Functional Additives And Barrier Coatings Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Functional Additives And Barrier Coatings Market Overview:

Global Functional Additives And Barrier Coatings Market reached US$ 42.2 billion in 2022 and is expected to reach US$ 65.0 billion by 2031, growing with a CAGR of 5.6% during the forecast period 2024-2031.

The demand for functional additives and barrier coatings has increased in several industries, including construction, automotive and electronics, as a result of the increased industrialization and urbanization in many regions. A popular user of barrier coatings is the packaging sector and covers more than 1/3rd share of the global market. Barrier coating is in great demand due to increased product shelf life and decreased food waste. Furthermore, rising demand for sustainable and high-performance packaging materials is another factor creating growth prospects for the market.


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Market Drivers: Advancements in Packaging

Particularly in the food and beverage sector, packaging innovations frequently concentrate on extending the shelf life of products. Customers want items that stay fresher and last longer and this need has led to the development of cutting-edge barrier coatings that guard against oxygen, moisture and other pollutants that can lead to food spoiling.

The industry is seeing a lot of interest in sustainable packaging. By keeping foodstuffs for extended periods, barrier coatings help reduce food waste and improve packaging's environmental impact. In addition to being recyclable or biodegradable, sustainable coatings can also be. Companies are also investing in boosting the barrier coating application in packaging technology leading to driving the market growth.

Renewable Energy Boom

There is an increasing need for functional coatings and additives to serve the renewable energy sector as the globe moves towards cleaner and more sustainable energy sources. A prominent customer of functional coatings is the solar energy industry. Solar panels can be made more efficient and durable by applying coatings. Anti-reflective coatings increase the absorption of sunlight, while protective coatings shield solar panels from damage and the elements, extending their lifespan.
Another significant element of the renewable energy market is wind energy. Due to the extreme environmental conditions that wind turbine blades must withstand, coatings are employed to keep them from corroding, eroding and being damaged. The coatings assist in extending the useful life of wind turbines while lowering maintenance expenses. Companies have been using functional additives to support the renewable energy industry growth

Functional Additives And Barrier Coatings Market Segmentation

The global functional additives and barrier coatings market is segmented based on type, end-user and region.

Rising Barrier Coatings Use in Various Industries

Barrier coating is a growing market based on types which has covered more than 57.8% in 2021. Different types of barrier coating are available in the market and organic coatings contribute to nearly 34.3% of the overall barrier coating market. The growth of the segment is predominantly due to its vast application range. When metals and ceramics can't resist extremely abrasive operating conditions, barrier coatings are often used

Market Companies:

The major global players in the market include Dupont, BASF SE, Clariant Chemicals Ltd, Solvay SA, Avient Corporation, Altana AG, Evonik Industries AG, Akzo Nobel N.V, DOW and PPG Industries.

Geographical Share:

Asia-Pacific has been a dominant force in the global functional additives and barrier coatings market and is expected to cover nearly 60.1% in the forecast period. For many packaging companies, the important growth market is still emerging in Asia-Pacific. Baby food cans and canned drinks have seen a recent increase in demand for the metal packaging sector. For instance, the beer market in Asia-Pacific is anticipated to increase by 7%.
Barrier coatings and functional additives have been used more frequently in the automobile industry in Asia-Pacific to improve the functionality and look of vehicles. To achieve fuel efficiency and environmental criteria, it was especially important to use lightweight materials and coatings.

Recent Developments:

On 12 July 2023, The newest innovation from Melodea, Ltd., a top manufacturer of environmentally friendly barrier coatings for packaging, is called MelOx NGen. A high-performance barrier solution called MelOx NGen was created expressly to enable the recycling of plastic food packaging and other materials. 

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