CHICAGO, July 31, 2024 /PRNewswire/ -- The report "Extrusion Coating Market by Material Type (LDPE, EVA, PP, PET), Substrate (Paper, Paperboard, Aluminium Foils, Polymer Films), Application (Packaging, Liquid, Flexible, Commercial, Photographic), and Region - Global Forecast to 2029", is projected to reach a market size of USD 7.5 billion by 2029 from USD 6.3 billion in 2024, at a CAGR of 3.6%.
Asia pacific is the one of the largest markets for extrusion coating. The demand for extrusion coating is experiencing significant growth in packaging industry. Emerging nations such as China, India, Brazil, and Mexico are expected to play a crucial role in driving the global extrusion coating market forward. Asia Pacific extensive industrial base and rapid urbanization drives the extrusion coating market. China and India's growing manufacturing sector coupled with growing population drives the demand for extrusion coating.
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"Aluminium Films by substrate type segment is expected to register second highest CAGR of the extrusion coating market during the forecasted period."
Growth in the aluminum foil substrate is fueled by a number of drives, one of which is the extensive use of aluminum foil in packaging because of its superior ability to block light, moisture, and gasses. It is especially well-liked in the food and pharmaceutical industries, where it is crucial to preserve the integrity and freshness of products. Aluminum foil's adaptability also makes it useful for a variety of applications, including laminates, blister packs, and flexible packaging, which helps explain its rising market share. The need for aluminum foil in extrusion coating applications is anticipated to rise gradually, establishing it as a significant market niche as sectors place an increased emphasis on recyclable, lightweight, and environmentally friendly packaging solutions.
"Middle East & Africa is likely to be the second fastest growing extrusion coating market during the forecast period."
Rapid growth and urbanization in the region have increased demand for packaging materials, especially in the food and beverage industries. Extrusion coating provides a low-cost alternative for improving package durability, moisture resistance, and barrier qualities, all of which are critical for maintaining food quality in hot regions. Furthermore, the region's growing population and rising disposable incomes have increased consumption of packaged goods, boosting need for sophisticated packaging solutions. Furthermore, favorable government policies and expenditures in infrastructure development have boosted the industrial sector, creating a favorable climate for the expansion of firms that use extrusion coating technology. As a result, the Middle East and Africa have become crucial growth regions in the worldwide extrusion coating business, attracting major investments and innovation to fulfill the rising need for high performance packaging solution.
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"In Asia Pacific region china is likely to be the second fastest growing extrusion coating market during the forecast period."
China's increasing industrialization and urbanization has resulted in increased consumption of packaged goods in a variety of industries, including food, beverages, pharmaceuticals, and consumer products. Extrusion coating is a versatile choice for improving the performance of packaging materials, including features such as moisture resistance, barrier protection, and printability that are critical for product integrity and attractiveness. Furthermore, China's thriving e-commerce industry has increased the demand for creative packaging solutions that can ensure product safety and shelf appeal throughout shipping and storage. Government measures to assist sustainable development, as well as legislation to promote food safety standards, have accelerated the implementation of innovative packaging technologies such as extrusion coating. These elements together have positioned China as a vibrant market within the global extrusion coating business, drawing investments in technology.
The key players profiled in the report include are SABIC (Saudi Arabia), Chevron Phillips Company (US), Cleanse Corporation (US), Exxon Mobil (US), lyondellbasell (Netherlands) and Dow (US).
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