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The Asia-Pacific (APAC) - Packaging Coatings Market size is forecast to increase by USD 452.6 million, at a CAGR of 4.66% between 2023 and 2028. The packaging industry is witnessing significant growth due to several key trends. Firstly, there is an increasing demand for eco-friendly coatings as consumers become more conscious of the environmental impact of their purchases. Secondly, the rise in demand for canned food and beverages continues to fuel the market for protective coatings that ensure product safety and longevity. Lastly, the growing preference for flexible packaging solutions has led to a surge in demand for coatings that enhance the durability and functionality of these materials. These trends are driving innovation and growth in the packaging coatings market, making it an exciting space to watch.
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Packaging materials play a crucial role across various industries, encompassing metals, plastics, paper, and glass. Each material offers unique properties suited for different applications, from aesthetic appeal to functional durability. Plastic tubes and metal cans are common choices due to their versatility and protective qualities. Innovations in substrate development cater to diverse sectors like consumer goods, healthcare, and personal care, ensuring product safety and preservation. Consumer electronics benefit from specialized packaging with water-based, solvent-free, and functional coatings that enhance performance and protect delicate components. Aesthetically, packaging can feature gloss finishes or matte finishes to align with branding and consumer preferences, often complemented by advanced printing and labeling techniques. As sustainability gains prominence, the industry continues to evolve, balancing aesthetic appeal with eco-friendly practices in materials and design.
Increasing demand for eco-friendly coatings is notably driving the market growth. Traditional coatings contain high levels of volatile organic compounds (VOCs) which contribute to air pollution. Their production process involves using toxic chemicals that can harm the environment and human health. Conversely, eco-friendly coatings are made from sustainable raw materials, have low VOC emissions, and are a safer and more sustainable alternative to conventional coatings. Moreover, governments across the globe are implementing regulations that mandate companies to minimize their emissions and environmental impact. This has spurred the development of eco-friendly coatings that adhere to these regulations, and companies are investing in sustainable technologies to comply with these requirements.
In addition, the growth in demand for eco-friendly coatings is driven by consumer demand, government regulations, and the need for sustainable and environment-friendly products, which will further result in the Asia Pacific - packaging coatings market expansion. Therefore, the development and adoption of these coatings are expected to increase, which will drive the growth of the packaging coatings market in APAC during the forecast period.
Increasing focus on UV-cured coatings and nanocoatings is an emerging trend shaping the market growth. The Asia-Pacific (APAC) - packaging coatings market is highly fragmented, and vendors are investing more in research and development to manufacture innovative protective coatings. Protective nanocoatings and UV-cured packaging coatings are some of the coatings that are gaining popularity in the market. Protective nanocoatings are cost-effective and more durable than other coatings, making them a preferred choice. They have numerous applications in various industries such as transport, industrial machinery, marine, and architectural industries. On the other hand, UV-cured packaging coatings offer quick drying time, superior abrasion and adhesion, and increased operational speed.
Also, they improve flexibility, product quality, finish, and resistance to chemicals and corrosion. The use of UV radiation in the drying process makes them environmentally friendly since they do not release harmful substances such as VOC or hydrocarbons, thus supporting the APAC - packaging coatings market growth. Therefore, the growing demand for UV-cured coatings and nanocoatings is expected to drive the growth of the packaging coatings market in APAC during the forecast period.
The need for high capital investments is a significant challenge hindering the market growth. The Asia-Pacific (APAC) - packaging coatings market region demands a huge capital investment due to the substantial cost involved in building and maintaining production facilities, research and development activities, and marketing efforts. The key factors contributing to such high capital investment in the Asia Pacific - packaging coatings market include the need to establish production facilities, perform research and development tasks, and procure raw materials. Since packaging coatings are manufactured in large quantities, specialized facilities and equipment are required to ensure consistency in quality and production efficiency.
Furthermore, the prices of raw materials can be volatile, which can negatively impact production costs and profitability. Therefore, the high capital investment required to enter and remain competitive in the Asia-Pacific (APAC) - packaging coatings market can act as a significant barrier to entry for new players and can also affect the profitability of existing manufacturers during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
APAC Packaging Coatings Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Akzo Nobel NV - The company offers packaging coatings for steel cans and aluminum cans.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The solvent-borne segment is estimated to witness significant growth during the forecast period. Due to the high emission of VOCs, conventional solvent-borne packaging coatings are known to contribute to air pollution. Packaging coatings that are manufactured using solvent-borne technology can be further classified into high-solid solvent-borne packaging coatings and conventional solvent-borne packaging coatings.
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The solvent-borne segment was the largest segment and was valued at USD 636.20 million in 2018. Due to the introduction of well-defined regulations related to packaging coatings, the adoption rate of solvent-borne technology for the APAC - Packaging Coatings Market is volatile. Also, solvent-borne packaging coatings are preferred for applications that do not allow waterborne packaging coatings to cure properly in humid environments. Solvent-borne coatings are thinned and cleaned using other solvents, such as turpentine. Furthermore, when compared to waterborne coatings, solvent-borne coatings are known for their relative ease of application, durability, and finish. Thus, these factors are anticipated to drive the growth of the solvent-borne segment of the packaging coatings market in APAC during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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2. Paints and Coatings Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, China, India, Germany, France - Size and Forecast
3. Protective Coatings Market Analysis APAC, Europe, North America, Middle East and Africa, South America - China, India, US, Germany, France - Size and Forecast
Packaging materials serve multifaceted functions in the modern consumer landscape, addressing critical needs such as moisture, oxygen, and shelf life preservation for a variety of products including packaged food, drinks, medicines, and cosmetics. They cater to diverse consumer items amidst changing lifestyles and increasing urbanization, emphasizing convenience packaging for e-commerce and retail sectors. Innovations like protective packaging coatings, bio-based coatings, and biodegradable coatings respond to growing environmental concerns and regulatory requirements, championed by initiatives from companies like Hubergroup Print Solutions. From food cans to beverage cans, and caps and closures to aerosols & tubes, packaging encompasses industrial and promotional sectors with materials like rigid plastic, PET bottles, and paper-based containers. With advancements in water-based and solvent-free coatings, the industry strives for eco-friendliness and health and safety enhancements, ensuring products meet stringent environmental standards while meeting consumer expectations for quality and sustainability.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.66% |
Market growth 2024-2028 |
USD 452.6 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.38 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akzo Nobel NV, Avient Corp., Axalta Coating Systems Ltd., BASF SE, Berkshire Hathaway Inc., DIC Corp., Dow Inc., Eastman Chemical Co., Flint Group, Henkel AG and Co. KGaA, Hitech Corp. Ltd., Kemira Oyj, Michelman Inc., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., Royal Mail Group Ltd., Stahl Holdings B.V., Suzhou 3N Materials Technology Co. LTD., The Sherwin Williams Co., and Vizag Chemical International |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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