The packaging industry is one of the foremost industrial sectors to give birth to the throwaway culture, which is responsible for the damages caused by millions of tons of waste produced each year. As a result, growing concerns about environment have given rise to sustainability trends in the packaging industry, thereby boosting the adoption of metal packaging solutions.
The metal packaging coatings market banks on the growing shift from plastic to metal in the packaging industry. By 2018, the market is likely to envisage 3.8% y-o-y over 2017, according to a recent market study published by Fact.MR. The study remains bullish on positive growth of the metal packaging coatings market, as the use of metal packaging solutions has reached new heights in various industrial applications in recent years.
The Fact.MR study thoroughly assesses macro and microeconomic factors that may redefine growth prospects of the metal packaging coatings market in the foreseeable future. The study also provides a holistic assessment of market dynamics to obtain nearly accurate conclusions about market growth and provides actionable insights to readers.
Sales of Metal Packaging Coatings will Remain Highly Concentrated in Developed Regions
According to the study, the metal packaging coatings market in developed regions, such as North America and Europe, is expected to account for more than half the sales of metal packaging coating in 2018. The study opines that the trend will continue to persist throughout the upcoming decade, generating most lucrative opportunities for metal packaging coating manufacturers in North America and the European Union.
Some of the key findings of the Fact.MR study that elucidate the market scenario and competitive environment in developed metal packaging coatings markets are;
- Collectively, North America and Europe will account for over 55% volume share of the global market for metal packaging coatings market in 2018
- Stringent regulations on the use of plastic in food packaging solutions are bolstering the use of metal packaging, which is mainly boosting the growth of metal packaging coatings market in these regions
- The increasing use of steel and aluminum containers in packaging for human as well as pet food products in developed countries is triggering adoption
- Awareness about the sustainability of metal food packaging among consumers, which makes a huge impact on consumer behavior, has multiplied the number of metal packaging applications. This, in turn, will accelerate the expansion of the metal packaging coatings market in developed countries
- Leading metal packaging coatings market players in developed regions are adopting advanced technologies to introduce superior performance characteristics of metal packaging coatings. This is expected to complement the market growth in upcoming years.
The study also projects that leading metal packaging coatings market players in developed regions will introduce innovative types of metal packaging coatings, which can improve safety, durability, as well as aesthetics of metal packaging in the foreseeable future.
New Trends in Food & Beverage Packaging will Spur Demand for Metal Packaging Coatings
Growing needs for sustainable and environment-friendly packaging have exerted immense pressure on stakeholders in the packaged food & beverage industry. The selection of appropriate packaging materials plays a pivotal role in retaining the product quality and conservation throughout the period of consignment and storage. Despite the lower cost and functional benefits of plastic packaging, the F&B industry is shifting towards the development of active packaging technologies, which is escalating the use of metal packaging for food & beverages.
The study projects that beverage cans will continue to generate maximum demand for metal packaging coatings, dominating the sales of various product types of metal packaging coatings by 2018. Thereby, modern food & beverage manufacturers plumping for metallic food packaging will augur well for the incremental growth of metal packaging coatings market in the foreseeable future.
According to the conclusions of the Fact.MR study, the metal packaging coatings market will grow at a healthy 4.1% volume CAGR during the forecast period 2018-2027.
The insights presented here are from a research study on Metal Packaging Coatings Market by Fact.MR