Expanding Food and Beverage Industry Driving Growth of Extrusion Coating Market

The extrusion coating market was predicted to be valued at $3,703.8 million in 2017, and it is further expected to grow at a 4.2% CAGR during the forecast period (2018-2023). The rapid economic growth and expanding food and beverage industry are driving the advance of the market. The process of applying molten plastic to various types of substrates, such as paperboard & paper, polymer films, and aluminum foil, is called extrusion coating. The coating helps protect the object or substrate from grease, water vapor, heat, and moisture.

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When material type is considered, the extrusion coating market is divided into ethylene-vinyl acetate (EVA), polypropylene (PP), low-density polyethylene (LDPE), and others. Out of these, LDPE was the largest market during the historical period (2013-2017), contributing more than 70.0% share in 2017, in terms of value. It is primarily used in snack food lamination, pouch stocks, sealant layers, folding carton/cup stocks, and liquid packaging. The material can withstand temperatures up to 80 degree Celsius and 95 degree Celsius, for an indefinite and short time period, respectively.

On the basis of application, the extrusion coating market is categorized into flexible packaging, photographic, liquid packaging, and commercial. Liquid packaging occupied the major share of the market during the historical period, both in terms of volume and value. Liquid packaging includes the packaging of beverages, such as milk, grain milk, soy milk, wine, and broth, and semi-solid foods, such as purees and sauces. The commercial category is predicted to witness the fastest growth during the forecast period, in terms of value and volume.

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The expanding food and beverage industry is one of the major drivers of the extrusion coating market. The growth of this industry is due to the increase in population, government regulations, disposable income, and awareness among people regarding health. In addition to this, the trend for convenience food products, such as ready-to-cook, ready-to-drink, and ready-to-eat foods, is also growing. As extrusion coating materials play a considerable role in packaging applications in the beverage and food industry, their demand is increasing significantly.

Another key factor driving the growth of the extrusion coating market is the increasing economic growth rate. The International Monetary Fund predicted that the economic growth rate of developing countries will rise from 4.7% in 2017 to 4.9% in 2018. This growth is attributed to the expansion of industries, such as consumer goods, electronics, healthcare, food and beverages, and sporting goods. The demand for the end products of these industries, such as personal care products, sporting goods, consumer goods, and electronics, is also increasing. These factors are leading to the rising requirement for various types of packaging solutions, which is furthering the growth of the market.

The rising demand for packaging materials in emerging economies is creating opportunities for the players wanting to invest in the extrusion coating market. The rapid growth of several industries which make use of packaging materials for their products, rising disposable income of people in these countries, and surging industrial research and development activities resulting in new product launches are leading to the rising adoption of consumer products. This, in turn, is resulting in the increasing requirement for extrusion coating materials for packaging.

Hence, the expansion of the food and beverage industry, in addition to the increasing demand for packaging materials from emerging economies, is driving the growth of the market.

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This release was published on openPR.