The packaging coating additives market is projected to grow from US$688.4 million in 2018 to US$874.5 million by 2023, at a CAGR of 4.9% from 2018 to 2023. The packaging coating additives market is expected to witness growth owing to the increasing demand from packaging applications such as food packaging, consumer packaging, and industrial packaging. Rising competition and increasing concerns regarding environmental safety are encouraging manufacturers to develop packaging which is cost-effective, requires fewer resources, and provides better protection. However, stringent government regulations regarding the use of plastics are expected to hamper the growth of the packaging coating additives market. Volatility in raw material prices might adversely affect the overall cost of production incurred by the packaging coating additives manufacturers.
The food packaging application segment accounted for the largest share of the packaging coating additives market in 2017. It is also estimated to be the fastest-growing market during the forecast period 2018–2023. Significant rise in the income of the middle-class population of economies such as China and India resulting in an improvement in the living standards, and increased demand for packaged food is resulting in the growth of the food packaging application.
The Asia Pacific packaging coating additives market has been studied for China, Japan, India, Indonesia, and the Rest of Asia Pacific. The Asia Pacific region is an emerging and lucrative market for packaging coating additives owing to the increasing demand for food packaging and improving economic conditions. Product innovations, new research and development projects, and increasing demand from consumer and industrial application have also fueled the demand for metal packaging coating additives in Asia Pacific.