Metal Packaging Coatings Market to Rise at 5% CAGR through 2030, Finds Fact.MR
Metal packaging coatings developers are pushing for improvements in anti-microbial properties to bolster application and sales during and after the coronavirus pandemic.
"Metal packaging manufacturers make use of coatings to leverage characteristics such as acid and bio-corrosion resistance. These materials are finding use in varied end-user industries not only for protection, but also for decorative aesthetics, which will help sustain long-term growth," says the FACT.MR report.
Metal Packaging Coatings Market- Key Takeaways
• Epoxy coatings hold major market share owing to superior corrosion resistance and non-BPA innovations.
• Beverage can applications are estimated to contribute significantly to market revenue, owing to compliance to food quality and safety regulations.
• Asia Pacific is a key metal packaging coatings market owing to the massive presence of pharma, food, and chemical manufacturing industries.
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Metal Packaging Coatings Market- Driving Factors
• Demand for coating characteristics including content safety, easy printing, and higher customization boost demand.
• Growth in e-commerce coupled with urbanization drive demand for metal packaging, which in turn bolsters need for metal coatings.
Metal Packaging Coatings Market- Major Restraints
• Strict regulations associated with production and application of metal packaging coating materials hinder scope of growth.
• Health concerns over VOC emissions associated with metal packaging coatings hold back adoption.
The coronavirus pandemic has moderately restricted the sales and applications of metal packaging coatings. A slump in the demand for canned beverages and personal care products during the pandemic has had an impact on the market. Also, disrupted supplies and production activity in industrial settings has hurt market growth, owing to the decline in demand for industrial aerosols. On the other hand, demand for canned foods has gone up during the pandemic and has provided market players with opportunities to lower the losses accrued during this period.
Hempel A/S, Jotun Group, BASF SE, Kansai Paint Co. Ltd., Axalta Coating Systems Ltd. are some of the leading players participating in the metal packaging coatings market.
Major players in the metal packaging coatings market are pushing for research into the diversification of product portfolios with launches of new products and coating technologies to keep up with evolving consumer needs.
PR Source- https://www.factmr.com/