Extrusion Coating Market Share, Leading Players and Future Scope
Different industries including, personal care, food & beverages, healthcare, electronics, and consumer goods are witnessing rapid growth in Latin America, Asia-Pacific, and Middle East and Africa, which is majorly due to the strong economic in countries in these regions. For example, as per the International Trade Administration, the healthcare industry in India generated about $110 billion in 2016 and was estimated to attain $280 billion by 2020. The growth of an industry is driven by the increasing demand for its products and services. Because of increasing need for medical devices, electronic devices, and personal care & cosmetic products, the demand for extrusion coating is growing as well.
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Extrusion coating can be defined as a process where a coat of thermoplastic material is put on a substrate, such as woven fabric, paperboard, and aluminum foil. The process increases scuff resistance, tear resistance, resistance against chemicals, provides a heat sealable surface, grease resistance, and provides a barrier against different gases and water. Because of these advantages, the global extrusion coating market is predicted to reach a value of over $4,759.3 million by 2023, increasing from $3,703.8 million in 2017, and is expected to register a 4.2% CAGR during the forecast period.
Extrusion coating is widely utilized in liquid packaging applications for increasing the salability of various types of semi-solid and liquid food items, including sauce, milk, and juice. When geography is taken into consideration, the Asia-Pacific region has been the largest extrusion coating market up till now, which is particularly because of the rising disposable income of people, and rapid industrialization in the region that is boosting the need for extrusion coating materials for packaging purposes. Within the region, China is the major consumer of extrusion coating materials.
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Hence, the demand for extrusion coating is growing due to the rapid economic growth in developing countries.
