Food & Beverage packaging segment is expected to dominate the Flexible Plastic Packaging Coatings Market
The global market for flexible plastic packaging coatings was valued at US$ 1,533.8 Mn in 2017. The market is forecast to expand at a CAGR of 4.0% during the forecast period, 2018-2026.
Coating are generally a phase in which the adhesive is applied to the medium/substrates. Flexible plastic packaging coatings offer consistent high quality finishes as well as provides protection for a wide range of applications. Some of the key coating types readily available in flexible packaging industry are acrylics coating, epoxy coating, urethane & polyurethane coating, etc.
Manufacturers of flexible plastic packaging coating solutions serve almost every end use including food, beverage, cosmetic & personal care, pharmaceuticals industries, among others; thus providing operational advantages as well as improving value for brand owners.
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The global market for flexible plastic packaging coatings is segmented as coating type, coating application, substrate type and end use. Flexible plastic packaging coatings can be used over different substrate types which make them preferable for use. Flexible plastic packaging coatings are commonly used in food & beverage packaging sector. Acrylics, urethane & polyurethane and epoxies are some of the most commonly used packaging coatings. This is due to their feasibility to use and provide perfect finish to the product. Flexible plastic packaging coatings are most commonly used for pharmaceuticals, cosmetics & personal care, chemical packaging and other flexible packaging types. Flexible plastic packaging coatings market is expected to witness maximum revenue from food & beverage segment.
Flexible plastic packaging coatings market is expected to witness high growth in Asia Pacific, it is attributed to the growing packaging industries in the region, especially in countries such as China and India. Although the market is anticipated to dominate by Europe region during the forecast period. In terms of substrate type, polyethylene segment is expected to dominate the global flexible plastic packaging coatings market during the forecast period.
Food & beverage segment of the flexible plastic packaging coatings market was valued at US$ 921.1 Mn in 2017 and is projected to expand at a CAGR of 3.9% during the forecast period 2018-2026.
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Drivers & Restraints
Eye catching packaging has emerged as an ultimate choice across various sectors in the goods packaging industry. Flexible plastic coatings gives product a premium look, which in turn, drives the demand for the coatings in the near future. Brand owners are looking to draw in buyers by offering items positioned on a glossy & luxurious finishes platforms, and package coating is viewed as a method for achieving this scenario. The food and drink industry has been one of the main pioneers of the trend toward more premium forms of packaging. Market for ready to eat food is growing rapidly across all the regions, which is expected to boost the demand for packaging. Appearance together with aesthetics are major factors when designing packaging in retail sector and in others fast-moving consumer goods (FMCGs) industry. A substantial attention is paid towards application of glossy colors, images and graphics on the final packaged product. This has largely fuels the market for flexible plastic packaging coatings across the globe.
Market consolidation to intensify the pricing pressure on manufacturers. As the packaging coatings market in the North America as well as the European region are moving towards consolidation, the pricing pressure has started to build up, tightening the profit margin scope for manufacturers. Additionally, the raw materials – both petroleum and non-petroleum based – account for a major share in the overall cost of sales for flexible plastic packaging coatings. The effect of increasing crude oil prices is also expected to be reflected on the petroleum based raw materials, further exaggerating the pricing burden on market players.
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