Extrusion Coating Market- News Update
Oil and gas giant Exxon Mobil Corporation has recently revealed its plans to introduce two new high-performance polyethylene (PE) polymers for recyclable PE laminated packaging and premium-quality flexible packaging.
Walki Group a renowned packaging solution provider has reportedly acquired 100 per cent stake in Plastiroll Oy, a Finland-based sustainable packaging material company. The funds for this acquisition have been managed by Sponsor Capital and key personnel of Walki Group.
Expansion of end-use markets creating new opportunities for the extrusion coating suppliers. Market Research Future (MRFR) reports that the global protective coating market value to increase to more than USD 25 Bn by the year 2023. Extrusion coatings have a wide range of properties, which includes excellent clarity, hardness, gloss, and durability. Such attributed make the product highly desirable for use in various application.
Some of the major industry verticals that extrusion coatings find application in, include liquid packaging, photographic, envelopes, flexible packaging, medical or hygiene coating, transport specific packaging and mill & industrial wraps. Growing use of sophisticated packaging is a major industry trend. Focus is also shifting towards use of advanced materials in laminated and composite flexible structures.
Extrusion coatings are used in surfaces that require durable protective coatings with high resistance to abrasion, and chemical penetration. Strong adhesion is also a key characteristics of extrusion coating.
Used of extrusion coating in industrial equipment and machineries has increased significantly. This trend is expected grow further in the forthcoming years. Application scope is also likely to grow in segments such as food & beverages, construction, medical and healthcare.
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Some of the leading companies operating in the global extrusion coating market include Exxon Mobil Corporation (The U.S.), Celanese Corporation (The U.S.), LyondellBasell Industries Holdings B.V. (The Netherlands), Reliance Industries Limited (India), DowDuPont (The U.S.), SABIC (Saudi Arabia), Solvay SA (Blegium), Borealis AG (Austria), Formosa Plastics Corporation (Taiwan), PPG Industries, Inc. (The U.S.) and Eastman Chemical Company (The U.S.).
The segmental analysis of the market has been conducted on the basis of application, substrate, type, and region.
Based on Application
Based on Substrate
- Aluminum foils
- Polymer films
Based on Type
- Ethylene vinyl acetate (EVA)
- Polypropylene (PP)
- Low density polyethylene (LDPE)
Extrusion Coating Market: Regional Segmentation
On the basis of region, the market has been segmented into North America, Asia Pacific (APAC), the Middle East & Africa (MEA), Europe and Latin America. Of these, the market prospects are expected to remain brightest in APAC. Changing domestic industrial landscape continues to be a key factor, influencing the market growth in APAC. Local policy makers are proving a strong backing to small and medium-sized industries to flourish. Countries such China and India are undergoing intense industrial policy reforms. The business climate has improved tremendously in these countries. At the same time, economic in ASEAN countries and Japan’s continuous rise as on one of the major economic powerhouse of the world has reflected favourably on the market.
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APAC is followed by North America in terms of revenue. North America is a major market for extrusion coating, which is led by the U.S. In North America, demand for extraction coating is concentrated in the healthcare sector and the construction section. Policies introduced by the Trump-regime to bolster domestic industries, which is also intended to create new jobs is likely to influence the market growth during the forecast period. Europe ranks third in the global extrusion coating market in terms of value. Meanwhile, MEA and LatAm markets are also expected to witness significant growth but from a lower base.
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