Packaging Inks and Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1553
Global Packaging Inks and Coatings Market size is flourishing and is expected to grow at a healthy CAGR during the forecast period. Packaging is an essential factor driving the industry growth across the globe. Increasing consumer preference for attractive packaging across various end-user industry including food & beverage, pharmaceuticals, cosmetics, etc. is expected to drive the packaging inks and coatings market size over the projected timeframe.
Technology advancements for improving packaging of products to extend their customer base on large scale will eventually boost the packaging inks and coatings market size by 2024. Prevailing demand for better packaging for food & beverage along with awareness regarding the food quality and its protection from contamination is projected to drive the business growth in the coming future. The manufacturers in cosmetic industry are increasingly adopting the attractive packaging techniques to attain competitive advantage across the globe. Cosmetics industry is thriving and is projected to grow at a CAGR of over 4% which will effectively contribute to packaging inks and coatings market size over the forecast timeframe.
Pharmaceuticals industry is another driving forces making a significant contribution towards packaging inks and coatings market size over the past many years. Pharmaceuticals industry is thriving and is expected to grow at a CAGR of over 6% which shall have a positive influence on the industry growth during the forecast period.
Stringent regulations imposed regarding product use in food & beverage industry is likely to hamper the business growth over the projected timespan. In addition, the side-effects regarding the product use is prevailing in the industry which will further hinder packaging inks and coatings market size by 2024. The product manufacturers may develop organic and eco-friendly inks to comply with the regulations which is a probable opportunity for the packaging inks and coatings market size by 2024.
Packaging inks and coatings market size is segmented based on substrates including paper, metal, plastics (flexible, rigid) and rubber. Flexible plastic market share is highest and is accounted for approximately 40% as it is easy and soft and can be easily moulded and customized to meet the diverse demand specifications of a wide range of products. Furthermore, its lighter weight and lower cost is expected to stimulate the packaging inks and coatings market size in the coming years.
Metal substrate is primarily used in food & beverage industry as it enhances the shelf life of products by retaining its nutritional value for an extended period. Prevailing demand for frozen food and canned food & beverages (alcoholic, non-alcoholic) shall positively influence the business growth by 2024. However, this segment will witness moderate growth due to growing preference for lighter weight and lower cost flexible plastic substrate which shall effectively contribute towards packaging inks and coatings market size for plastics over the projected timespan.
Based on process, the market is divided into flexographic, digital, gravure and lithographic. The flexographic process can be used to print on paper, plastics, cellophane, metal and other materials. Digital printing is an advanced process utilized in the industry which accounts for approximately 15% of the total packaging and inks coatings market size and has the potential to replace conventional methods of printing. Gravure process has been extensively utilized in printing in newspaper, magazine and packaging material and will lead to stimulating packaging inks and coating market size by 2024.
Based on end-user, packaging inks and coatings market size is segmented into cosmetics, food & beverage, pharmaceuticals, industrial and others. Food & beverage industry accounts for a major chunk of the packaging inks and coatings market size which is expected to propel owing to increasing consumer preference for packaged products across the globe. Furthermore, cosmetics industry shall witness growing trends in the coming years to attain competitive advantage. This is expected to have a positive influence on the industry size by 2024.
North America has captured a major chunk of the industry share due to prevailing product demand in food & beverage industry on a large scale. Moreover, the packaging inks and coatings market size is expected to witness growth due to protruding demand for packaged food & beverage in this region. Changing consumer lifestyle and increasing awareness for contamination free food in Asia Pacific primarily in India, China and Indonesia has stimulated packaging inks and coatings market size over the past years.
Key global packaging inks and coatings market size contributors are AkzoNobel N.V., PPG Industries Inc., Spring Coating Systems, FlintGroup, Sun Chemical Corporation, Siegwerk Druckfarben AG & Co. KGaA, Valspar, ALTANA, Brancher, Arkema, Axalta Coatings Systems, ColorMatrix, CROMOS TINTAS GRAFICAS, Environmental Inks and Coatings, Nippon Paint, Toyo Ink and Sakata.
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