Functional and barrier coatings market to grow TMR study shows
Transparency Market Research’s (TMR) latest report on functional and barrier coatings for paper, which looks at revenue increases, indicates that this market sector is expected to yield a compound annual growth rate (CAGR) of 5.5% during the forecast period.
Functional and barrier coatings are applied on paper with various barrier and functional materials to enhance the performance of paper. Functional and barrier coatings provide barrier to oil, water vapors, grease, and enhance printing capabilities of paper and paperboard products. Paper and paperboard are prominently used for food service disposables, printing, and packaging applications.
Geographically, the Asia Pacific holds nearly half of the total market share, in terms of revenue, of the global functional and barrier coatings for paper market, and this market in the region is projected to witness substantial growth in the near future. The functional and barrier coatings for paper markets in India are anticipated to exhibit a substantial CAGR during the forecast period, attributable to the presence of a large pool of suppliers and manufacturers in the country. Europe is anticipated to grow by 1.2x of its current value by the end of 2023. Italy, Germany, and Russia are anticipated to create cumulative incremental revenue opportunity of US$ 66 million by 2023. The functional and barrier coatings for the paper industry are expected to have an overall positive outlook in the near future, according to the study.
In the TMR global market report for functional and barrier coatings for paper, the competition landscape is discussed comprehensively. Key market players profiled in the functional and barrier coatings for paper market report are Cortec Corporation, Sierra Coating Technologies LLC, Stora Enso Oyj, Michelman, Inc., Coatings & Adhesives Corp, Omnova Solutions Inc., Cattie Adhesive Solutions Llc, SNP, Inc., ALTANA Group, CHPolymers Oy, Sonoco Products Company, Koninklijke DSM NV, BASF SE, and Dow Chemical Company.
As per report analysis, BASF SE and Dow Chemical Company are recognized as prominent players operating in the functional and barrier coatings for paper market. Stora Enso Oyj, Omnova Solutions Inc., and Koninklijke DSM NV cumulatively hold ~3-5% of the total share of the functional and barrier coatings for paper market. However, the functional and barrier coatings for the paper market are found to be fragmented, with the presence of numerous regional and unorganized market players. These participants are expected to transform the regional market dynamics by offering functional and barrier coatings for paper at competitive prices.
(These insights are based on a report on Functional and Barrier Coatings for Paper Market by Transparency Market Research.) www.transparencymarketresearch.com