Global Paint Packaging Market Set For Rapid Growth, To Reach Value Around USD 46.29 Billion By 2024
Sarasota, FL -- (SBWIRE) -- 12/07/2018 -- Zion Market Research has published a new report titled "Paint Packaging Market by Material (Metal, Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), and Others), by Product (Bag-in-box, Pouches, Liquid Cartons, Paperboard Container, Pet Bottles, Cans, and Others), and byEnd-User (Professional and Consumer): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global paint packaging market was valued at approximately USD 34.24 billion in 2017and is expected to generate revenue of around USD 46.29 billion by the end of 2024, growing at a CAGR of around 4.4% between 2018 and 2024.
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Rapid population growth is one of the foremost driving factors triggering the growth of the construction industry globally, which, in turn, will increase the demand for paint packaging. Packaging automation reduces the overall packaging cost and helps in reducing labor costs and minimizing harm during material handling. Packaging automation is used by some paint manufacturers to deliver more products in less time. Technological advancements, such as printing techniques, automation, smart packaging, robotics, and machinery would enhance packaging and are expected to drive the paint packaging market growth over the forecast time period.
The thriving construction industry is expected to positively impact the paint packaging market expansion over the forecast time period. Urbanization includes growing construction of residential and commercial buildings, schools, hospitals, offices, malls, multiplex, roads, and bridges in various cities across the world. The construction industry in developing countries is predicted to experience significant growth in the near future.
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By material, the paint packaging market is segmented into Polyethylene Terephthalate (PET), metal, Polypropylene (PP), Polyethylene (PE), and others. The metal segment contributed toward a substantial revenue share in 2017, due to the increasing demand from various industries, as most of the paints and coatings products are packed in cans.
Byproduct, the paint packaging market has been segmented into liquid cartons, bag-in-box, paperboard container, pouches, cans, PET bottles, and others. The cans segment accounted for a substantial revenue share in 2017, due to the increasing demand from various paints and coating manufacturers. The pouches segment is likely to register a significant growth rate over the forecast timeline, due to these pouches' ability to maintain a viable shelf life of paints.
By–end-user, this market is bifurcated into professional and consumer. Consumer segment held the highest revenue share in the paint packaging market in 2017. Rising incidences of consumers using PET bottles, spray paint cans, paint pouches for painting their garages and households are expected to drive this segment's growth. The professional end-users are related to commercial, residential, and public construction activities, where mostly traditionally packaged paint products are preferred. These factors are expected to drive this segment's growth in the upcoming years.
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North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the regional segments of the global paint packaging market. The Asia Pacific accounted for a major revenue share in 2017, due to the increasing investments made in infrastructure projects, the thriving automobile industry, and flourishing paints and coating industry. Europe is expected to account for substantial growth over the forecast period. Increasing demand for paints and coatings in the region is the major factor likely to drive the paint packaging market growth.
Some key players operating in paint packaging market includeSmurfit Kappa, The Dow Chemical Co., International Paper, Mondi plc, Amcor Limited, WestRock Company, Bemis Company, Inc., Orora Limited, Tetra Pak International S.A., and Mauser Group, among others.
This report segments the global paint packaging market as follows:
Global Paint Packaging Market: Material Segment Analysis
Polyethylene Terephthalate (PET)