In 2022, the global market for flex pack coatings is anticipated to be worth US$3,591.1 Million. A CAGR of 4.7% is anticipated for the market during the forecast period of 2022–2032, with an anticipated market valuation of $5,684.5 Million. The global market for flex pack coatings is being propelled by an increase in demand for packaging solutions across a wide range of end-user sectors, including food & beverage, pharmaceutical, cosmetics, electronics, and lubricants.
“Key manufacturers are choosing sustainable packaging options that use less energy and materials to create a package, reduce transportation costs, and offer a longer shelf-life, likely to drive the market growth throughout the world.”
Flex pack coatings are generally used to label any packaged product. Flex (flexible) pack coatings help maintain freshness and structural integrity of the material by protecting it during transportation and storage. Rise in demand for packaging solutions in various end-user industries such as food & beverages, pharmaceutical, cosmetics, electronics, and lubricants is driving the global flex pack coatings market.
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Flex pack coatings offer protection to stored or packaged contents by generating a barrier against humidity, air, high temperature, etc. Flexible packaging is used to package a range of products including processed meat, processed cheese, liquids, medical device films, and snacks. Coatings used for flexible packaging comprise primers, adhesives, PVDC, wash coats, lacquers, varnishes, and acrylic polyurethanes.
Why is North America becoming a market for flexible pack coatings?
North America commands the lion’s share of revenue, accounting for about 26% in 2022. Future Market Insights predicts that the area would continue to dominate during the forecast period. The expansion of the North American flex pack coating business is expected to be impressive over the next ten years with the launch of many cutting-edge packaging technologies like copper hybrid bonding and wafer level packaging (WPL).
The demand for smaller devices with enhanced functionality is rising as we move more and more toward IoT-connected gadgets, such as wearables. The deployment rate across foundries and IDMs is probably going to increase as a result. The increasing popularity of packaged food items in nations like Canada and the United States has bolstered the demand for the flex pack coating for preserving the odor and quality of food items.
Who are the Key Players in the Global Flex Pack Coatings Market?
Some of the key players of Flex pack coatings are
- FPS Pty Ltd,
- Innovative FlexPak LLC,
- Flex Film Ltd,
- LEIPA Georg Leinfelder GmbH,
- Balmer Lawrie & Co. Ltd,
- Uflex Ltd,
- Bemis Co. Inc.,
- Sigma Plastics Group,
- Sealed Air Corp,
- Berry Plastics Corp.,
- DuPont Co,
- Winpak Ltd, etc.
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In February 2021, Innovative FlexPak, a leading provider of ingestible health and wellness products, announced that the company will begin operating under the name Innovative Labs effective immediately. The company has also launched a new corporate brand, logo, and website that elevate the corporate identity to match its sophisticated, end-to-end capabilities and longstanding commitment to innovation.
In February 2022, Sealed Air Corp acquired Foxpak Flexibles Ltd. a privately-owned Irish packaging solutions company, under SEE Ventures, its initiative for investing in disruptive technologies and business models to accelerate growth. Foxpak pioneered the development of digital printing on flexible packaging. Foxpak partners with leading brands to deliver highly decorated packaging solutions; stand-up and spout pouches, and sachets that serve a variety of markets including food retail, pet food, seafood, and snacks.
Key Segments Covered in the Flex Pack Coatings Industry Survey
Flex Pack Coatings Market by Packaging Type:
- Flex Pack Coatings Pouches
- Flex Pack Coatings Bags
- Flex Pack Coatings Boxes
- Flex Pack Coatings Over Wrap
- Flex Pack Coatings Blisters
Flex Pack Coatings Market by Material:
- Flex Pack Coatings made from Polyvinyl Chloride
- Flex Pack Coatings made from Polyethylene
- Flex Pack Coatings made from Polyethylene Terephthalate
- Flex Pack Coatings made from Polypropylene
Flex Pack Coatings Market by End Use:
- Flex Pack Coatings for Food and Beverage
- Flex Pack Coatings for Pharmaceutical
- Flex Pack Coatings for Household Products
- Flex Pack Coatings for Personal Care & Cosmetics
- Flex Pack Coatings for Industrial Packaging
- Flex Pack Coatings for Electronics
- Flex Pack Coatings for Oil & Lubricants
Flex Pack Coatings Market by Region:
- North America Flex Pack Coatings Market
- Europe Flex Pack Coatings Market
- Asia-Pacific Flex Pack Coatings Market
- Middle East & Africa Flex Pack Coatings Market
- Latin America Flex Pack Coatings Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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