Page 49 - Plastics News July 2023

BUSINESS NEWS

Flexible Plastic Packaging Coating Market revenue to cross USD 5 Billion by
2033

ew York, July 05, 2023 (GLOBE Global car sales were noted to ac- is estimated to garner the largest rev-
NNEWSWIRE) -- The flexible count for about 65 million units in enue by the end of 2033. The regional
plastic packaging coating market is es- 2021. Automotive has a great need growth can majorly be attributed to
timated to grow at a CAGR of ~5% for flexible exterior plastic package the increasing use of cosmetics by the
from 2022 to 2033. The market is es- coatings. Plastic coatings, also known population, and there is a growing
timated to garner a revenue of nearly as polymer coatings, improve the ap- demand for ready-to-eat foods in the
~USD 5 billion by the end of 2033, pearance and quality of automobiles region. For instance, the total sales of
up from a revenue of about ~USD 2 and provide a superior finish. The the cosmetics industry are estimated
billion in the year 2022. The market modern era sees a huge demand for to reach around USD 7 billion by
growth is mainly backed by the in- automobiles, increasing the produc- 2026 in India alone. Therefore, such
creasing sales and demand for snacks tion and distribution of these vehicles. factors are expected to boost the
across the world, followed by a mas- Therefore, such higher requirements growth of the market during the fore-
sive rise in the consumer goods indus- are estimated to drive growth of the cast period. Rising disposable income
try. For instance, the snack food sales global industry during the forecast pe- has underpinned the growth of the
were estimated to be around USD 60 riod. Rapid development and manu- Indian beauty and personal care in-
billion in the year 2022. facturing of tablets and capsules and dustries in recent years. As disposable
Flexible plastic packaging coatings are increasing food supply worldwide income continues to rise and Indian
widely used in the food and beverage are also expected to have a positive consumers' expectations for looking
industry. The most common package response on market growth during beautiful are rising, the beauty and
coatings include acrylics, urethanes, the forecast period. For instance, the personal care business in India is ripe
polyurethanes, and epoxies, as they tablet formulation is expected to ac- for significant expansion. Skin care,
are easy to use and have the ability count for around USD 60 billion by hair care, makeup, perfumes, toilet-
to give the product a unique finish. 2027, while total tablet shipments ries, deodorants, and oral cosmet-
The packaging is given the term flex- worldwide are estimated at around ics are the major product categories
ible on the back of its elastic and flex- 150 million units in 2021. Moreover, in the cosmetics industry. Skincare is
ible properties. Flexible packaging is increasing usage of skin and hair care the leading category for 2021 in the
a means of packaging products made products and exponential growth in industry, accounting for around 35%
of non-rigid materials, allowing for the cosmetics industry are expect- of regional sales. Skincare is one of the
more economical and customizable ed to further accelerate the market most profitable product categories,
options. It is a relatively new method growth during the forecast period. with sales expected to reach approxi-
in the packaging industry as a result of The skincare segment is expected to mately USD 150 billion by the year
its high efficiency and low cost. It is generate total sales of approximately 2026. Hence, this is expected to be a
also gaining popularity owing to its ef- USD 8 billion by 2022. major factor influencing the growth of
fectiveness. Global Flexible Plastic Packaging the market in the Asia Pacific region.
Global Flexible Plastic Packaging Coating Market: Regional Overview The Automotive Industry's Expansion
Coating Market: Key Takeaways The global market is segmented into to Drive Growth in the North Ameri-
• Market in Asia Pacific to propel five major regions including North can Region
highest growth America, Europe, Asia Pacific, Latin The flexible plastic packaging coating
• The pharmaceuticals segment to America, and the Middle East and Af- market in the North American re-
garner the highest growth rica region. gion is estimated to garner the high-
est CAGR by the end of 2033. The
• Market in North America to Increasing Cosmetic Product Usage growth of the market in this region
grow at a highest rate to Drive Market Growth in the Asia can primarily be attributed to the
Globally Increased Demand for Plastic Pacific Region rapid expansion of the automotive
Coating Packaging in the Automotive The industry of flexible plastic packag- industry in the region. Approximately
Industry to Drive Market Growth ing coating in the Asia Pacific region

PLASTICS NEWS 49
July 2023