Heat Seal Coatings Market to Witness High Growth Owing to Rising Demand for Heat Sealable Films & Packaging Applications
Heat seal coatings are adhesive polymers applied to papers, films and foils used commonly in flexible packaging applications. Food packaging constitutes majority use where heat seal coatings allow quick sealing of packages and provides secure sealing for distribution and storage. Features like high seal strength, transparency, moisture and gas barrier properties make heat seal coatings ideal for variety of packaged food products ranging from snacks, cereals to frozen meals. Heat seal coatings also find applications in non-food packaging for consumer goods, pharmaceuticals, industrial and agricultural products. The global heat seal coatings market is estimated to be valued at US$ 9,391.09 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for heat sealable flexible packaging films from food and beverage industry remains a key driver for global heat seal coatings market Size. Food packaging constitutes over 60% demand for heat seal coatings. Trends like increasing consumption of packaged, ready-to-eat and frozen food products necessitate effective heat sealed packaging for distribution and longer shelf-life of products. Another driver has been growth in non-food flexible packaging for consumer goods, pharmaceuticals and industrial products. Heat seal coatings allow printed packaging films to be converted into bags, pouches and other packages efficiently through automated heat sealing process. However, stringent environmental regulations around polymeric coatings usage pose challenges for market. Industry is focused on developing bio-based and recyclable heat seal coating chemistries.
SWOT Analysis
Strength: Heat seal coatings provide excellent adhesion properties and are easy to apply on packaging substrates. They enable high-speed automated packaging processes and ensure package integrity during transportation and storage. Heat seal coatings also improve the aesthetics of packages through clear or colored finishes.
Weakness: Frequently changing government regulations around food contact materials can impact the formulation of heat seal coatings. Furthermore, volatility in raw material prices such as resins can affect the overall costs of heat seal coating production.
Opportunity: Growing demand for sustainable and recyclable packaging solutions is driving research into bio-based and compostable heat seal coating technologies. The food delivery and online grocery shopping trends amid the COVID-19 pandemic have also stimulated market opportunities.
Threats: Strict environmental regulations around VOC emissions during coating application processes pose challenges. Furthermore, increasing consumer preferences for peelable or easy-open packaging designs threaten conventional heat seal coating applications to some extent.
Key Takeaways
The global heat seal coatings market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific heat seal coatings market is projected to witness the highest CAGR during the forecast period. This can be attributed to surging demand from the food and pharmaceutical industries coupled with supportive government policies around local manufacturing. China dominates Asia Pacific due to a strong domestic packaging sector and presence of prominent heat seal coating producers.
Key players: Key players operating in the heat seal coatings market include Tekni-Plex, Actega, Bostik (Arkema), Henkel AG & Co. KGaA, Dow Inc., and Toyochem Co., Ltd. These companies focus on new product development and capacity expansion strategies to strengthen their market position.
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