Functional and Barrier Coatings for Paper Market Is Expected To Grow At a CAGR Of 6.7% FROM 2016-2022.
According to Stratistics MRC, the “Global Functional and Barrier Coatings for Paper Market” is accounted for $1.34 billion in 2018 and is expected to reach $2.40 billion by 2027 growing at a CAGR of 6.7% during the forecast period. Some of the key factors influencing the market growth include packaging innovations in water-based barrier coatings, evolving lifestyle of consumers, increasing health and environmental awareness, and supportive environmental policies implemented by various governments across the globe for food contact paper. However, increasing recycling of barrier-coated paper is restricting the market growth.
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Functional and barrier coatings are materials used on paper in order to improve the features of the paper. It offers an obstruction to oil, water, and improves the performance and robustness of paper for packaging and printing applications.
Driver: Innovations in the packaging sector is expected to drive the market.
The manufacturers of functional and barrier coatings are continuously involved in R&D activities to develop better barrier coatings to promote sustainability. These novel innovations are driving the market growth.
By coating types, the pigment coating segment is expected to grow at a significant market share during the forecast period as it provides improved functions with no compromise in aesthetic appeal.
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By geography, the North America region is anticipated to hold considerable market share during the forecast period. The market in this region is propelled by the growing food industry and increase in income of the people.
The Global Functional and Barrier Coatings for Paper Market Leaders are Cortec Corporation, BASF S.E., Sonoco Products Company, Cattie Adhesive Solutions Llc, Paramelt B.V, Synthetic Natural Polymers, Michelman, Inc., Coatings & Adhesives Corp, Dow Chemical Company, Sierra Coating Technologies LLC, CH-Polymers Oy, Koninklijke DSM NV, Omnova Solutions Inc., ALTANA Group, Stora Enso Oyj, Akzo Nobel N.V., Kuraray Co. Limited, Cork Industries, Inc., Imerys Pigments, and Mondi Corporate.
BASF S.E: In December 2019, BASF S.E. invested more in its coatings site in Jiangmen, Guangdong Province in South China, for the construction of a new facility for refinish coatings.
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Stora Enso Oyj: In November 2019, Stora Enso Oyj collaborated with HS Manufacturing Group (HSMG) to develop Stora Enso’s formed fiber offering.
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