DUBLIN, Ireland — The metal packaging coatings market will benefit from a growing shift from plastic to metal in the packaging industry, according to a recent market study by Fact.MR. The study predicts that the market is likely to see 3.8% growth in 2018 compared to 2017, as the use of metal packaging solutions has reached new heights in various industrial applications in the recent years.
The study assesses macroeconomic and microeconomic factors that may redefine growth prospects of the metal packaging coatings market in the foreseeable future. The study also provides an assessment of market dynamics to reach conclusions about market growth and provides actionable insights to readers.
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 coatings in 2018. The study predicts that the trend will continue to persist through the upcoming decade, generating opportunities for metal packaging coatings manufacturers in North America and the EU.
The study finds that North America and Europe will account for over 55% of volume share of the global market for metal packaging coatings in 2018. Stringent regulations on the use of plastic in food packaging are creating more demand for metal packaging, which is boosting growth in the market for metal packaging coatings in North American and Europe.
The increasing use of steel and aluminum containers in packaging for human as well as pet food products in developed countries is triggering the need for coatings for metal packaging. Additionally, awareness among consumers about the sustainability of metal food packaging has increased the number of metal packaging applications. This, in turn, will accelerate expansion of the metal packaging coatings market in developed countries.
Leading players in the metal packaging coatings market in developed regions are adopting advanced technologies to introduce superior performance characteristics in these coatings. This trend is expected to complement market growth in upcoming years.
The study finds that a growing need for sustainable and environment-friendly packaging has created pressure on stakeholders in the packaged food and 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 food and beverage industry is shifting towards development of active packaging technologies, which has increased the use of metal packaging for food and beverages. The study projects that beverage cans will continue to generate maximum demand for metal packaging coatings.
The study predicts that the metal packaging coatings market will witness a healthy 4.1% compound annual growth rate during the forecast period of 2018-2027.
For additional information about the study, Metal Packing Coatings Market, visit https://www.factmr.com/report/2433/metal-packaging-coatings-market.