Packaging is the largest industry that uses functional additives and barrier coatings; they are used in packaging as they improve processing and manufacturing performance, and provide materials to have the assortment of enhanced properties. The functional additives and barrier coatings modify the packaging properties to give desired functions. There are various types of functional additives and barrier coatings such as antioxidants, blowing agents, anti-block agents, clarifying agents, impact modifiers, UV stabilizers, antimicrobial agents, and brightness agents. The oxygen scavenger functional additives and barrier coatings are the widely used in packaging which helps to extend the product life as well as improves the appearance by removing the extra oxygen in the closed packed product. UV stabilizer functional additives and barrier coatings are added to packaging to protect the packaging and content from UV along with infrared radiations from sunlight. The antistatic functional additives and barrier coatings are added to packaging to avoid or lessen the effect of static electricity on the content.
Global Functional Additives and Barrier Coatings Market: Market Dynamics
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The upsurge in demand for global functional additives and barrier coatings market is due to the various functions provided by functional additives and barrier coatings such as antistatic, protection from harmful rays, antimicrobial, and much more. The demand for functional additives and barrier coatings is rising faster than plastic packaging as the manufacturers are looking for low-cost solutions that are provided by functional additives and barrier coatings. The functional additives and barrier coatings market is expected to rise as growth in the consumer’s demand for greater protection of the products. Moreover, increasing demand for PET bottles that provides UV protection which in turn expand the demand for functional additives and barrier coatings in the near future. Enhancement in the innovative technological and expanding packaging industry is driving the functional additives and barrier coatings market.
Global Functional Additives and Barrier Coatings Market: Market segmentation
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The global functional additives and barrier coatings market has been classified by product type, application, and end user.
Based on product type, the global functional additives and barrier coatings market is segmented into following:
- Oxygen Scavenger
- UV Stabilizer
- Antistatic Additives
- Antimicrobial Agent
- Antioxidant Additive
By application, the global functional additives and barrier coatings market is segmented into following:
- Polyolefin
- Styrene
- PVC
- Elastomers & Latex
Based on end users, the global functional additives and barrier coatings market is segmented into following:
- Food & Beverage Industry
- Pharmaceutical Industry
- Cosmetic and Personal Care
- Healthcare
Global Functional Additives and Barrier Coatings Market: Overview
Food & beverage industry has the higher rate of usage of functional additives and barrier coatings for plastic products. Based on product type, oxygen scavenger functional additives and barrier coatings are the widely preferred among others owing to its advanced properties. Based on the geographies, the global functional additives and barrier coatings market is classified into seven key regions include North America, Latin America, Eastern Europe, and Western Europe, Asia Pacific except Japan, Japan, and Middle East & Africa. Among the regions mentioned above, Asia Pacific except Japan is the largest consumer of functional additives and barrier coatings followed by Western Europe is expected to continue to be the highest growing market for functional additives and barrier coatings market for the forecast period. North America and Eastern Europe is projected to have a steady growth. Japan and Latin America is expected to show a sluggish growth rate during the forecast period. The global functional additives and barrier coatings market is projected to have a positive growth owing to growth in cosmetic and personal care as well as the healthcare industry.
Global Functional Additives and Barrier Coatings Market: Key Players
Some of the market participants identified in the global functional additives and barrier coatings market include DuPont, Clariant Chemicals Ltd., Addivant USA, LLC, Cytec Solvay Group, SONGWON Industrial Co., Ltd., BASF Corporation, and others.
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