FUNCTIONAL PACKAGING COATINGS MARKET ANALYSIS

Functional Packaging Coatings Market – by Coating Type (Polymers (PVdC, EVOH, and Others (PVOH and Others)), Aluminum Oxide, Silicone, and Others (Bio-based Coatings, Wax, and Others)), by Product Type (Water-based/borne, Solvent-based, and Others (Solid Primers, UV Cured, and Others)), by Application (Food Packaging, Beverage Packaging, Beauty & Personal Care Products Packaging, Home Care Products Packaging, and Others (Pharmaceutical Packaging and Others)) and By Region (North America, South America, Europe, Asia Pacific, and Middle East & Africa) – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2022-2028

Market Dynamics:

Rising consumer demand of food and personal care products having functional packaging options, attributed to properties offered by functional packaging, is expected to drive the growth of functional packaging coatings market over the forecast period.
Functional packaging offers benefits such as it retains freshness of the products with its secured seal, which ensures higher shelf life of the product, ease of use and convenience offered by functional packaging such as no requirement of scissors or other tools to open the packaging, ability to reseal/close, and portable size & packaging that is essential for traveling. Therefore benefits offered by such functionalities in packaging are expected to drive growth of functional packaging coatings market.

Market Outlook:

Among regions, Asia Pacific is expected to witness significant growth over the forecast period in global functional packaging coatings market, owing to growing flexible packaging industry in the region. Functional coatings are applied on flexible packaging such as pouches used for packaging of food as well as personal care products.
Moreover, increasing investments by players operating in flexible packaging industry in countries such as India and China, in turn are expected to drive demand for functional packaging coatings in the region over the forecast period. For instance, in October 2016, Huhtamaki PPL Limited, which offers various packaging solutions, announced its plans of investing around US$ 9.0 million for expansion of its flexible packaging and labels businesses in India.
Among applications, food packaging segment is expected to witness significant growth over the forecast period, owing to growing food packaging industry across the globe. For instance, according to the data released by Flexible Packaging Association in June 2019, the U.S. flexible packaging industry was valued at US$ 31.8 billion in 2018, of which food (retail and institutional) held the largest market share of shipments accounting for around 59% in the U.S. flexible packaging market in 2018.