With the ballooning sales of electronic items, sporting goods, personal care products, and consumer goods, the demand for extrusion coatings are rising sharply across the globe. Extrusion coating materials are extensively used in the production of papers, paperboards, and packaging films, that are widely required for packaging various consumer products. Moreover, the mushrooming requirement for several types of packaging solutions in various industries is also fueling the demand for extrusion coatings around the world.
The other major factor propelling the demand for these coatings is the expansion of food and beverage industry in several countries, primarily because of the surging population, increasing disposable income, and the growing public awareness about health. Increasing health concerns among people are pushing up the demand for sugar-free, lactose-free, gluten-free, and low-calorie food products. In the food and beverage industry, extrusion coating materials are heavily used in packaging applications.
This is because their ability to protect the product from various external environmental factors and improve its aesthetics. Besides these factors, the rapid economic progress of various developing countries in Latin America (LATAM), Asia-Pacific (APAC), and Middle East and Africa (MEA) is also positively impacting the demand for extrusion coatings across the world. This is because of the boom in the healthcare, food and beverage, personal care, consumer goods, and electronics industries in these countries.
According to the International Trade Administration (ITA), the value of the healthcare industry in India was $110 billion in 2016, and it is predicted to rise to $280 billion by 2020, due to the surging requirement for healthcare products and services in the country. This will subsequently propel the demand for extrusion coatings, which will, in turn, fuel the expansion of the global extrusion coating market in the coming years.
Hence, it can be safely said that the demand for extrusion coating materials will shoot up in the upcoming years, primarily because of the mushrooming sales of consumer goods and electronic items and the growing requirement for packaged food products all over the world.
Source: www.psmarketresearch.com
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