Coating is a protective or a decorative covering applied to the surface of an object or a substrate. The purpose of applying the coating can be decorative, functional, or protectoral or all of them. The coating offer number of beneficial properties such as excellent gloss, finish and clarity, superior hardness, greater weather ability. Application of Extrusion Coatings provide a barrier against a variety of gases, vapors or liquids and offers smooth surface with very less coefficient of friction (COF). These type of protective coatings exhibit resistance to abrasion, chemical, and provide strong adhesion. The product is majorly used in a variety of end-use applications such as flexible packaging, liquid packaging, transport specific packaging, photographic, mill & industrial wraps, envelopes, and medical or hygiene coating.
The increasing trend towards more sophisticated packaging and industrial materials, laminated and composite flexible structures are being widely used for many applications. The Global Protective Coating Market is growing at a considerable CAGR to reach over the USD 25 billion mark by the end of 2023. This, in turn, is expected to fuel the demand of extrusion during the review period. The scope of applications in the Global Protective Market is continuously increasing with the flourishing end use industries. Need for protective coating on industrial tools, equipment, and end decorative parts, packaging industry is posing as a major demand driver in the market. In addition to this, the use of Extrusion Coating has increased in number of industrial applications in a bid to protect machineries and equipment which operate in harsh working environment. This is anticipated to propel the growth in demand of the product. Collectively, growing demand from the packaging industry expanding application scope in healthcare, medical, food & beverages and construction industries is the major factor favoring growth of the Global Extrusion Coating Market. However, the major bottleneck in the growth trajectory of the market is the high carbon footprint that results from the polymer processing.
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Key Players:
The prominent players in the Global Extrusion Coating Market are, DowDuPont (The U.S.), Exxon Mobil Corporation (The U.S.), SABIC (Saudi Arabia), Celanese Corporation (The U.S.), Borealis AG (Austria), LyondellBasell Industries Holdings B.V. (The Netherlands), PPG Industries, Inc. (The U.S.), Formosa Plastics Corporation (Taiwan), Eastman Chemical Company (The U.S.), Reliance Industries Limited (India), and Solvay SA (Blegium), among others.
Segmentation:
The Global Extrusion Coating Market is segmented on the basis of type, substrate, application and region.
Based on Type the market is divided into low density polyethylene (LDPE), polypropylene (PP), ethylene vinyl acetate (EVA), and others.
On the Basis of Substrate the Global Extrusion Coating Market is classified into paperboard, polymer films, aluminum foils, and others.
Furthermore, by Application the market is categorized into packaging, photographic, envelope, and others.
Regionally, there five major regions in which the market is divided: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
Regional Analysis:
Geographically, there are five key regions in the Global Extrusion Coating Market: Asia Pacific, North America, Europe Latin America, and the Middle East & Africa. Among these regions, Asia Pacific is the largest market owing to the big lead achieved by the region in industrialization, along with an increasing of government funding allocation for the small and medium scale industries. India, Japan and China are the leading markets in this region on accounts of rising demand from major end users such as packaging. North America is following Asia Pacific in terms of market size in the Global Extrusion Coating Market. U.S is the largest markets in this region owing to steady rise in the use of extrusion coating materials, mainly in reconstruction and healthcare sectors. This is expected to favor market of extrusion coating in this region. Europe is another substantial region in the Global Extrusion Coating Market, which is closely following North America. Major contributors to the regional market in this region are U.K, France, Germany, Italy, and Belgium. Europe has become a prominent market for extrusion, wherein it is majorly used in automotive and industrial applications. This, in turn, is driving the growth of regional market. Latin America is witnessing a steady growth of end use industries in countries namely Brazil and Mexico. The pacifying economic and political scenario in the region would push the growth in regional market forward. In coming years, Latin America and the Middle East & Africa are likely to contribute significantly towards growth of the market owing to increasing global demand for the Extrusion Coating.
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