Packaging coating additives are used to package food, industrial products, Health care equipment, etc. Food packaging majorly involves plastic material, which is prone to friction, microbial activities, and moisture Increase in demand for packaged foods and rise in investments in food packaging application by packaging additive manufacturers are driving the packaging coating additives.
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Global Packaging Coating Additives Market: Overview
Based on function, the packaging coating additives market can be segmented into anti-block, anti-fog, antimicrobial, antistatic, and slip. The anti-block segment is estimated to account for the major share of the packaging coating additives market in the near future. Polymer films tend to stick to each other during processing or storage; hence, addition of anti-block additives creates little bumps on the films’ surface, thereby preventing the adhesion of layers. Inorganic anti-block additives are widely used in various packaging applications due to their cost effectiveness. Growth in population, increase in disposable income, and improvement in standard of living are boosting the demand for anti-block additives. Antimicrobial additives offer improved mechanical properties and high dimensional and chemical stability. Rise in consumer awareness about health-related infections, rapid urbanization, and increase in population in Asia Pacific are boosting the demand for antimicrobial additives in Asia Pacifi. Antimicrobial additives are used to prevent the growth of infection and fever-causing microorganisms such as bacteria, fungi, algae, mildew, and other parasites. In terms of formulation technology, the packaging coating additives market can be classified into water-based, solvent-based, and powder-based.
Water-based is estimated to be a rapidly growing formulation segment of the packaging coating additives market. Water-based formulations are extensively used to manufacture flexible packaging coatings to maximize the efficiency of functions such as slip control and anti-blocking. Increase in demand for slip additives and anti-block additives in applications such as food packaging, industrial packaging, and consumer packaging is driving the packaging coating additives market. In terms of application, the packaging coating additives market can be segregated into food packaging, industrial packaging, health care packaging, consumer packaging, and others. Food packaging is estimated to be a rapidly growing application segment of the packaging coating additives market. Increase in investments in food packaging application by packaging additives manufacturers is driving the food packaging application segment.
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Global Packaging Coating Additives Market: Trends & Developments
Increase in disposable income of the middle-class population in emerging economies and rise in awareness about health are factors driving the global packaging coating additives market. Implementation of stringent environmental and government regulations are volatility of raw material prices are the major restraining factors of the packaging coating additives market. Rise in demand for bio-based slip additives and emerging economies are creating opportunities for the packaging coating additives market. Managing plastic waste from different industries is the major challenge facing manufacturers of packaging coating additives market.
Global Packaging Coating Additives Market: Regional Outlook
Based on region, the global packaging coating additives market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for the key share of the global packaging coating additives market. The market in the region is expected to expand at rapid pace during the forecast period. Industrial development and improvement in economic conditions in Asia Pacific are creating lucrative opportunities for the packaging coating additives market in the region. Asia Pacific is the hub for foreign investments and booming industrial sector, led by low-cost labor, easy availability of raw materials, increasing adoption of modern technologies, innovations, and easy availability of inexpensive land. Growth in middle-class population, rise in industrialization, increase in disposable income, changing lifestyles, and surge in consumption of packaged products are anticipated to drive the food packaging industry. This, in turn, is estimated to augment the packaging coating additives market.
Global Packaging Coating Additives Market: Key Players
Key players operating in the global packaging coating additives market include Croda International Plc, BASF SE, Lonza, 3M, Arkema, Evonik Industries AG, and Solvay.