The food and beverage industry is witnessing significant growth due to the rising population and awareness among people regarding their health. The health concerns of people are growing and they are constantly looking out for food items that are healthy . Moreover, the food and beverage industry is witnessing the development of low-calorie, sugar-free, lactose-free and gluten-free food products to cater to the demands of consumers. This is consequently pushing up the demand for extrusion coating materials as these materials play a crucial role in packaging applications owing to their ability to protect food items from various external environmental factors.
In addition, extrusion coating provides an aesthetic appeal to the foods and beverages, thereby making them more attractive and saleable. In addition to the food and beverage industries, there are many other industries, such as healthcare and personal care, which extensively use extrusion coatings. The increasing income of people and their changing lifestyles and the ballooning population across the globe are fueling the requirement for various products, such as electronic items, personal care products, and sporting goods. As extrusion coatings are used in the production of packaging films, paperboards, and paper, which are required for manufacturing the aforementioned products, the rising sales of these items are positively impacting the worldwide demand for these coatings.
According to the market research company P&S Intelligence, value of the extrusion coating market will surpass $4,759.3 million by 2023 while the market will demonstrate a CAGR of 4.2% from 2018 to 2023. Low-density polythene (LDPE), ethylene-vinyl acetate (EVA), and Polypropylene (PP) are the most commonly used materials in extrusion coatings. Among these, the demand for polypropylene (PP) was observed to be the highest globally in the years gone by.
It was because of the various features of the material, such as its toughness, flexibility, and ability to be easily used as a fiber or a plastic in several applications. Moreover, the material is easily recyclable, and thus, it is being increasingly used in the food and beverage industry. Additionally, the material has the ability to withstand temperatures of up to 80 degree Celsius for a long period of time, as a result of which, it is being increasingly used in snack food lamination, liquid packaging, sealant layers, and folding cup/carton stocks.
Globally, the demand for extrusion coatings will rise sharply in Asia-Pacific (APAC) and Europe in the coming years. This growth is attributed to the surging use of paper-based containers and liquid cartons in the food and beverage industry. The price deflation in these regions is also pushing up the demand for packaged food products, which is, in turn, fueling the need for extrusion coatings. In North America, the sales of these materials are predicted to surge in the U.S in the forthcoming years, due to the rising number of extrusion coating producing companies and investors in the country.
Hence, the demand for extrusion coatings will soar in the coming years, primarily because of their rising use in food and beverage packaging applications.
