Business Impacts of COVID-19 on Extrusion Coating Market. Strategies of Major Industry Competitors

In 2017, the extrusion coating market reached a value of $3,703.8 million and is predicted to advance at a 4.2% CAGR during the forecast period (2018–2023). The rapid economic growth and expanding food & beverage industry are the major factors that are positively affecting the market.

The process of applying molten plastic to different types of substrates, including aluminum foil, paper & paperboard, and polymer films, is referred to as extrusion coating. It helps in protecting the substrate or object from grease, water vapor, heat, and moisture.

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Among all the regions, namely Middle East and Africa (MEA), Europe, Asia-Pacific (APAC), North America, Latin America (LATAM), and Europe, the APAC region accounted for the major share of the extrusion coating market during the historical period, both in terms of value and volume, and is predicted to dominate the market during the forecast period as well.

The expanding food & beverage industry is a major driving factor of the extrusion coating market. The food and beverage industry is registering growth due to the surging population, rising awareness regarding health, increasing government regulations, and rise in disposable income.

Furthermore, the emerging trend of the rising consumption of convenience food, including ready-to-cook, ready-to-drink, and ready-to-cook food items, is also driving the growth of the food & beverage industry. As extrusion coating materials play a vital role in packaging applications in the industry, their demand is increasing as well.

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A key trend being observed in the extrusion coating market is the rising use of PP in food & beverage packaging. PP is one of the most important and versatile polymers utilized in packaging applications. It is flexible and tough and be used as a fiber or plastic in different plastic end-use markets.