The global market for plastics additives and barrier coatings is expected to grow at a compounded annual growth rate (CAGR) of 4.6% to total $752m by 2014, according to a new report from Pira International.
The key factor leading to growth is the increasing demand for packaging materials that give a better protection to the contents within. The features of the additives and barrier coating technologies to increase to shelf life of the product, to decrease the need for preservatives, transparency and glossy appearance, and being compatible with printing technologies have led to the increase in demand.
Key driver for the growth, that is expected to lead to an overall growth in the packaging market are, increasing consumer demand for convenience and product safety.
As reported by Plasticmart, the market for functional plastic packaging additives is set to have a CAGR of 3.9%, while the barrier coatings market is set to grow 4.6% over the next four years. In the barrier coatings area, PVdC coatings had 38.2% of all market value in 2009, the largest share, followed by metallised coatings (31.1%) and EVOH (18.1%).
Growth rates in western Europe and North American are slower than the global average. The highest growth rates are in China and India at over 10%. In 2009, Asia Pacific had the largest share of the additives and barrier market (42%), followed by North America (24.5%), western Europe (19.9%), central and eastern Europe (5.4%), South America (3.9%) and the rest of the world (4.3%).