Portland, OR -- (SBWIRE) -- 10/26/2017 -- The packaging coating market was valued at $2,830 million in 2016, and is expected to reach $3,865 million by 2023, registering a CAGR of 4.6% from 2017 to 2023. Packaging may be defined as an economical means of providing presentation, protection, identification, containment, convenience, and compliance for a product during storage, transportation, display, and usage. Packaging coatings are considered as special materials meant for protection and embellishment of packaging associated with beverages, food, aerosol & paint cans, and metal closures.

The distinctive characteristics of these materials include adherence with various substrates such as metal & plastics, high chemical resistance, corrosion resistance, and non-toxic nature towards humans, and others. Packaging coatings are increasingly embraced in various industries as they provide critical functionality to complex packaging structures of different types of products. Moreover, packaging manufacturers are now concerned about product safety and customer satisfaction. Thus, coatings play a major role in addressing the aforementioned aspects.

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The increase in application areas of packaging coatings is the primary factor that fuels the growth of the market. Globalization, changes in lifestyles, and food habits lead to the growth of the food & beverage industry, which is a major end-use industry for the global packaging coatings market. In addition, a rise in the consumption and manufacture of PET bottles also leads to the market growth. In the food & beverage industry, the need to maintain food quality and taste as well as keep a check on contamination urges manufacturers to use packaging coatings, which in turn provide an impetus for the market growth. In addition, the rapid rise in e-commerce industry further fuels the market. However, stringent environmental regulations on packaging safety, majorly in the food & beverage industry are expected to restrict the growth of the market. Furthermore, increase in health concerns and awareness among leading players and end users regarding the side-effects of chemicals used in coatings of cans and bottles is expected to hamper the growth of the market.

The global packaging coatings market is segmented by type, substrate, application, end user, and geography. By type, it is classified into epoxy thermoset, urethane, UV-curable, BPA free, and soft touch UV-curable & urethane. By substrate, it is categorized into metal, rigid plastic, glass, liquid cartons, paper-based containers, flexible packaging, and others. By application, it is analyzed across food cans, beverage cans, caps & closures, aerosols & tubes, industrial packaging, promotional packaging, and specialty packaging segments. By end user, the market is divided into food & beverages, cosmetics, pharmaceuticals, consumer electronics, and automotive components. By geography, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

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KEY BENEFITS FOR STAKEHOLDERS

- This report provides an extensive analysis of the current trends and emerging estimations & dynamics of the global packaging coatings market.

- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.

- Detailed analysis of the industry based on the type and application help understand the trending product type and potential applications.

- Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier?buyer network.

- Extensive analysis of the market is conducted by following key product positioning and monitoring of top players within the market framework.