The
factors responsible for driving the global extrusion coating market include
the expanding food and beverages industry and rapid economic growth. In 2017,
the market was valued at $3,703.8 million, and it is predicted to grow at a CAGR of
4.2% during the forecast period (2018–2023). Extrusion coating is the application of molten plastic on
different surfaces, such as polymer films, paper and paperboard, and aluminum
foil. It forms a protective barrier against water vapor, heat, moisture, grease,
aroma, and oxygen.
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In
the extrusion coating market, the increasing usage of polypropylene (PP)
in commercial packaging applications owing to its advantages is the key trend. PP
is used as a fiber or plastic in end-use industries because of its flexibility
and toughness. Medicines as well as food products, such as ketchup, yogurt, and
beverages, are packaged using this material. Some added advantages of PP
coating are relatively low cost, high moisture and chemical resistance, and
great electrical insulation quality, which are urging food and beverages
companies to use it for packaging.
The
extrusion coating market is also being positively impacted by economy
prosperity. The improvement in the global economy is being reflected in the progress
of industries such as personal care, electronics, sporting goods, healthcare,
food and beverages, and consumer goods. An estimation by the International
Monetary Fund for 2018 revealed that emerging economies would experience an economic
growth rate of 4.9%. The increasing disposable income is resulting in the rising
spending power of consumers, and the above-mentioned industries rely on
extrusion coating for their product packaging. Therefore, their progress is
helping the market grow.
The
extrusion coating market is segmented by region, substrate, application,
and material type. In the application segment, the categories are photographic
application, liquid packaging, commercial application, and flexible packaging.
In the historical period (2013–2017), liquid packaging was the largest
application area, accounting for more than 40.0% volume share in 2017. The
growing demand for liquid and semi-solid food items, such as juices, sauces,
and milk, are contributing to the growth of the category.
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Further, a geographical
analysis showed that Asia-Pacific (APAC) was the largest market in terms of
revenue generation in 2017. Further, the fastest growth in the extrusion
coating market is also expected to be attained by the APAC region during
the forecast period. The progress is being driven by the growing demand for
extrusion coating in the region by end-use industries, such as personal care,
food and beverages, and healthcare.
Hence, the market is slated
to grow during the forecast period due to the demand for packaged food items
and increasing spending capacity of people.
Source : P&S Intelligence
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