Market Overview In 2021, the global extrusion coatings market reached a size of USD 5.14 Billion, with an anticipated revenue Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period. The increasing demand for packaging resistant to oil, oxygen, moisture, and aroma barriers, along with government initiatives promoting eco-friendly packaging, are significant drivers for the market’s revenue growth. Extrusion coatings find applications in a diverse range of products, including cement, cereal grains, dry chemicals, liquid packaging, aseptic drink containers, flexible packaging, toothpaste tubes, industrial wraps, insulation, backed materials, and plastic-coated tablecloths.
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Various substrates, such as paper, paperboard, polyester film, polypropylene film, aluminum foil, woven fabric, among others, are employed for creating thin multilayer structures using extrusion coatings. The market is witnessing increased adoption in the paperboard sector, where plastic-blend coatings enhance mechanical properties while providing barrier and sealing features. These coated paperboards find applications in folding cartons, liquid and food packaging, and other industries, owing to their moisture-bearing and sealing capabilities. The automotive industry also extensively utilizes extrusion coatings for benefits like improved acoustics, wear resistance, strengthening, and weight reduction.
Thermally processible Poly Vinyl Alcohol (PVOH) is used in extrusion coatings on paper to achieve oil and gas (O&G) barrier properties while maintaining 100% end-of-life recycled content for the paper. Government-imposed taxes on single-use plastic items have further boosted the demand for extrusion coating in the paper-based packaging industry. However, challenges exist, such as potential limitations on recycling due to the mixing of paper with other materials and monomers. To address this, there is a focus on incorporating recycled resins into post-consumer multi-layered packaging waste and developing solutions that minimize initial use of virgin plastic, reflecting a growing emphasis on Research & Development (R&D) expenditures for responsible packaging.
Market Dynamics: Driver: The market is propelled by increasing government initiatives and a growing demand for industrial packaging. Rising consumer demand for electronic products in various sectors, driven by higher income levels, changing lifestyles, and a growing population, contributes to the market’s growth. Extrusion coatings are extensively used in the production of packaging materials such as films, papers, and paper products.
Restraint: The volatile cost of raw materials and the availability of alternatives are major challenges affecting market revenue growth. Aqueous substitutes for extrusion-based coatings with considerable advantages, including resource utilization, recyclability, and formulation flexibility, pose competition. Improper bonding between materials and laminates due to melting temperatures and incorrect resin selection can also hinder market growth.
Key Takeaways: Resin Type Outlook: In 2021, Low-Density Polyethylene (LDPE) dominated the market, accounting for the largest revenue share. LDPE is favored for its ability to withstand high temperatures and find applications in various industries such as automotive, medical & pharmaceutical.
Substrate Outlook: The polymer film segment is projected to register the highest revenue CAGR during the forecast period. The increasing need for flexible packaging in industries such as cosmetics, food & beverage, and healthcare is driving the demand for polymer films.
Application Outlook: The liquid packaging segment held the largest revenue share in 2021. Extrusion-coated packaging is widely used for various liquid and semi-solid food products, contributing to the segment’s dominance.
Regional Outlook: North America accounted for the largest revenue share in 2021, driven by a rising need for food packaging. The Asia Pacific is expected to witness the fastest revenue CAGR, attributed to rapid economic and industrial growth in countries like India, Malaysia, Vietnam, and Indonesia.
Competitive Landscape: The global extrusion coatings market has a fragmented competitive landscape, with small, medium, and large companies operating globally and regionally. Major companies focus on product development and strategic alliances to expand their product portfolios. Key players include Akzo Nobel N.V., Dura Coat Products, The Sherwin-Williams Company, Dow and DuPont, Transcendia, Chevron Phillips Chemical Company LLC., SABIC, Westlake Corporation, LyondellBasell Industries Holdings B.V., and Borealis AG.
Recent Developments: On December 6, 2021, Davis Standard added CHP, a compact extruder for extrusion surface coatings, and SHO extruder with an inventive groove feed method to its portfolio. CHP is designed for easy integration into existing constructions with a lower footprint and lighter weight. The sizes of CHP range from 52 to 100 mm.
- Market Size in 2021: USD 5.14 Billion
- CAGR (2021 – 2030): 4.7%
- Revenue Forecast in 2030: USD 7.76 Billion
- Segmentation: Resin Type, Substrate, Process, Application, and Region
- Notable Companies: Akzo Nobel N.V., Dura Coat Products, The Sherwin-Williams Company, Dow and DuPont, Transcendia, Chevron Phillips Chemical Company LLC., SABIC, Westlake Corporation, LyondellBasell Industries Holdings B.V., and Borealis AG.
The report offers historical data, forecasts, and detailed analysis at global, regional, and country levels, covering the period from 2019 to 2030. The scope includes market trends, company rankings, competitive landscape, growth factors, and segment-wise analysis. Customization options include 10 hours of free customization and expert consultation.
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