Flexible Plastic Packaging Coating Market to Grow with a CAGR of 3.72% through 2028
Growing demand
of flexible plastic packaging coating in chemical industry is expected to drive
the Global Flexible Plastic Packaging Coating Market growth in the forecast
period, 2024-2028
According to
TechSci Research report, “Flexible Plastic Packaging Coating Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Flexible Plastic Packaging Coating Market stood at USD 1.85
billion in 2022 and is anticipated to grow with a CAGR of 3.72% in the forecast
period, 2023-2028. The initiatives taken by government based on Flexible
Plastic Packaging Coating has led to favorable market conditions for the Global
Flexible Plastic Packaging Coating Market. Several factors contribute to the
growth of various Flexible Plastic Packaging Coating products.
Government
initiatives worldwide are playing an increasingly influential role in shaping
the flexible plastic packaging coating market. With a strong emphasis on
sustainability and the urgent need to reduce plastic pollution, governments are
implementing various strategies to tackle these challenges.
One notable
example of such an initiative is the CEFLEX project, which is making
significant strides in Europe. The core objective of this project is to assign
a positive economic value to all flexible packaging waste items, thereby
enabling their efficient recycling. This approach aims to create a circular
economy for flexible packaging by the year 2025, ensuring that these materials
are reused and repurposed effectively.
Furthermore,
government policies and regulations are also driving the sustainable design of
flexible food-grade packaging. Organizations such as the OECD are actively
developing guidelines and frameworks to minimize the environmental impact of
packaging and promote long-term sustainability. These policies encourage the
use of eco-friendly materials, innovation in packaging design, and the adoption
of recycling practices throughout the supply chain.
By actively
engaging in these initiatives and adhering to the evolving policies, the
flexible plastic packaging coating market can contribute significantly to
global efforts in addressing plastic pollution and advancing sustainability
goals.
The chemical
industry heavily relies on flexible plastic packaging for the secure and efficient
transportation of its products. These coatings not only offer enhanced
protection against various chemicals but also ensure the safety and longevity
of the packaged items. With their ability to withstand harsh environments and
prevent leakage or contamination, flexible plastic packaging coatings play a
critical role in maintaining the integrity of chemical products throughout
their journey.
In conclusion,
the increasing demand for flexible plastic packaging coating in the chemical
industry serves as a significant driver propelling the growth of the global
flexible plastic packaging coating market. This trend is expected to continue
and gain momentum as the industry evolves to meet the ever-changing needs of a
dynamic and expanding market. The continuous advancements in coating
technologies, along with the growing emphasis on sustainable and eco-friendly
solutions, further contribute to the promising future of the flexible plastic
packaging coating industry.
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The Global
Flexible Plastic Packaging Coating Market is segmented into type, substrate,
end user, regional distribution, and company. Based on its end
user, the food & beverage segment held the largest share in the market. The
high demand for packed food for convenience, particularly among the youth, is a
key driving factor for the growth of the flexible packaging coating market.
Vendors are recognizing this market potential and making investments, as
manufacturers are increasingly adopting flexible packaging coating methods to
enhance product shelf life and durability. In the food and beverages
industries, attractive packaging plays a crucial role in attracting consumers,
and the wide adoption of flexible plastic package coating methods in this
sector is expected to further fuel the growth of the flexible plastic package
coating market in the future.
Based on region,
Asia Pacific segment is expected to grow during the forecast period.
The Asia Pacific
region is currently dominating the global flexible plastic packaging coating
market for multiple compelling reasons. One of the key factors contributing to
its dominance is the rapid industrialization observed in countries like China,
India, and Japan. These nations have experienced remarkable growth in their
packaging industries, resulting in a significant surge in demand for flexible
plastic packaging coatings.
Moreover, the
region is witnessing a substantial increase in the demand for packaged food,
attributed to a growing population and changing lifestyle trends. As consumers
increasingly opt for convenience, the need for high-quality packaging
materials, including flexible plastic packaging coatings, has escalated
accordingly.
This thriving
market for flexible plastic packaging coatings in the Asia Pacific region is
also driven by the region's robust packaging industries and their ability to
cater to the escalating demand. With a strong focus on innovation and
sustainability, the Asia Pacific market continues to lead the way in providing
cutting-edge solutions for the packaging industry.
In conclusion,
the Asia Pacific region's dominance in the global flexible plastic packaging
coating market can be attributed to the rapid industrialization, increasing
demand for packaged food, and the region's robust packaging industries. As the
market continues to evolve, the need for high-quality and innovative packaging
solutions is expected to further propel the growth of flexible plastic
packaging coatings in the region.
Major companies
operating in Global Flexible Plastic Packaging Coating Market are:
- Allnex
Netherlands B.V
- Altana
AG
- Akzo
Nobel N.V
- American
Packaging Corporation
- BASF
SE
- DSM
Coating Resins B.V
- Schmid
Rhyner AG
- Sierra
Coating Technologies LLC
- The
Dow Chemical Company
- The
Valspar Corporation
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“Growing
application of Flexible Plastic Packaging Coating in various end user
industries are key drivers of the Flexible Plastic Packaging Coating Market. Growth
in competitive landscape and presence of well-established companies in the
market who are dedicated to enhance their productivity of Flexible Plastic
Packaging Coating with every passing year are anticipated to register an
impressive growth to Global Flexible Plastic Packaging Coating Market in the
forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Flexible Plastic Packaging Coating Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Epoxy Coatings, Acrylic Coatings, Plasma Coatings, Phenolic Coatings, Others), By Substrate (Polyethylene, Polypropylene, Polyamide, Others), By End User (Pharmaceutical, Chemical, Automotive, Food & Beverage, Others), By Region and Competition, 2018-2028F”,
has evaluated the future growth potential of Global Flexible Plastic Packaging
Coating Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Flexible Plastic
Packaging Coating Market.
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