The "Extrusion Coatings Market Size, Trends & Analysis, by Resin Type, by Process, by Substrate, by Application, by Region, Segment Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Extrusion Coatings Market is expected to reach USD 6.59 billion by 2027, from USD 4.63 Billion in 2019 registering a CAGR of 4.4%.
The increasing demand for extrusion coatings from the packaging industry and the high use of additive manufacturing processes are major factors influencing market growth.
This can mainly be attributed to the increasing demand for extrusion coating materials from the packaging industry and the rising popularity of additive manufacturing processes.
For a wide variety of applications, the extrusion coating process is used, including liquid packaging, flexible packaging, aseptic beverage containers, toothpaste tubes, industrial wraps, medical packaging, insulation-backed fabrics, and plastic-coated tablecloths. It is also used as sacks for items as diverse as cement, grain, and dry chemicals.
Extrusion coatings often present a mixture of substrates that would be difficult to separate once mixed. From its components, the blended substrate obtains excellent enhanced physical properties and barrier protection efficiency. The factors hindering the growth of the market are the fluctuating prices of raw materials and high costs compared to other coating materials.
Further Key Findings From the Report Suggest
The market is segmented on the basis of resin type low density polyethylene LDPE, ethylene vinyl acetate EVA, high density polyethylene HDPE, polypropylene, ethylene butyl acrylate EBA, polyethylene and terephthalate. LDPE dominated the resin segment in 2019 and is projected to register a CAGR of 4.1% over the forecast period.
The high melt strength, durability and flexibility of LDPE resins makes them suitable for a range of applications including light-to-heavy duty bag packaging, food packaging, and textile packaging.
The market is segmented on the basis of process into extruder, edge trimming, air gap, die, reeling and wind-up equipment, nip assembly and chill roll, and coextrusion.
The extrusion coatings market is segmented on the basis of substrate into paper & paperboard, polymer film, aluminum foil, and others. Paper & paperboard dominated the substrate segment in 2019 and is projected to grow at a CAGR of 4.7% over the forecast period due to its recyclability, comparatively lower cost, and environment-friendliness.
The extrusion coatings market is segmented on the basis of applications into flexible packaging, liquid packaging, transport packaging, photographic film, sack lining, mills and industrial wrapping, pharmaceutical packaging, and personal care & cosmetic packaging.
Liquid packaging dominated the application segment, accounting for approximately 40% share of the market. The dominance is due to the wide application of extrusion coatings in liquid packaging by the F&B industry to prevent any leakage or contamination of the liquid.
On the basis of region, the market is segmented as North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The Asia Pacific region, chiefly owing to China, Japan, India, South Korea, and Indonesia, is projected to dominate the market share throughout the forecast period, with a CAGR of 4.9% over the coming years, owing to the demand in the food packaging.
Extrusion coatings Market Impact Analysis
Market driver analysis
Increasing demand from packaging industries
Growing popularity of additive manufacturing process
Rise of environment friendly coating technologies
Increasing demand of moisture and grease resistant and oxygen, water vapor and aroma barrier packaging
Market restraint analysis
Volatile costs of raw materials
Expensive as compared to other coating materials
Key participants include
Akzo Nobel N.V.
The Sherwin Williams Company
Dura Coat Products Inc.
The Lubrizol Corporation
Qenos Pty Ltd.
Chevron Phillips Chemical Company
Westlake Chemical Corporation
LyondellBasell Industries Holdings B.V.
For more information about this report visit https://www.researchandmarkets.com/r/ddp8rt
View source version on businesswire.com: https://www.businesswire.com/news/home/20210114005793/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900