One of the major factors boosting the demand for extrusion coatings is the thriving food and beverage industry across the globe. The surging disposable income of the people in various countries, increasing awareness amongst the masses regarding health and wellness, and the rising urbanization are the main factors responsible for the boom of the food & beverage industry. Moreover, people are increasingly preferring gluten-free, low-calorie, and sugar-free food products, which is further boosting the demand for packaged food products. These coatings enhance the aesthetic appeal of the packaged food items protect them from several external environmental factors.
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The other major factors fuelling the rising demand for extrusion coatings are the increasing packaging of consumer goods, personal care products, sporting goods, and electronic items throughout the world. Extrusion coatings are widely used in the manufacturing of packaging paperboards, films, and papers that are commonly used for the packaging of consumer goods. Due to these factors, the value of the global extrusion coating market is set to increase from $3,703.8 million to more than $4,759.3 million from 2017 to 2023. The market is predicted to advance at a CAGR of 4.2% during the forecast period (2018–2023).
The major trend currently being witnessed in the extrusion coating market is the rising usage of polypropylene (PP) in food and beverage packaging applications across the world. The main factor responsible for the surging utilization of PP is its toughness and high flexibility. Moreover, PPcan be used as a fiber or a plastic in numerous plastic end-use applications. In addition to this, polypropylene is a highly recyclable material and therefore, it is being widely used by many food and beverage companies for product packaging purposes.
Globally, the Asia-Pacific (APAC) region is predicted to observe the fastest growth in the usage of extrusion coatings during the forecast period. This is primarily credited to the mushrooming demand for these coatings for packaging applications in a wide array of industries such as healthcare, personal care, and food and beverage. In addition to this, the increasing disposable income of people and price deflation are creating huge demand for packaged food items, which is in turn, fuelling the rise in the demand for extrusion coating materials in the region.
Recent Strategic Developments of Major Extrusion Coating Market Players
In recent years, key players in the extrusion coating market have taken several strategic measures such as product launches and geographical expansions to gain a competitive edge in the industry. For instance, in March 2018, Chevron Phillips Chemical Company LP announced introduction of feedstock and commencement of operations of a new ethane cracker at its Cedar Bayou facility in Baytown, Texas, to meet the growing demand for ethylene and polyethylene for the production of various consumer and industrial products.
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