Packaging Coating Additives Market Forecast to Reach $906.4 Million by 2026
Jul 8, 2021
Growing Packaging Demand in Healthcare Sector Driving the Growth of Packaging Coating Additives Market.
Hyderabad, India - July 7, 2021 /MarketersMedia/ —
Packaging Coating Additives Market is expected to be valued at $906.4 million by the end of the year 2026 after growing at a CAGR of 4.9% during the forecast period 2021-2026. The growth of the packaging coating additives market is driven by the significant increase in demand for anti-microbial coating in various sectors like the healthcare and medicine fields. These coating additives contain nonpolar organic solvents which help in dissolving nonpolar substances such as oils, fats, and greases.
These types of coatings go well with goods that are extracted through solid-phase microextraction since it helps in portioning between solid and liquid. The increased awareness about health in recent days due to epidemics like H5N1 Avian Influenza, H1N1 flu (Swine Flu), and Ebola has also contributed to the significant growth of the packaging coating additives industry.
COVID-19 Impact
Amid the Covid-19 pandemic, the packaging coating additives market has taken a toll in terms of volume sales, production and distribution. The logistics were also highly impacted owing to the numerous restrictions laid down by governments across the globe. There were restrictions on imports, exports and trading activities due to the pandemic, which led to the abrupt halting of the operations of the packaging coating additives market.
Packaging Coating Additives Market Segment Analysis- By Type
Preservatives segment held the largest share of more than 20% in the packaging coating additives market in the year 2020. Preservatives is extensively used in food products and packaged food items. Packaging coating additives was greatly used in the food industry, which eventually increased the demand for preservatives segment. The need for nonpolar organic solvents, for protection from leakage of oil, fat and grease of the food led to the growth of the packaging coating additives market as nonpolar organic solvents is one of the coating additives which is highly used in the packaging coating additives market.
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Packaging Coating Additives Market Segment Analysis- By Application
Food packaging segment held the largest share of 22% in the packaging coating additives market in the year 2020. The main driver for food packaging in this segment is the increase in general awareness about hygiene and safety. Another main driver is the increase in demand for packaged food online food deliver system in the recent days, especially in developing countries which requires proper packaging which will help in preserving the packaged food properly for a long time and help save the food until it is being delivered to the consumer.
Packaging Coating Additives Market Segment Analysis- By Geography
Asia Pacific region held the largest share of around 40% in the packaging coating additives market in the year 2020. This is highly driven by the industrial development and improvement in economic conditions in countries such as China and India. The largest share of packaging coating additives in the APAC region is also due to the rising middle-class family in developing countries, relatively cheaper land area, cheap labor and changing lifestyle etc., in countries like India, China and South Korea.
Packaging Coating Additives Market Drivers
Rising demand for packaged foods in developed and developing countries and Strict government regulations regarding food and pharma packaging
With the increase in middle class family group around the world, the disposable income of an average citizen has also increased. This has led to the increase in the spending capacity of the middle class, which has eventually increased the demand for packaged items, which has given scope for packaging coatings market.
Growing packaging demand in healthcare sector
The changing lifestyles in the developing countries and developed countries have given rise to the need for healthcare facilities in these countries which is the main contributor to the development of packaging coating additives. The increase in delivery system for medical products, has increased the need for proper packaging, which has led to the rise in demand for packaging coating additives.
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Packaging Coating Additives Market Industry Outlook
Major players in the Packaging Coating Additives Market are Lonza Group AG, Arkema Group, BYK, Ampacet Corporation, PCC Group, Croda International Plc, BASF SE, Clariant AG, Lonza Group and Evonik Industries AG among others.
Key Takeaways
Asia-Pacific market is expected to hold the largest share in the packaging coatings additives market, which is driven by the industrial development and improvement in economic conditions in APAC countries such as China and India.
The growth in packaging coating additives market can also be attributed to the increase in awareness about health conditions in growing countries after the pandemics such as Ebola and Swine flu.
The special properties of the packaging coating additives products such as anti-fog, anti-microbial, etc., are creating lucrative opportunities for the products in the market.
The packaging coatings additives market is estimated to grow at a significant percentage prior to the present pandemic, owing to its uses in the healthcare sector.
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