“โThe increased use of packaging material, especially in Asia-Pacific, owing to the changing lifestyle, higher population, and rapid urbanization is driving the consumption of functional additives and barrier coatingsโ
The global functional additives and barrier coatings market is projected to reach USD 4.90 billion by 2020, registering a CAGR of 5.5% between 2015 and 2020. Rising disposable income and changing lifestyle is one of the key reasons driving the market. Asia-Pacific accounts for more than two-fifth of the global market owing to rising investments by foreign companies, growing production facilities, and rise in living standards of people.
โFood packaging: The major application market for functional additive and barrier coatingsโ
Food packaging, refers to packaging material used in the food application, food items such as fruit and vegetable, meat, fish, frozen food, chilled food, dried food, baked food, confectionary item, and dairy products generally undergo plastic packaging before reaching the end consumers. The demand for functional additives and barrier coatings will be influenced based on demands of the customer, changing lifestyles, technological innovations, development in legislation, environmental concerns, and changes in retail practices.
โAntimicrobial additive: The largest type for functional additive, in terms of valueโ
Plastic resins are highly susceptible to microorganisms, which can cause staining, odor, discoloration, and loss of aesthetics, hygiene, and mechanical properties in the material. Antimicrobial additives protect plastic resins from bacteria, fungi, algae, mold, and other microorganisms by interacting with negatively charged components in the microbial cell membranes. These additives can be both organic and non-organic (silver based). However, non-organic antimicrobial are commonly used for all type of plastic resins.
โAsia-Pacific: The largest and fastest-growing region for functional additives and barrier coatingsโ
The functional additives and barrier coatings market is divided into four regions, namely, Asia-Pacific, Europe, North America, and RoW. Asia-Pacific is the largest market for functional additives and barrier coatings owing to high demand from the packaging industry, high population, and presence of a wide range (small, medium, and large) of market players supplying their product to the region. Europe accounted for the second largest market share in 2015, with Germany being the largest country in the region for the functional additives and barrier coatings market.
This study has been validated through primaries conducted with various industry experts globally. These primary sources have been divided under three categories, namely, company, designation, and region.
โข By Company Type- Tier 1- 64%, Tier 2- 20% and Tier 3- 16%
โข By Designation- C Level- 38%, Director Level- 53% and Others- 9%
โข By Region- North America- 25%, Europe- 45%, Asia-Pacific- 20%, and RoW- 10%
The report also provides company profiles and competitive strategies adopted by the major market players, such as BASF SE (Germany), Songwon Industrial Co. Ltd. (South Korea), Cytec-Solvay Group (U.S.), Clariant Corp. (Switzerland), and Addivant (U.S.).
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the functional additives and barrier coatings market comprehensively and provides the closest approximations of the revenue for the overall market and the subsegments across different verticals and regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, and opportunities.
3. This report also help stakeholders understand the competitor and gain more insights about the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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