Packaging is an essential factor for the sale of any product or commodity. The appearance and acceptability of a product depends highly on its packaging. These days, manufacturers as well as packers are looking out for a technology by which they can have better packaging of their products so that they can be accepted and used on a large scale. This would, in turn, help in growth of the packaging inks and coatings market.
Inks and coatings used for packaging not only give a better appearance to the product but also protect the enclosed materials. Packaging inks and coatings are applied onto substrates such as paper, plastics (rigid and flexible), metals, and rubber. Printing onto these substrates is carried out by means of different processes such as digital, flexographic, gravure, and lithographic.
Packaging inks and coatings are useful in applications such as beverages, cosmetics, food, pharmaceuticals, and industrial goods.
Packaging Inks and Coatings Market: Trends
Demand for better-quality is higher at present, due to the changing lifestyle and customers’ preference to better packaging of goods. The increase in demand for better packaging in applications such as food and beverages as well as cosmetics is expected to drive the market for packaging inks and coatings in the next few days. Awareness regarding the quality of food and protection from contamination promotes steady growth of the packaging inks and coatings market.
On the other hand, the number of regulations regarding the use of packaging inks and coatings in the food & beverages industry is high. The imposition of these regulations is likely to be a major restraint for the global market for packaging inks and coatings in the near future. Currently, concerns regarding the side-effects associated with the incorporation of packaging inks and coatings are growing. This would eventually be a restraint for the market.
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Manufacturers of packaging inks and coatings can develop formulations that are organic and eco-friendly. This can prove to be an opportunity for players operating in the market to expand their business and hold a strong share in the global market for packaging inks and coatings.
Packaging Inks and Coatings Market: Region-wise Outlook
In the past few years, the region of has North America accounted for a major share of the global packaging inks and coatings market, due to the use of packaging inks and coatings in the food industry on a large scale. The market in the region is expected to witness steady growth during the forecast period, due to the increasing demand for packed food and beverages.
The market of packaging inks and coatings is in its developmental stages in the region of Asia Pacific. The utilization of packaging inks in food industry in leading economies such as India, Japan, and China is expected to drive the market in this region in the near future.
The market in Europe and Latin America is anticipated to witness rapid growth in the next few days, due to changing lifestyles of the people in these regions. However, the market for packaging inks and coatings in Middle East & Africa is likely to expand at a slower pace as compared to other regions during the forecast period.
Packaging Inks and Coatings Market: Key Players
Some of the players operating in the global packaging inks and coatings market include AkzoNobel N.V., Sun Chemical Corporation, PPG Industries Inc., Siegwerk Druckfarben AG & Co. KGaA, Spring Coating Systems, and FlintGroup.