The global functional additives and barrier coatings market research report provides detailed information about the industry based on the volume (KT) and revenue (USD MN) for the forecast period. This research study is a descriptive analysis of the functional additives and barrier coatings market emphasizing the market drivers and restraints that govern the overall market growth. The trends and future prospects for the market are also included in the report which gives an intellectual understanding of the functional additives and barrier coatings industry. Furthermore, the report quantifies the market share held by the major players of the industry and provides an in-depth view of the competitive landscape. The functional additives and barrier coatings market is classified into different segments with detailed analysis of each with respect to geography for the study period.
Study period considered for research of global functional additives and barrier coatings market:
Functional additives and barrier coatings are generally used in packaging to safeguard the quality, quantity and properties of the packaged material. Functional additives are added to packaging materials like plastic and paper to strengthen their physical properties. Functional additives and barrier coatings are widely used in the packaging of food, cosmetics, beverages, pharmaceuticals, personal care and others. High barrier strength, use of advanced technology and extended preservation of food and beverages are some of the key features of functional additives and barrier coatings. Technologically advanced functional additives and barrier coatings consist of heat seal capacity, improved gas barrier property, transparency and product resistant properties. These are the potential factors initiating the growth of functional additives and barrier coatings market.
Applications categorize global functional additives and barrier coatings into food & beverages, cosmetics and personal care, pharmaceuticals & healthcare and others. Further, this market is segmented by type as anti-static, anti-fog, antimicrobial, metalized coating, organic liquid coatings, inorganic oxide coatings, antioxidants, UV stabilizers, anti-block and clarifying agents.
Food & beverages packaging is the most dominant application of functional additives and barrier coatings market owing to the increased consumption of packaged and take-away food by consumers. It plays an important role in preservation and increasing shelf life of packaged food. Moreover, use of functional additives in plastic resin helps to increase its mechanical strength and provides desired barrier properties. On the other hand organic liquid coatings and antioxidants are segments with the fastest market growth. Antioxidants help in maintaining the chemical resistance of plastics, prevent oxidation and degradation of polymer. Antioxidants are extensively used in the packaging of food and beverages. Organic liquid coatings help in maintaining the aroma, flavor & taste, and prevention from moisture. Organic liquid coatings can be solvent or aqueous polyvinyl alcohol, organic sol-gels and aqueous polyvinylidne chloride. These organic liquid coatings have high barrier properties and are widely used in packaging of consumer goods.
Rapid urbanization coupled with increased preference of packaged food owing to a busy lifestyle is a significant factor propelling the growth of this market. Functional additives and barrier coatings provide better preservation and prevention of materials than traditional methods which in turn empowers the growth of this market. Technological advancement and R&D in this field will open key opportunities for the growth of global functional additives and barrier coatings market. Market growth of pharmaceuticals and cosmetic industry for the forecast period is expected to surge.
Asia Pacific dominates this market in terms of growth owing to the presence of major economies like India and China. Europe is the second largest region of this market. North America is expected to show moderate growth for the forecast period. Major market players in this market include Cytec- Solvay Group, Clariant Corp, Addivant, BASF SE and Songwon Industrial Co. Ltd.
1. INTRODUCTION TO THE FUNCTIONAL ADDITIVES AND BARRIER COATINGS MARKET
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