According to the latest market research study released by Technavio, the global packaging inks and coatings market is expected to grow at a CAGR of close to 6% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global packaging inks and coatings market based on substrate:
Global packaging inks and coatings market share by substrate 2015
|
Flexible plastic |
43.72% |
|
Rigid plastic |
23.84% |
|
Metal |
13.34% |
|
Paper |
11.16% |
|
Others |
7.94% |
Source: Technavio
Global packaging inks and coatings market by flexible plastic
The flexible plastic segment held the maximum share and accounted for around 44% of the global packaging inks and coatings market in 2015, and is expected to be one of the fastest -growing segments in the market during the forecast period. Flexible plastic is soft and easy to mold into various shapes and sizes, which enables it to be customized to meet the diverse demand specifications of a huge range of products. Besides these, their lower cost and lighter weight also contribute to their increased adoption.
“Owing to the rising demand for convenient packaging of consumer goods, the need for flexible plastic packaging is growing considerably. Such requirements prompt vendors to introduce sustainable and biodegradable forms of flexible plastic packaging that meet the needs of manufacturers that are trying to develop eco-friendly packaging products,” says Sharan Raj, a lead analyst at Technavio for research on packaging.
It is anticipated that the high growth rate of more than 6% in the flexible packaging market in APAC will further boost the growth of the packaging inks and coatings market in the coming years.
Global packaging inks and coatings market by rigid plastic
Rigid plastics are such plastic materials that hold their original shape and do not change their form in any temperature change. The demand for rigid plastics is comparatively low than other materials, mainly because of its hazardous application leading to various environmental issues and growing popularity of flexible plastic packaging. It is anticipated that the introduction of biodegradable rigid plastics and the huge demand from the food and beverages industry will drive the market significantly. Further, the huge demand for can coating products is likely to propel the growth prospects for the overall market.
Global packaging inks and coatings market by metal
Metal packaging products are mostly used in food and beverage packaging as they keep the food and beverages fresh and help retain nutritional value for a longer period. During the forecast period, the demand for metal containers and packaging is expected to be influenced by the increasing demand for frozen and canned food products and beverages, including both alcoholic and non-alcoholic beverages. However, rigid plastic packaging products and the increasing demand for flexible plastic packaging products pose a big challenge to the market as consumers prefer low-cost plastic packaging, which has functions and features like that of metal.
Global packaging inks and coatings market by paper
The global packaging inks and coatings market by paper is expected to grow at a CAGR of around 6%, during the forecast period, which is the highest growth rate among all substrates. Such an impressive growth rate can be attributed to the renewable nature of paper and the wide variety of products that can be manufactured using it. Corrugated boxes and containers are those types of paperboard packaging products that are witnessing the highest sales, and are expected to grow at a CAGR of around 5% during the forecast period, further driving growth in the paper packaging market. The increasing demand for paperboard packaging from end-users such as the pharmaceutical, food and beverage, and electronics industries are the major growth drivers of the paperboard packaging market. The recyclability of these products make them the most preferred materials among all other materials. The global packaging inks and coatings market will be majorly driven by the demand for coatings for structures used in petrochemical plants, pulp and paper mills, mining and exploration, and in other end-user industries prone to corrosion.
The top leading vendors operating in the global packaging inks and coatings market are:
- AkzoNobel
- Flint
- PPG Industries
- Sun Chemical
- Valspar
Other prominent vendors in the market include ALTANA, Arkema, Axalta Coatings Systems, Brancher, ColorMatrix, CROMOS TINTAS GRAFICAS, Dainichiseika Color & Chemicals Manufacturing, DIC, Encres Dubuit, Environmental Inks and Coatings, Kansai Paint, Nippon Paint, Sakata, Siegwerk Druckfarben, T&K TOKA, Toyo Ink, Wikoff Color, and Zeller+Gmelin.
A more detailed analysis is available in the Technavio report titled, ‘Global Packaging Inks and Coatings Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Printing Inks Market 2016-2020
- Global Anti-Counterfeit Packaging Market 2016-2020
- Global Liquid Packaging Board Market 2016-2020
- Global Printing Market for Packaging 2016-2020
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