings, including faster curing times, lower energy consumption, and reduced emissions.
- Increasing demand for packaged food and beverages: Flexible plastic packaging is widely utilized in the food and beverage industry thanks to its ability to increase the time period of products and protect them from external factors.
- Need for innovative and sustainable packaging solutions: Flexible plastic packaging coatings can help reduce the quantity of plastic utilized in packaging while still providing the required protection for the contents driving the demand for eco-friendly coatings within the market.
- Rise in e-commerce and residential delivery services: The rise in online shopping and residential delivery services has led to a better demand for flexible plastic packaging to guard and transport goods during transit.
- Stringent regulations regarding the utilization of plastics: Governments round the world are implementing regulations to scale back the utilization of plastics and promote sustainable packaging solutions which is driving the demand for eco-friendly coatings within the market and contributing to the expansion of the flexible plastic packaging coating market.
Flexible Plastic Packaging Coating Market Segmentation:
The flexible plastic packaging coating market can be segmented based various factors including:
- By Type: Solvent-based coatings, Water-based coatings, Radiation-cured coatings
- By Application: Food and Beverage Packaging, Pharmaceutical Packaging, Personal Care and Cosmetics Packaging, Industrial Packaging
- By Forms: Films, Bags, Pouches
- By Material: Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polyamide (PA)
- By Region: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Flexible Plastic Packaging Coating Market Regional Synopsis:
The flexible plastic packaging coating market in North America is predicted to grow at a CAGR of 4.2% during the forecast period (2023-2032). The market size is estimated to be around $2.6 billion in 2022 and is predicted to be worth $4.0 billion by 2032 driven by the demand for sustainable and eco-friendly packaging solutions, the growing popularity of radiation-cured coatings, and the increasing adoption of flexible plastic packaging within the food and beverage industry.
The flexible plastic packaging coating market in Europe is predicted to grow at a CAGR of 3.9% during the forecast period (2023-2032). The market size is estimated to be around $2.5 billion in 2022 and is predicted to be worth $3.7 billion by 2032 driven by the increasing demand for packaged food and beverages, the growing specialize in sustainability and eco-friendliness, and the stringent regulations regarding the utilization of plastics.
The flexible plastic packaging coating market within the Asia-Pacific region is predicted to grow at a CAGR of 6.1% during the forecast period (2023-2032). The market size is estimated to be around $2.4 billion in 2022 and is predicted to be worth $4.4 billion by 2032 driven by the rapid urbanization and economic process in countries like China and India, the increasing demand for packaged food and beverages, and the growing popularity of flexible plastic packaging in various industries.
The flexible plastic packaging coating market within the Latin America region is predicted to grow at a CAGR of 5.2% during the forecast period (2023-2032). The market size is estimated to be around $1.0 billion in 2022 and is predicted to be worth $1.6 billion by 2032 driven by the increasing demand for packaged food and beverages, the growing popularity of flexible plastic packaging in various industries, and the increasing specialise in sustainability and eco-friendliness.
The flexible plastic packaging coating market in the Middle East & Africa region is expected to grow at a CAGR of 4.6% during the forecast period (2023-2032). The market size is estimated to be around $0.8 billion in 2022 and is predicted to be worth $1.3 billion by 2032 driven by the increasing demand for flexible plastic packaging within the food and beverage and pharmaceutical industries, the growing popularity of radiation-cured coatings, and the increasing specialise in sustainability and eco-friendliness.
Japan Flexible Plastic Packaging Coating Market Regional Synopsis
The flexible plastic packaging coating market in Japan is predicted to grow at a CAGR of 4.2% during the forecast period (2023-2032). The market size is estimated to be around $0.5 billion in 2022 and is predicted to be worth $0.8 billion by 2032 driven by increasing demand for sustainable and eco-friendly packaging solutions, the growing popularity of radiation-cured coatings, and the increasing adoption of flexible plastic packaging within the food and beverage industry.
The food and beverage packaging application segment holds the most important share of the flexible plastic packaging coating market in Japan thanks to the increasing demand for packaged food and beverages within the country. The solvent-based coatings segment holds the most important share of the flexible plastic packaging coating market in Japan thanks to their high performance and sturdiness.
Tokyo holds the most important share of the flexible plastic packaging coating market in Japan thanks to its large population and therefore the presence of major food and beverage and pharmaceutical companies within the region.
Flexible Plastic Packaging Coating Market Key Challenges:
Some key challenges that the flexible plastic packaging coating market is facing include:
- Competition from alternative materials: The competition from alternative materials like paper, glass, and metal packaging is another challenge faced by the flexible plastic packaging coating market as these materials are considered eco-friendlier and more sustainable than plastic packaging.
- Consumer preference for sustainable packaging: Consumers are increasingly concerned about the environmental impact of packaging, and are showing a preference for more sustainable options like paper and bioplastics.
- Environmental concerns: The utilization of flexible plastic packaging has come under scrutiny thanks to its potential negative impact on the environment. The packaging can find itself in landfills or oceans and may take many years to degrade.
- Recycling and disposal challenges: Recycling and disposal of flexible plastic packaging are often difficult thanks to its complex structure and different coating materials.
- Stringent regulations: Governments around the world are implementing regulations to scale back the utilization of plastics and promote the utilization of more sustainable packaging materials which may limit the expansion of the flexible plastic packaging coating market.
- Technological advancements: The rapid technological advancements within the packaging industry also are posing a challenge to the flexible plastic packaging coating market. Manufacturers got to continue with the newest technological trends to remain competitive within the market.
- Volatility in staple prices: The value of raw materials utilized in the assembly of flexible plastic packaging coatings is often high, which may increase the general cost of production and make it less competitive compared to other packaging materials.
Flexible Plastic Packaging Coating Market Key Global Players:
The market for flexible plastic packaging coating is very competitive with several key players. These companies play a significant role in the growth and development of the market.
Some key global players in the flexible plastic packaging coating market include:
- AkzoNobel N.V.
- Altana AG
- Amcor
- Axalta Coating Systems Ltd.
- BASF SE
- Bemis Company Inc
- Berry Global Group
- DIC Corporation
- Dow Chemical Company
- DuPont
Some other key global players include Hempel A/S, Jotun Group, Kansai Paint Co., Ltd., LyondellBasell Industries N.V., PPG Industries, Inc., RPM International Inc., Sealed Air Corporation, Sherwin-Williams Company, Teknos Group Oy, Valspar Corporation, Wacker Chemie AG, and Winpak Ltd. These companies are actively involved in product development, collaborations, and partnerships to enhance their market presence and expand their customer base. They are also focusing on developing innovative products that cater to the evolving needs of the research and clinical community.
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- Publication date: 19th September 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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