Extrusion Coating Market to reach $4.7 Billion by 2023 : P&S Intelligence

The extrusion coating market has been growing at a CAGR of 4.2% during 2018-2023, to reach $4.7 billion by 2023.

Extrusion coating refers to the process of applying molten plastic to different types of substrates, such as paper and paperboard, aluminum foil, and polymer films. It helps protect the substrate or the object from moisture, water vapor, grease, and heat. It also acts as an oxygen and aroma barrier and helps lend aesthetic appeal to the object. According to a research report published by P&S Intelligence, the extrusion coating market has been growing at a CAGR of 4.2% during 2018-2023, to reach $4.7 billion by 2023. Expanding food and beverage industry and increasing economic growth are the key factors driving the market growth.

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The major trend identified in the global extrusion coating market is the increasing use of PP in food and beverage packaging. Commercially, PP is one of the most versatile and important polymers used in packaging applications. It is tough and flexible and can be used as a plastic or fiber in various plastic end-use markets. According to researchers, a PP coating of thickness less than 100 micrometers is considered ideal for food packaging. Currently, the material is used in the packaging of yogurt, beverages, ketchup, and medicines. Some of the advantages associated with PP are its relatively low cost, high flexural strength, low friction coefficient, great electrical insulation quality, and high moisture, fatigue, and chemical resistance. In addition, the recyclability of PP is another factor that encourages food and beverage companies to adopt this material for product packaging. Thus, the abovementioned factors suggest that the food and beverage industry, which is one of the major packaging markets, is increasing its usage of PP for packaging applications.

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Fluctuation in the availability and cost of raw materials used in manufacturing extrusion coating materials is hampering the growth of the global extrusion coating market. Primary raw materials used in the production of extrusion coating materials (such as LDPE, EVA, and PP) are ethylene, propylene, and vinyl acetate. Occasional ethylene supply disruptions due to extended maintenance periods at production facilities and unplanned shutdowns at certain sites create a demand–supply gap, which results in their increased prices. In addition, continuously rising demand for petrochemical products has further encouraged international chemical companies to increase the price of ethylene, which is used as the base feedstock for the production of numerous products in the petrochemical industry. Thus, fluctuations in the prices and availability of raw materials may hamper the extrusion coating market growth in the coming years.

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DowDuPont Inc. is one of the major players of the extrusion coating market having global presence and broad portfolio including LDPE, EVA, enhanced polyethylene resin, and ethylene-acid copolymer resin. The company offers broad product portfolio which find its applications in paper and board coating (for end applications such as ream wrap, reel wrap, tableware, insulation, and cup stock), food packaging laminates (such as paper foil, polymer, and metalized films), liquid board laminates, release liner, and imaging paper.

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