In 2017, the extrusion coating market reached a value of $3,703.8 million and is predicted to advance at a 4.2% CAGR during the forecast period (2018–2023). The rapid economic growth and expanding food & beverage industry are the major factors that are positively affecting the market. The process of applying molten plastic to different types of substrates, including aluminum foil, paper & paperboard, and polymer films, is referred to as extrusion coating. It helps in protecting the substrate or object from grease, water vapor, heat, and moisture.
When material type is taken into consideration, the extrusion coating market size is categorized into ethylene-vinyl acetate (EVA), low-density polyethylene (LDPE), and polypropylene (PP), and others (which include ethylene butyl acrylate, high-density polyethylene, and polyethylene terephthalate). Among these, the LDPE category dominated the market during the historical period (2013–2017), holding a value share of more than 70.0% in 2017, and is predicted to retain its position during the forecast period. The reason for this is the rising requirement for LDPE resins for the production of films that are utilized as bags, materials, and sacks.
In terms of application, the extrusion coating market is divided into flexible packaging, photographic, liquid packaging, and commercial. Out of these, the liquid packaging division accounted for the largest share of the market during the historical period, contributing more than 40.0% volume share in 2017. The reason for this was the rising utilization of extrusion coating materials in liquid packaging for increasing the stability of various types of semi-solid and liquid food items, including juice, sauce, and milk. The fastest growth is projected to be witnessed by the commercial division during the forecast period.
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Among all the regions, namely Middle East and Africa (MEA), Europe, Asia-Pacific (APAC), North America, Latin America (LATAM), and Europe, the APAC region accounted for the major share of the extrusion coating market during the historical period, both in terms of value and volume, and is predicted to dominate the market during the forecast period as well. This is attributed to the growing need for extrusion costing materials for packaging application in several industries, including healthcare, food & beverage, and personal care.
The expanding food & beverage industry is a major driving factor of the extrusion coating market. The food and beverage industry is registering growth due to the surging population, rising awareness regarding health, increasing government regulations, and rise in disposable income. Furthermore, the emerging trend of the rising consumption of convenience food, including ready-to-cook, ready-to-drink, and ready-to-cook food items, is also driving the growth of the food & beverage industry. As extrusion coating materials play a vital role in packaging applications in the industry, their demand is increasing as well.
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A key trend being observed in the extrusion coating market is the rising use of PP in food & beverage packaging. PP is one of the most important and versatile polymers utilized in packaging applications. It is flexible and tough and be used as a fiber or plastic in different plastic end-use markets. According to the researchers, a PP coating which has a thickness of less than 100 micrometers is considered ideal for food packaging. Due to this, the material is utilized for the packaging of ketchup, yogurt, medicines, and beverages.
Hence, the market is registering significant growth due to the expanding food & beverage industry.
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