By PrintAction Staff
By PrintAction Staff
The global packaging inks and coatings market size is expected to grow at a healthy CAGR through to 2024, according to Global Market Insights Inc. The research organization explains increasing consumer preference for attractive packaging in areas like food and beverage, pharmaceuticals and cosmetics will drive the packaging inks and coatings market size over the projected timeframe.
Technology advancements for improving packaging of products to extend their customer base on large scale, continues Global Market Insights (GMI), will eventually boost the packaging inks and coatings market size by 2024. GMI explains prevailing demand for better packaging for food and beverage, along with awareness regarding the food quality and its protection from contamination, is projected to drive the business growth in the coming future.
Manufacturers in cosmetic industry, continued GMI, are increasingly adopting the attractive packaging techniques to attain competitive advantage across the globe. The new research projects this area to grow at a CAGR of over four percent in packaging inks and coatings. The pharmaceuticals industry, in terms of packaging inks and coatings market size, is expected to grow at a CAGR of over six percent which shall have a positive influence on the industry growth during the forecast period.
The GMI report breaks down packaging inks based on substrates including paper, metal, plastics (flexible, rigid) and rubber. Flexible plastic market share is highest and is accounted for approximately 40 percent. GMI explains its lighter weight and lower cost is expected to stimulate the packaging inks and coatings market size in the coming years.
Metal substrates, primarily used in food and beverage industry, will witness moderate growth, explains GMI, due to growing preference for lighter weight and lower cost flexible plastic substrate. GMI also broke its report down by process, divided into flexographic, digital, gravure and lithographic. Digital printing, according to GMI, already accounts for approximately 15 percent of the total packaging and inks coatings market size.