The global packaging coatings market is projected to grow from $4.21 billion in 2024 to $5.37 billion by 2029, according to a new report. The market is expected to expand at a compound annual growth rate (CAGR) of 5.0% during the forecast period.

The report, titled "Packaging Coatings Market by Technology, Resin, Application, Printing Process, End-use Industry - Global Forecast to 2029," attributes the market's growth to the increasing demand for packaging coatings in the food & beverage, medical and industrial goods sectors. The report also highlights the growing use of different resins in packaging coatings, such as polyurethane, epoxy and acrylic.

North America is currently one of the largest markets for packaging coatings, but the report notes that emerging economies like India, China and Brazil are expected to drive significant growth in the coming years.

The report also identifies the appliance segment as the largest end-use industry for packaging coatings in 2023. The rising demand for consumer goods and household appliances, as well as the need for corrosion-resistant coatings, is driving the growth of this segment.

In terms of technology, the report highlights the increasing adoption of waterborne and energy curable coatings. These coatings are seen as more environmentally friendly and are gaining traction in the market.

The report also provides a detailed analysis of the competitive landscape, with a focus on key players such as The Sherwin-Williams Company, PPG Industries and AkzoNobel.

Access the full report here.