03-Nov-2022 | Zion Market Research
The global extrusion coating market size was worth around USD 5.1 billion in 2021 and is predicted to grow to around USD 6.9 billion by 2028 with a compound annual growth rate (CAGR) of roughly 4.5% between 2022 and 2028.
The method of coating a substrate with a molten web of synthetic resin is known as extrusion coating. The synthetic resin can be polyethylene, polypropylene, polyethylene terephthalate (PET), ethylene vinyl acetate (EVA), and others. Paperboard, polymer films, and metal foils are three popular substrate materials. Extrusion coatings offer several advantages in terms of aesthetics and customer handling. It produces a high shine and serves as an oxygen barrier, keeping the substrate fresh and undamaged. Among other things, containers and photographic films frequently use these coatings.
The global extrusion coating market is expanding rapidly due to increased demand from the packaging industry. Furthermore, rising demand from Asia-Pacific growing economies such as India, China, Malaysia, Taiwan, and Indonesia supports the extrusion coating market. Growing demand from the food industry is also propelling market expansion.
However, the usage of bio-based polymers instead of extrusion coating processes in many sectors is impeding the market growth. The market for extrusion coatings is facing significant hurdles as a result of government rules governing carbon emissions throughout the manufacturing process. Asia-Pacific has enormous growth potential for the extrusion coating market. The rapidly expanding packaging, construction, and photographic industries are expected to boost the extrusion coating market.
The global extrusion coating market is segmented based on the material type, substrate, application, and region.
The global market is divided into Low-density polyethylene (LDPE), Ethylene-vinyl acetate (EVA), and Polypropylene (PP) based on the type of material. During the projected period, the Low-density polyethylene (LDPE) segment is anticipated to dominate the market. This material, which is used in liquid packaging, snack food lamination, folding carton/cup stocks, and sealing layers, is easily able to withstand temperatures of up to 80 degrees Celsius for an extended period. LDPE is very significant and used in a range of applications, including liquid packaging and flexible packaging, due to its outstanding qualities, including a strong moisture barrier and scalability features.
The rising use of LDPE in a variety of end-use industries, including packaging, automotive, design & design, medical & pharmaceutical, and others, is predicted to boost the extrusion coating market in the future. In addition, the Polypropylene (PP) sector is anticipated to expand at the greatest CAGR throughout the projection period because of its robust, rigid, and crystalline thermoplastic properties. Polypropylene (PP) is one of the thermoplastics that is used the most all over the world. Plastic containers, plastic components for machinery and equipment, and even fibers and textiles are only a few applications for polypropylene, resulting in segmental growth.
The market is divided into three categories based on substrate: paper & paperboard, polymer film, and aluminum foil. With the biggest market share as of 2021, the paper and paperboard category is anticipated to continue to dominate during the projected period. Due to the exceptional properties of paperboard, including its low weight, recyclability, affordability, and environmental friendliness, paper is used to package a range of products, including snacks, vegetables, and other items. Government initiatives to limit the use of plastic for packaging in several nations will also considerably help the segment's growth.
The global extrusion coating market is divided into four categories based on application: liquid packaging, flexible packaging, commercial, and photography. The market is anticipated to be dominated by liquid packing throughout the forecasted period. This is because liquid packaging uses extrusion coating materials to improve the commercial viability of several categories of liquid and semi-solid food products, such as milk, juice, and sauce. In addition, it is anticipated that the personal care and cosmetics sectors' continuous growth would increase people's use of liquid packaging and, subsequently, extrusion coatings. One technique used for both short- and long-shelf-life products is liquid wrapping. Due to its extensive use in the food packaging industry, liquid packaging saw the highest market growth.
The market for extrusion coating is divided into five regions based on geography: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific region is expected to lead the market during the forecast period due to growing industrialization and an increase in government funding for small and medium-sized businesses. In the North American market, the US is the largest market in this region due to going the use of extrusion coating materials in reconstruction activities and healthcare sectors.
The global extrusion coating market is dominated by players like Eastman Chemical Company, DuPont de Nemours, Inc., Exxon Mobil Corporation, Lyondellbasell Industries Holdings B.V., Borealis AG, Dow, Celanese Corporation, Qenos Pty. Ltd., Reliance Industries Limited, Solvay, Westlake Chemical Corporation, Arkema S.A., Qenos Pty. Ltd., Nova Chemicals Corporation, A. Schulman, Inc., Hanwha Group, Kuraray Co. Ltd., Formosa Plastics Corporation, U.S.A., NUC Corporation, and Westlake Chemical Corporation among others.
This review is based on a report by Zion Market Research, titled “Extrusion Coating Market By Material Type (Low-density polyethylene (LDPE), Ethylene-vinyl Acetate (EVA), and Polypropylene (PP)), By Substrate (Paper and Paperboard, Polymer Film, and Aluminum Foil), By Application (Liquid Packaging, Flexible Packaging, Commercial, and Photographic), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/extrusion-coating-market
The global extrusion coating market is segmented as follows:
By Material Type
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