Barrier Coatings for Packaging Market Outlook (2023-2030)
Global demand for barrier coatings for packaging is expected to reach a market valuation of US$ 11.1 billion by the end of the year 2023, accelerating at a CAGR of 10% over the forecast period (2023 to 2033). By the end of the said assessment period, a valuation of US$ 28.8 billion is expected. The barrier coatings for the packaging market is relatively niche and is experiencing utmost and rapid growth, owing to the increasing demand for high-quality packaging materials, especially in the food and beverage industry. Furthermore, the growing awareness about the importance of food safety, rising consumer demand for packaged and convenient food products, and advancements in packaging technology is impacting the growth of the market.
North America, followed by Europe, is the major market for Barrier Coatings for Packaging Market, owing to the increasing popularity and growing awareness of outstanding packaging solutions. The US is the largest Barrier Coatings for Packaging Market in the region, followed by Canada, owing to the presence of leading packaging companies, a high standard of living, and an increasing demand for packaged food products. Apart from North America, Asia-Pacific is the largest market for Barrier Coatings for Packaging Market, due to the growing number of consumers seeking packaging options that are not bad for their health and environment. Furthermore, the rapidly growing food and beverage industry, increasing disposable incomes, and the presence of a large consumer base in the Asia Pacific region is pushing the market growth.
Key producers are working on manufacturing Barrier Coatings for Packaging Market in order to gain a greater market share. Some of these companies include DuPont, Berry Global, Ampacet Corporation, Toray Industries, Inc., Solvay SA, ExxonMobil Chemical Company, and The Dow Chemical Company, among others.