The functional additives and barrier coatings market is anticipated to be valued at USD 2,375.49 million in 2023, forecast to grow at a CAGR of 5.4% to be valued at USD 4,015.57 million from 2023 to 2033. Growth is attributed to the increasing demand for PET bottles that provide UV protection.
| Attribute | Key Statistics |
|---|---|
| Growth Rate (2018 to 2022) | 4.7% CAGR |
| Expected Market Value (2023) | USD 2,375.49 million |
| Anticipated Forecast Value (2033) | USD 4,015.57 million |
| Projected Growth Rate (2023 to 2033) | 5.4% CAGR |
Packaging is the largest industry that uses functional additives and barrier coatings. These coatings are used in packaging to enhance processing and manufacturing performance and provide materials with an assortment of enhanced properties. The functional additives and barrier coatings modify the packaging properties to give desired functions.
Various types of functional additives and barrier coatings include antioxidants, blowing agents, anti-block agents, clarifying agents, impact modifiers, UV stabilizers, antimicrobial agents, and brightness agents.
The functional additives and barrier coatings market is expected to boost as growth in the consumer’s demand for greater protection of the products. On the contrary, channels or breaches can act as a conduit for cathodic reactions, which can result in a concentrated corrosive attack at the pinhole, which is expected to hamper the growth of the functional additives and barrier coatings market over the analysis period.
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There has been an upsurge in demand for the global functional additives and barrier coatings market, attributed 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 provided by functional additives and barrier coatings. The functional additives and barrier coatings market is expected to boost as growth in the consumer’s demand for greater protection of the products.
Additionally, increasing demand for PET bottles that provide UV protection is a major factor expected to accelerate the growth of the functional additives and barrier coatings market over the analysis period. Further, factors such as enhancement in the innovative technology and expanding packaging industry are expected to fuel the functional additives and barrier coatings market shortly.
Functional additives and barrier coatings offer many benefits but can also present some significant challenges. Poor coating selection, improper surface preparation, or substrate compatibility issues can lead to coating failures and performance issues, which is expected to impede the growth of the functional additives and barrier coating market during the forecast period.
Pinholes or small point source channels can result from surface contamination during the coating process or outgassing when applying a coating. Channels or breaches can act as a conduit for cathodic reactions, which can result in a concentrated corrosive attack at the pinhole, further hindering market growth.
In terms of regional platforms, North America holds a significant market share in the functional additives and barrier coatings market. According to Future Market Insights, the region is expected to accumulate a 21% global market share as of 2023.
Due to the massive advancement of technology in development, North America is expected to fuel the functional additives and barrier coatings market over the forecast period. Further, rising investments by foreign companies, growing production facilities, and a rise in the living standards of people are the major factors responsible for the growth of the functional additives and barrier coatings market in the region.
According to Future Market Insights, Europe is expected to provide immense growth opportunities for functional additives and barrier coatings and is expected to reach the highest share of 24% in 2023.
Europe is expected to witness the largest market growth, attributed to the massive advancement of technology, rising disposable income, and changing lifestyle in the region.
Pacific Region Stand in the Electronic Weighing Scale Market?
According to Future Market Insights, Asia-Pacific is expected to provide immense growth opportunities for functional additives and barrier coatings and is expected to reach a share of 20.5% in 2023.
The increased use of packaging material in Asia-Pacific, owing to the changing lifestyle, higher population, growth in cosmetic and personal care as well as the healthcare industry, and rapid urbanization, is expected to propel the consumption of functional additives and barrier coatings market, which in turn is expected to augment the market growth.
According to Future Market Insights, the Middle East & Africa are expected to provide immense growth opportunities for Functional Additives and Barrier Coatings and reach a share of 11.0% in 2023.
Continuous innovation and development in coatings are the major factors that are expected to accelerate the growth of the Functional Additives and Barrier Coatings Market in the Middle East & Africa.
There are many prominent market players in the Functional Additives and Barrier Coatings Market, such as Empowera Technorganics, Plastemart, Dow Inc., Chembid, Technicoat, Michelman, Ashland, Follman, Munzing Chemi, and BIO-LUTIONS, among others.
All these market players are working hand-in-hand to provide the best-in-class Functional Additives and Barrier Coatings solutions for enhancing the global arena. However, many global start-ups in the Functional Additives and Barrier Coatings Market are stepping forward to match the requirements of the Functional Additives and Barrier Coatings domain.
Some of the key participants present in the global Functional Additives and Barrier Coatings market include BASF, Songwon Industrial, Cytec-Solvay Group, Clariant, Addivant, Adeka, Akzonobel, Altana, Amcor, E.I. Du Pont De Nemours, Milliken, and Sabo, among others.
The market is highly competitive due to the presence of such a large number of participants. While global players such as BASF, Songwon Industrial, Cytec-Solvay Group, and Clariant account for a considerable market size, several regional-level players also operate across key growth regions, particularly in Europe.
Recent Developments
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.4% from 2023 to 2033 |
| Base Year for Estimation | 2023 |
| Market Value in 2023 | USD 2,375.49 million |
| Market Value in 2033 | USD 4,015.57 million |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million, Volume in Kilotons, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Application, End User, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | DuPont, Clariant Chemicals Ltd., Addivant USA LLC, Cytec Solvay Group, SONGWON Industrial Co. Ltd., BASF Corporation |
| Customization | Available Upon Request |
The market is valued at USD 2.3 billion in 2023.
DuPont, Clariant Chemicals Ltd., and Addivant USA LLC are the key market players.
The market is estimated to reach USD 4.0 billion by 2033.
Surging demand for PET bottles offering UV protection drives the market prospects.
North America is likely to generate 21.0% revenue in 2023.
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Functional Additives And Barrier Coatings Market
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