Functional Additives And Barrier Coatings Market

Functional Additives and Barrier Coatings Market Snapshot (2023 to 2033)

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.

Which Are Some Prominent Drivers Spearheading Functional Additives and Barrier Coatings Market Growth?

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.

What Are the Challenges Faced by the Functional Additives and Barrier Coatings Industry?

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.

Why Is North America Emerging as an Opportunistic Functional Additives and Barrier Coatings Market?

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.

How Is Europe Contributing to Functional Additives and Barrier Coatings Market?

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.

Where Does the Asia-Pacific Region Stand in the Electronic Weighing Scale Market?

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.

How Is Middle East & Africa Contributing to the Electronic Weighing Scale 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.

Role of Start-up In Functional Additives and Barrier Coatings Market

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.

• In June 2022, Dow’s recyclable packaging solution, enabled by INNATE™ TF Polyethylene Resins for Tenter Frame Biaxial Orientation (TF-BOPE), which is officially certified in China to reduce carbon emissions by 35 percent compared to traditional unrecyclable packaging materials, supporting brand owners in achieving their carbon reduction goals. TÜV Rheinland, a leading global testing service provider, has certified that the all-PE recyclable packaging created with Dow’s INNATE™ TF-BOPE emits 0.0194 kg carbon dioxide equivalent (CO2e) during its lifecycle. In contrast, traditional stand-up pouch packaging made with polyethylene (PE) and polyethylene terephthalate (PET) composite materials emits 0.0297 kg CO2e.
• In February 2017, Empowera Technorganics launched a wide range of UV and aqueous coatings and packaging adhesives, especially for rigid box manufacturing at PrintPack India 2017. Empowera manufacturers dry lamination adhesive, wet lamination adhesive, flute lamination adhesive, adhesive for envelope making and bookbinding, and pressure sensitive adhesive.

Market Competition

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

• In May 2022, Solvay launched the Kalix® 10000 series, an ideal structural material for precision electronics components used in smart devices, to complement its Kalix® product line. The newest HPPA-based material is set to take performance and sustainability to the next level. The Kalix® 10000 series, a partially bio-based material made with renewable feedstock from non-food competing sources, is produced with 100% renewable electricity.
• In May 2022, Amcor’s latest technology exceeded market standards, delivering a bottle that is up to 30% lighter and can be made with 100% recycled material. Amcor Rigid Packaging (ARP) announced the creation and launch of PowerPostTM. By actively displacing the vacuum in the container after filling, PowerPost technology delivers a bottle nearly one-third lighter, with 30% energy reduction and 30% carbon savings over most 20 oz (600 ml) bottles available today. It also allows for up to 100% recycled material use and provides a superior consumer experience - no more spills from overflow when consumers first open their beverage.

Report Scope

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

Key Segments Profiled In The Functional Additives and Barrier Coatings Industry Survey

By Product Type:

• Oxygen Scavenger
• UV Stabilizer
• Antistatic
• Antimicrobial Agent
• Antioxidant

By Application:

• Polyolefin
• Styrene
• PVC
• Elastomers & Latex

By End User:

• Food & Beverage Industry
• Pharmaceutical Industry
• Cosmetics and Personal Care
• Healthcare

By Region:

• North America
• Latin America
• Europe Functional
• Asia Pacific
• Middle East & Africa

Frequently Asked Questions

What is the Present Market Size in 2023? 

The market is valued at USD 2.3 billion in 2023. 

Who are the Key Market Players? 

DuPont, Clariant Chemicals Ltd., and Addivant USA LLC are the key market players. 

How Big will be the Market in 2033? 

The market is estimated to reach USD 4.0 billion by 2033. 

What Drives the Sales of Functional Additives and Barrier Coatings? 

Surging demand for PET bottles offering UV protection drives the market prospects. 

What is the Expected Market Share of North America in 2023? 

North America is likely to generate 21.0% revenue in 2023.