The global extrusion coatings market is expected to reach US$ 5.80 Bn by 2026 at a CAGR of about 5 % during a forecast period, as per Trendsmarketresearch.com.
The growing demand for extrusion coating in the packaging industries is anticipated to drive the extrusion coating market. The demand for the extrusion coating market is indomitable by the growing population in the developing economies such as China, India in the Asia-Pacific region. The usage of extrusion coating of in cosmetic products, as well as the foods & beverages sectors, are boosting the growth in extrusion coating market. High cost as compared to other coating material hamper the growth in extrusion coating market.
Based on the material type, extrusion coatings market is classified into Polypropylene, Ethylene Vinyl Acetate, and Low-Density Polyethylene. Low-Density Polyethylene is expected to grow at the high level of CAGR during forecast year. LDPE offers the feature such as higher melt strength and superior optical properties in comparison with other linear polyethylene. It has the ability of the sealability properties and good moisture barrier hence it is used in the array of applications such as liquid packaging, folding carton, and food packaging. It is unaffected to moisture, chemicals, impact.
In terms substrate, extrusion coatings market can be divided into the polymer film, aluminum foil, paper & paperboard. The paper & paperboard is anticipated to grow large market share during forecast year. Paper & paperboard segment is projected to dominate the growth in the extrusion coating market. Paper & paperboard segment provides superior properties such as lightweight, low cost, recyclability, and eco-friendliness. Paper & paperboard is used for packaging in the various food industry for the packaging of food items such as snacks and vegetables. Asia Pacific region is anticipated to grow at the high rate of CAGR in global extrusion coating market owing to increasing demand for extrusion coatings from different countries such as China, India, South Korea, Japan, and Indonesia for the packaging purpose. Rapid population and growth in industrialization are driving the growth in extrusion coating market in this region.