Zion Market Research has published a new report titled “Packaging Coating Additives Market by Function (Slip, Anti-Fog, Anti-Static, Antimicrobial, and Anti-Block), by Formulation (Powder-Based, Water-Based,and Solvent-Based), and by Application (Food, Healthcare, Industrial, and Consumer): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global packaging coating additives market was valued at USD 657millionin 2017 and is expected to reach USD 917millionby 2024, growing at a CAGR of 4.6% between 2018 and 2024.
The global market for packaging coating additives is likely to benefit from the growing packaging industry across the globe. The new developments in packaging materials and product designs are further projected to boost the demand for packaging coating additives market.
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The increasing demand from the food industry for packaging coating additives is expected to drive the market growth of packaging coating additives globally. Strong growth witnessed across the food industry globally further likely to be the prime growth driver for packaging coating additives market. Environmental factors, such as recycling, health concerns, and air pollution, affect the technology of packaging coatings and additives. Higher raw material accessibility is further anticipated to propel the packaging coating additives market growth. The fluctuating prices of raw materials and increasing costs of production might hamper the growth of the packaging coating additives market within the forecast period. Manufacturing companies are focusing on making innovative products that are likely to open new growth avenues for the packaging coating additives market in the near future.
By function, the packaging coating additives market includes slip, anti-fog, anti-static, antimicrobial, and anti-block. Anti-block segment is anticipated to grow at the highest CAGR in the upcoming years. This segment helps in preventing the layers’ adhesion during processing or storage. Growing population, rising standards of living, and changing lifestyles favoring easy made packaged foods are the key drivers that are likely to fuel the demand for anti-block additives in the upcoming years. By formulation, water-based formulation held the largest market share in 2017. Water-based formulations offer more benefits as compared to conventional solvent-based inks, such as greater press stability, lower volatile organic compound content, lowered fire/safety hazards, improved wash-up time, and better heat resistance. The food application segment held the largest market share in 2017. It accounted for more than 27%market shares in 2017, as they have different mechanical properties, such as high durability and weathering resistance. Furthermore, increasing demand for packaging coating additives in industrial applications projected to propel the packaging coating additives market growth over the years to come.
The Asia Pacific was the leading market for packaging coating additives and held around33% of the overall market share in 2017. Furthermore, in 2017, North America was the second largest market for packaging coating additives, with around 27% share followed by Europe, which held around 20% of the market share. The Asia Pacific is further predicted to be the fastest growing market for packaging coating additives in the near future as well. The Middle Eastern and African and Latin American markets for packaging coating additives are predicted to witness a notable growth in the near future, owing to favorable government rules and implementation of strict legislation for environmental protection. Brazil and South Africa are predicted to be the emerging markets for packaging coating additives in the years to come.
Some major players of the global packaging coating additives market include Croda International Plc, BASF SE, Clariant AG, Lonza Group, 3M Company, Arkema Group, Evonik Industries AG, and Solvay S.A.among others.
This report segments the global packaging coating additives market as follows:
Global Packaging Coating Additives Market: Function Analysis
Global Packaging Coating Additives Market: Formulation Analysis
Global Packaging Coating Additives Market: Application Analysis
Global Packaging Coating Additives Market: Regional Analysis