CHICAGO, September 27, 2018 /PRNewswire/ --
According to the new market research report "Packaging Coating Additives Market by Function (Slip, Anti-Static, Anti-fog, Anti-block, Antimicrobial), Formulation (Water-based, Solvent-based, Powder-based), Application (Food, Industrial, Healthcare, Consumer), and Region - Global forecast to 2023" published by MarketsandMarkets™, the market is projected to grow from USD 688.4 million in 2018 to USD 874.5 million by 2023, at a CAGR of 4.9% from 2018 to 2023.
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Rising competition and increasing concerns regarding environmental safety are encouraging manufacturers to develop packaging which is cost-effective, requires fewer resources, and provides better protection. This is expected to drive the growth of the packaging coating additives market further.
The anti-block segment is estimated to account for the largest share of the packaging coating additives market, by function during the forecast period.
Polymer films tend to stick to each other during processing or storage. This is a common problem that occurs when two film layers of plastic come in contact with each other. The addition of anti-block additives creates little bumps on the film's surface, thereby preventing the adhesion of the layers. Inorganic anti-block additives are non-migratory in nature and are widely used in various packaging applications due to their cost-effectiveness. The demand for anti-block additives is driven by the growing population, increasing disposable incomes, and rising standards of living.
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Food packaging is estimated to be the fastest-growing application segment of the packaging coating additives market during the forecast period.
Packaging coating additives are used in food packaging as they enhance the properties of packaging materials, prevent leakage & spoiling, and extend the shelf life of food products. Food packaging majorly involves plastic material, which is susceptible to friction, microbial activities, and fog. Increasing demand for packaged foods and increasing investments in food packaging application by packaging additives manufacturers are driving the food packaging application segment.
Water-based is estimated to be the fastest-growing formulation segment of the packaging coating additives market during the forecast period.
Water-based formulations are widely used to manufacture flexible packaging coatings to maximize the efficiency of functions such as slip control and anti-blocking. Increasing demand for slip additives and anti-block additives in applications such as food packaging, industrial packaging, and consumer packaging is driving the growth of the packaging coating additives market.
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Asia Pacific packaging coating additives market is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific packaging coating additives market has been studied for China, Japan, India, Indonesia, and the Rest of Asia Pacific. The Asia Pacific region is an emerging and lucrative market for packaging coating additives, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the world's population, resulting in the growth of the manufacturing and processing sectors.
Major players operating in the packaging coating additives market include Croda International Plc (UK), BASF SE (Germany), Clariant AG (Switzerland), Lonza Group (Switzerland), 3M Company (US), Arkema Group (France), Evonik Industries AG (Germany), and Solvay S.A. (Belgium), among others.
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