Growing Food & Beverage Industry Driving Extrusion Coating Market

The expanding food & beverage industry is also contributing significantly to the growth of the extrusion coating market. The growth of the food & beverage industry is ascribed to the surge in population, rising awareness among people about health, increasing disposable income, and strict government regulations. Extrusion coating materials play a vital role in packaging application in the food & beverage industry. They aid in protecting products from external environmental factors and provide an aesthetic appeal to them, which is resulting an increased demand for extrusion coating materials.

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In 2017, the global extrusion coating market generated a revenue of $3,703.8 million and is expected to advance at a 4.2% CAGR during the forecast period (2018–2023). The market is growing due to the rapid economic growth and expansion of the food & beverage industry. Extrusion coating is the process of applying molten plastic to different substrates, as it helps in protecting the substrate or object from heat, moisture, grease, and water vapor. The coating also acts as an aroma and oxygen barrier and provides an aesthetic appeal to the object.

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In terms of material type, the extrusion coating market is divided into polypropylene, ethylene-vinyl acetate, low-density polyethylene (LDPE), and others (which include polyethylene terephthalate, ethylene butyl acrylate, and high-density polyethylene). Among these, the LDPE division dominated the market during the historical period (2013–2017), holding more than 70.0% share of the market in 2017, and is projected to retain its position during the forecast period. This is ascribed to the growing requirement for LPDE for the production of films that are utilized as packaging materials, sacks, and bags.

The growing demand for extrusion coating materials from developing countries is opening up wide opportunities for the players operating in the extrusion coating market. Several industries, including food & beverage, healthcare, consumer goods, and personal care, are witnessing substantial growth in emerging economies, which is resulting in the rising demand for different extrusion coating materials for various application. For example, the increasing research & development activities are leading to new product launches in the consumer goods industry, which is creating demand for extrusion coating materials for their packaging.

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Competitive Landscape of Extrusion Coating Market

Some of the major players operating in the extrusion coating market are DowDuPont Inc., LyondellBasell Industries N.V., Exxon Mobil Corporation, SABIC, and Chevron Phillips Chemical Company LP, INEOS Group Holdings S.A., Mondi Group, Qenos Pty. Ltd., and Westlake Chemical Corporation.

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.

Moreover, in October 2017, Borealis AG and Borouge, plastic solutions providers, launched Anteo, a group of linear low-density polyethylene (LLDPE) packaging grades to cater to the global packaging market.

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