Extrusion Coating Market Growth Factors, Opportunities, Ongoing Trends and Key Players 2022
The global "Extrusion Coating Market is projected to reach USD 5.64 Billion by 2022, at a CAGR of 5.5% from 2017 to 2022. The growth of the extrusion coating market can be attributed to the increased demand for extrusion coating from various end-use industries, such as food & beverages, automotive, construction & building, industrial applications, and others in emerging economies. The growth is also driven by the increased demand from the packaging industry.
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LDPE is the largest segment of the extrusion coating market and is projected to grow at the highest CAGR from 2017 to 2022.
LDPE is of great importance due to its easy processing, higher melt strength, and superior optical properties in comparison with linear polyethylene. It has a good moisture barrier and sealability properties and hence is used in applications such as liquid packaging, food packaging, folding carton, and others. It is resistant to impact, moisture, chemicals, and is recyclable. LDPE is the largest and fastest-growing type segment of polymers used in the extrusion coating market. The growing application of LDPE in various end-use industries such as packaging, automotive, building & construction, medical & pharmaceutical, consumer goods, and others is expected to drive the extrusion coating market in the coming future.
Among substrates, the paper & paperboard segment is projected to lead the extrusion coating market from 2017 to 2022.
Paper & paperboard is the largest substrate segment. This is due to the superior properties of paperboard such as lightweight, recyclability, low cost, and environment-friendliness. Paper & paperboard is used for packaging various food items such as snacks, vegetables, and others. These factors are expected to drive the growth of the paper & paperboard segment.
The Asia Pacific region is the largest market for extrusion coating across the globe.
Asia Pacific is the global forerunner in the extrusion coating market, in terms of value and volume, and this trend is expected to continue till 2021. Countries in this region such as China, India, Japan, South Korea, and Indonesia are witnessing significant increase in the use of extrusion coatings in the packaging segment of the food & beverages industry. The growth of the Asia Pacific extrusion coating market is also attributed to the rapid economic growth and increasing population that is driving the demand for extrusion coating materials from various end-use industries in this region. China is the fastest-growing market and this trend is estimated to continue till 2022.
There are a few global players operating in the extrusion coating market. These companies are actively investing in various strategies, such as expansions, new product launches, mergers & acquisitions, and joint ventures to increase their market shares to further strengthen their position in the extrusion coating market. Dow Chemical (US), Exxon Mobil (US), Borealis AG (Austria), Celanese Corporation (US), Chevron Phillips (US), DuPont (US), LyondellBasell Industries Holdings B.V. (US), Qenos Pty. Ltd. (Australia), and SABIC (Saudi Arabia) are the leading players in the extrusion coating market who have adopted various organic and inorganic strategies to ensure their growth in this market.
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