Functional Additives and Barrier Coatings Market Worth 4.90 Billion USD by 2020
PUNE, India, March 10, 2016 /PRNewswire/ --
The report "Functional Additives and Barrier Coatings Market by Type (Antioxidants, UV Stabilizers, Antimicrobials, Metalized Coatings, Organic Liquid Coatings), by Application (Food, Beverage, Cosmetic & Personal Care), and by Region - Global Trends & Forecast 2020", published by MarketsandMarkets, The global market is estimated to reach USD 4.90 Billion by 2020 at a CAGR of 5.5% from 2015 to 2020.
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Browse 158 Tables and 57 Figures spread through 191 Pages and in-depth TOC on "Functional Additives and Barrier Coatings Market"
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This growth is fueled by the increased use of packaging material, especially in Asia-Pacific, owing to changes in lifestyle, higher population, and rapid urbanization.
Food Packaging: The major market for functional additives and barrier coatings
Food packaging is the largest application of the Functional Additives and Barrier Coatings Market. It is an important segment of the packaging industry. It accounts for more than 60% of the global consumer plastic packaging market. Plastic resins play a major role in food packaging owing to their low cost, mechanical strength, and ease of processing and manufacturing. Functional additives and barrier coatings are added in plastic resins to strengthen the desired physical, mechanical, and barrier properties.
Antioxidant: The fastest-growing type for functional additives
Antioxidants slow down the oxidation cycle, usually by scavenging free radicals, preventing degradation of the polymer, and retaining the color development, mechanical, and physical properties according to the required standards. Antioxidants improve chemical resistance of the plastics. These are generally used in hydrocarbon polymers such as polypropylene, polyethylene, polystyrene, and ABS. Antioxidant additives find application in food & beverage applications.
Organic liquid coatings: The fastest-growing type for barrier coatings
Organic liquid coatings provide protection against moisture, oxidation, aroma, and flavor loss, and oil and grease permeation. These coatings are generally combined with plastic resins in duplex and triplex structure. These coatings include ethylene-vinyl alcohol (EVOH) copolymer, polyvinylidene chloride (PVDC), and polyvinyl alcohol (PVOH). Organic liquid coating, including PVDC, provide excellent barrier against oxygen and water vapor in comparison to other coatings. PVDC is used in high-performance packaging films owing to its effective barrier properties. Organic liquid coatings are typically best suited for food and pharmaceutical packaging applications owing to their regulatory compliance or acceptance.
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Asia-Pacific and Europe were the largest and second largest markets for functional additives and barrier coatings in 2015
Asia-Pacific is the largest market, with major developments and investments undertaken in China and India. Europe and Asia-Pacific together accounted for a major portion of demand for functional additives and barrier coatings in 2015. These two regions are estimated to dominate the global market by 2020, with advanced technological developments in these additives and coatings for end users. Asia-Pacific is projected to remain the major market till 2020, with high investments in food and pharmaceutical & healthcare applications owing to growing population and demand. Europe is the second largest market for functional additives and barrier coatings.
Major players, such as BASF SE (Germany), Songwon Industrial Co. Ltd. (South Korea), Cytec- Solvay Group (U.S.), Clariant Corp. (Switzerland), and Addivant (U.S.) have adopted development strategies, such as capacity expansions, acquisitions, and new product developments to achieve growth in the global market.
This report includes market analysis, in terms of value and volume, for functional additives and barrier coatings, and forecast for the market size till 2020. The report includes the market segmentation by type, application, and region. It also provides company profiles and competitive strategies adopted by the major market players in the global market.
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