December 13, 2023 08:05 ET | Source: Emergen Research Emergen Research
Vancouver, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global extrusion coatings market, valued at USD 5.50 Billion in 2022, is anticipated to experience substantial growth with a robust CAGR of 5.6% during the forecast period. Key drivers include the rapid expansion of the packaging industry and heightened consumer demand, particularly in the Food & Beverage (F&B) sector. Pvc Pipe Extruder
Extrusion coating, a process involving the application of thermoplastic polymeric materials onto various substrates, such as polyester films, aluminum foil, paperboard, or Biaxially Oriented Polypropylene (BOPP) films, is witnessing a surge in demand. Liquid packaging, a dominant player in the extrusion coating landscape, finds applications in both dairy and non-dairy products with varying shelf lives. Factors like design flexibility, aesthetics, printability, and sustainability play a crucial role in liquid packaging, necessitating continuous innovation by leading market players. Notable advancements include Borealis Solution's CT7200, an Low-Density Polyethylene (LDPE) designed for extrusion coating goods, addressing challenges in the industry.
The growing trend of online shopping and home delivery further propels the extrusion coatings market. The extrusion laminate process, involving the fusion of two films through molten resin, enhances barrier properties, rigidity, and puncture resistance, making it suitable for packaging a diverse range of products such as food items, electronics, and consumer goods.
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However, fluctuating raw material costs, particularly those of polyethylene packaging materials, pose a challenge to market growth. The market is witnessing an increasing application of extrusion coatings in the construction and automotive industries, where it serves multiple purposes, including roofing, flooring, insulation, and coating metal building materials.
In terms of materials, Ethylene Vinyl Acetate (EVA) is projected to dominate the global extrusion coatings market throughout the forecast period. EVA, a copolymer of ethylene and vinyl acetate, offers superior stickiness, flexibility, and impact resistance, making it ideal for bonding and packaging applications. EVA outperforms Polyethylene (PE), Polypropylene (PP), and Polyethylene Terephthalate (PET) due to its low melting point, excellent optical properties, and superior moisture and oxygen barrier capabilities. The PE segment is expected to register fast revenue growth, attributed to its widespread availability and versatility.
Liquid packaging emerged as the leading application segment in the global extrusion coatings market in 2022. The demand for liquid packaging is driven by the rising preference for packaged beverages, dairy products, and personal care items. The extrusion coating process enhances barrier properties against oxygen, moisture, grease, and light, thereby extending the shelf life of liquid products. The personal and cosmetic packaging segment is expected to register moderate growth, fueled by increasing consumer awareness about environmental concerns and the shift towards bio-based and biodegradable polymers.
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The construction segment is poised to experience the fastest revenue growth in the global extrusion coatings market, driven by the demand for durable building materials with high resistance to weathering, corrosion, and UV degradation. Extrusion coatings find applications in roofing, flooring, insulation, and metal components for architectural and structural elements. The packaging segment is anticipated to maintain a significantly large revenue share due to the rising preference for e-commerce services and the diverse applications of extrusion coatings in food, pharmaceuticals, and personal care packaging.
Regional Insights: The Asia Pacific region led the global extrusion coatings market in 2022, fueled by increasing applications, government initiatives promoting eco-friendly packaging, and a growing automotive industry. China and India are witnessing significant growth in extrusion coatings applications across various sectors. Europe is expected to register the fastest revenue growth rate, attributed to stringent guidelines for food safety and substantial investments in Research & Development (R&D). North America is anticipated to account for a considerable revenue share, with a focus on extrusion coatings in the pharmaceutical and healthcare sector.
The global extrusion coatings market is positioned for significant growth, driven by diverse applications, innovation, and increasing consumer preferences for sustainable packaging solutions. For detailed insights into the market trends and opportunities, refer to the comprehensive market research report.
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Major Companies and Competitive Landscape
The global extrusion coatings market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective extrusion coatings solutions in the market. Some major players included in the global extrusion coatings market report are:
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For the purpose of this report, Emergen Research has segmented the global extrusion coatings market on the basis of material, substrate, application, end-use industry, and region:
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