Packaging Coating Additives Market Demand, Massive Growth in Set to Witness Huge Growth by 2030
Packaging materials are used in food packaging and industrial packaging among others to protect the products inside and for easy transportation. Additives are added to packaging coating materials to improve its chemical and pH stability, moisture protection, and antimicrobial and anti-fog properties. The global packaging coating additives market is projected to grow at a CAGR of 5.09% to reach USD 1,025.129 million by 2028 from USD 762.349 million in 2020.
The Packaging Coating Additives Market has been categorized based on function, formulation, and application. On the basis of function, the Packaging Coating Additives Market has been divided into slip, anti-static, anti-fog, anti-block, and antimicrobial. The antimicrobial segment is expected to account for the largest market share in the following years owing to its prevention of growth of fever-causing bacteria such as fungi, mildew, bacteria, and other microorganisms. The anti-block segment is expected to be the fastest-growing segment during the forecast period owing to its growing demand from food packaging application.
By formulation, the Packaging Coating Additives Market has been segmented into water-based, solvent-based, and powder-based. The water-based application held the largest market share in 2017 owing to its superior benefits such as lower VOCs, greater press stability, enhanced wash-up time, and improved heat resistance.
Based on application, the Packaging Coating Additives Market has been classified into food packaging, industrial packaging, healthcare packaging, consumer packaging, and others. The food packaging application segment was the largest owing to the product’s high durability, moisture protection, and antimicrobial and weathering resistance. The industrial packaging application segment is expected to grow at a robust CAGR in the coming years owing to the growing demand for anti-static and water-repellent packaging materials.
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Regional Analysis
The Packaging Coating Additives Market has been analyzed across five key regions, namely, Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The Asia-Pacific market is projected to register for the largest market share and is anticipated to grow at the highest CAGR during the forecast period. This is attributed to the growing demand for the product in food and consumer packaging applications in the region. Increasing disposable income, easy availability of raw material and rapid industrialization favors the market growth. China is the major contributor in the region followed by India, Japan, Indonesia among others.
Market Segmentation
The Packaging Coating Additives Market has been categorized segmented on the basis of function, formulation, application, and region.
Based on function, the Packaging Coating Additives Market has been segmented into slip, anti-static, anti-fog, anti-block, and antimicrobial.
By formulation, the Packaging Coating Additives Market has been classified into water-based, solvent-based, and powder-based.
On the basis of application, the Packaging Coating Additives Market has been divided into food packaging, industrial packaging, healthcare packaging, consumer packaging, and others.
The Packaging Coating Additives Market has been studied across five key regions namely, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Competitive Analysis
The major players involved in the Packaging Coating Additives Market are Croda International PLC (UK), BASF SE (Germany), Clariant (Switzerland), 3M (US), Lonza Group (Switzerland), Arkema Group (France), Solvay (Belgium), Evonik Industries AG (Germany), Daikin Industries, Ltd. (Japan), Akzo Nobel N.V. (The Netherlands), and KAO Corporation (Japan)
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