Extrusion Coating Market Outlook, Leading Players and Future Scope

Compared to $8,830.307, the average person earned $11,428.57 in 2019, as per the World Bank. With the increasing per capita income, people’s purchasing power is rising too, which is being reflected in the growth of numerous industries, especially food and beverage. With more money to spend, people in developed and developing countries are not only eating out more often, but also purchasing packaged food, which is more expensive than fresh food.

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This is additionally leading to the expansion of the food and beverage processing and packaging industry, thereby leading to a rising demand for various packaging materials, such as aluminum, polymer films, and paper and paperboards. While packaging, the container surface mustn’t come in contact with what is inside, as well as the environmental forces outside. Thus, owing to the growing food and beverage packaging sector, the extrusion coating market, which valued $3,703.8 million in 2017, is predicted to expand at a 4.2% CAGR during 2018–2023, to reach $4,759.3 million by 2023, says P&S Intelligence.

Around the world, Asia-Pacific (APAC) is the most lucrative extrusion coating market, owing to the increasing number of manufacturing plants and growing disposable income of the inhabitants. For instance, according to the India Brand Equity Foundation (IBEF), the Indian food processing industry in 2019 generated around 32% revenue in the country’s overall food and beverage sector. Along with industrialization, the government of Japan, China, South Korea, and India is focusing on health, food safety, and hygiene, which is leading to innovations in packaging materials and technologies.

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Thus, as food and beverage packaging trends continue to be shaped by the increasing purchasing power of people and focus on health, hygiene, safety, and recyclability, the adoption of the extrusion coating process will rise too.

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Created on Dec 16th 2020 07:48. Viewed 234 times.

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