HEAT SEAL COATINGS MARKET ANALYSIS

Market Challenges And Opportunities

MARKET DYNAMICS

Growth of flexible packaging market is expected to drive demand for heat seal coatings over the forecast period. For instance, according to the U.S. Flexible Packaging Association, flexible packaging market in U.S. was valued at US$ 31.8 billion in 2018. Moreover, according to the same source, flexible packaging is the second largest packaging segment in the U.S. accounted for about 19% of the U.S. packaging market in 2018.

The increasing demand for water-based heat seal coating solutions from various end-use industries, owing to their environment friendly nature is expected to drive the market growth of the heat seal coatings over the forecast period. Water-based heat seal coatings help packaging companies to reduce the volatile organic compounds (VOCs) emissions and aids companies to reduce their carbon footprint, and move towards sustainable packaging solutions.

MARKET OUTLOOK

Among regions, Asia Pacific is expected to be the fastest-growing region in the heat seal coatings market during the forecast period, owing to rapid urbanization and changing lifestyle, which has led to increasing demand for ready-to-eat or convenience food products in the region. For instance, according to the United Nations’ World Urbanization Prospects 2018, 55% of global population currently resides in urban area, which is expected to grow by 68% in 2050. Moreover, according to the same source, growth in the global population could add another 2.5 billion people to urban areas by 2050, with close to 70% of this increase taking place in Asia.