Packaging Inks and Coatings Market Size to Grow by $ 5.46 bn During 2021-2025
Technavio has been monitoring the packaging inks and coatings market and it is expected to grow by $ 5.46 bn, accelerating at a CAGR of almost 5% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Packaging Inks And Coatings Market: APAC to lead market growth during the forecast period
Packaging Inks And Coatings Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Akzo Nobel NV, ALTANA AG, Arkema SA, Brancher par AND, Dainichiseika Color & Chemicals Mfg. Co. Ltd., Flint Group, PPG Industries Inc., Siegwerk Druckfarben AG & Co. KGaA, Sun Chemical Corp., and T&K TOKA Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Packaging Inks And Coatings Market: Key Highlights of the Report for 2021-2025
Technavio has been monitoring the global packaging inks and coatings market and it is expected to grow by $ 5.46 billion, accelerating at a CAGR of over 5% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
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Market Driver: Rise in demand from the food packaging industry to drive growth
The global food delivery and takeaway market is growing at a significant pace, driven by a rise in urbanization, busy and hectic lifestyles of consumers, a surge in mobile phone penetration, an increase in the adoption of m-commerce. There is a significant rise in online food ordering, owing to an increase in online platforms. The supply chain of food delivery is effective and convenient for customers. Food packaging products, such as containers, cups, bowls, and trays, are widely used for the packaging of delivered food. With the growth of the global food delivery and takeaway market, simultaneous growth of the global packaging market is anticipated.
Leading Product Segment: Flexible plastic, Rigid plastic, Metal, Paper, and Other substrates
One of the major factors contributing to the flexible plastic market segment growth is the low cost and lightweight properties associated with the flexible plastic packaging material. A flexible plastic is soft and easy to mold into various shapes and sizes, which boosts its adoption among end-users. The demand for flexible plastic from the pharmaceutical and food industries has increased post COVID-19 impact. This report provides an accurate prediction of the contribution of all the segments to the growth of the packaging inks and coatings market size.
Key Emerging Trend: Superior characteristics of waterborne printing inks
The superior characteristics of waterborne printing inks is driving the growth prospects for the global packaging inks and coatings market. Most manufacturers prefer using waterborne printing inks over the solvent-borne printing inks for their eco-friendly nature and ease of substrate recycling. Since waterborne inks are manufactured from water-dispersible polymers, their fluidity enhances the flow rate significantly; this benefits the printers by reducing the overall cost. With the growing popularity of advanced water-based printing technologies, the inks are also being used for many flexible packaging operations. Liquid waterborne printing inks also provide printers with many advantages such as better print quality, reduced toxicity and flammability, better control of conductivity, bactericidal action, and lower costs of consumables.
Packaging Inks and Coatings Market: Vendor Analysis
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Akzo Nobel NV, ALTANA AG, Arkema SA, Brancher par AND, Dainichiseika Color & Chemicals Mfg. Co. Ltd., Flint Group, PPG Industries Inc., Siegwerk Druckfarben AG & Co. KGaA, Sun Chemical Corp., and T&K TOKA Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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