Extrusion Coatings Market Size Worth USD 9.50 billion in 2032 | Emergen Research

Rapid growth of the packaging industry and rising consumer demand from the Food & Beverage (F&B) industry are key factors driving Extrusion Coatings market revenue growth

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.

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.

Material Insights:

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.

Application Insights:

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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End-Use Industry Insights:

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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Scope of Research

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:

• Akzo Nobel N.V.
• Borealis AG
• Celanese Corporation
• Chevron Phillips Chemical Company LLC
• Davis Standard
• DuPont
• Dura Coat Products
• LyondellBasell Industries Holdings B.V.
• Optimum Plastics
• PPG Industries Ohio, Inc.
• Qenos Pty Ltd.
• SABIC
• The Lubrizol Corporation
• The Sherwin-Williams Company
• Transcendia
• Westlake Corporation
• Dow
• Exxon Mobil Corporation
• NOVA Chemicals Corporate
• Eastman Chemical Company

Strategic Development

• On 4 October 2023, PPG announced the launch of GLADIATORTM XC Matte Extreme coating, a premium, low-gloss urethane protective coating that can be used in industries and applications like automotive sector, light industrial, marine industry, RVs, emergency service vehicles, and outdoor recreational equipment. Gladiator XC coating is robust, textured, low-gloss matte, flexible, and long-lasting. It has a lengthy shelf life, a rapid curing time, exceptional fade resistance, UV stability, and complies with Volatile Organic Compounds (VOC) requirements in every state in the United States.
• On 14 December 2021, Davis-Standard introduced a new small extruder designed for extrusion coating applications called the CHP. Due to its compact size and lesser weight, the machine is easy to install to an existing carriage or platform structure. This gives processors a replacement or coextrusion addition that saves space and boosts output and line speed. This design places a strong emphasis on aspects that increase profitability such as reducing waste of raw materials, improved outputs, and encouraging application development. The CHP is designed to function exceptionally well, with faster transition times and far higher processing rates than traditional extruders.

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Segments Covered in Report

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:

• Material Outlook (Revenue, USD Billion; 2019-2032)
  • Polyethylene

• • • High Density Polyethylene (HDPE)
    • Low Density Polyethylene (LDPE)
    • Others

• Substrate Outlook (Revenue, USD Billion; 2019-2032)
  • Paperboard and Cardboard
  • Metal Foils
  • Polymer Films
  • Others
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Liquid Packaging
  • Flexible Packaging
  • Medical Packaging
  • Personal and Cosmetic Packaging
  • Photographic Film
  • Industrial Packaging
  • Others
• End-use Industry Outlook (Revenue, USD Billion; 2019-2032)
  • Packaging
  • Personal Care
  • Pharmaceutical
  • Food & Beverage (F&B)
  • Construction
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
• • Ethylene Butyl Acrylate (EBA)
  • Ethylene Vinyl Acetate (EVA)
  • Polyethylene Terephthalate
  • Polypropylene
  • Others

• • • U.S.
    • Canada
    • Mexico

• • Europe

• • • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe

• • Asia Pacific

• • • China
    • India
    • Japan
    • South Korea
    • Rest of APAC

• • Latin America

• • • Brazil
    • Rest of LATAM

• • Middle East & Africa

• • • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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