The key growth strategies adopted by Key players include expansions, acquisitions, and new product developments in Packaging Coating Additives Market
The packaging coating additives market is estimated at USD 688.4 million in 2018 and is projected to reach USD 874.5 million by 2023, at a CAGR of 4.9% from 2018 to 2023. The growing demand for packaging coating additives in food packaging and consumer applications is fueling the growth of packaging coating additives market.
Major players operating in the packaging coating additives include Croda International Plc (UK), BASF SE (Germany), Clariant AG (Switzerland), Lonza Group (Switzerland), 3M Company (US), Arkema Group (France), Evonik Industries AG (Germany), Solvay S.A. (Belgium), etc. The key growth strategies adopted by these companies include expansions, acquisitions, and new product developments.
BASF operates as a chemical company, globally, through six business segments, namely, chemicals, performance products, functional materials & solutions, agricultural solutions, oil & gas, and others. The company provides polymer additives through its performance products segment. This segment comprises polymer dispersions, pigments, resins, formulation additives, and high-performance additives, which find applications in the plastics processing, printing, packaging, electronics, and paper industries. BASF SE has a strong global presence with more than 350 production sites. The company is a key player in the polymer additives market and has a strong client base across various verticals ranging from packaging, building & construction, and medical devices, among others. The company is focused on European and North America markets, which contributed around 70% to the company’s overall revenue in 2017. Strategically, the company has adopted both organic and inorganic approaches to increase its share in the packaging coating additives market. For instance, In July 2018, BASF planned to expand the global production capacity for its antioxidant Irganox 1010 by 40%, owing to the increasing demand from customers in Asia and Europe, Middle East and Africa.
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Clariant AG was formed in 1995 as a spin-off of the chemical company Sandoz (Germany). The company, along with its subsidiaries, develops, manufactures, distributes, and sells a variety of specialty chemicals worldwide. It is one of the leading producers of specialty chemicals in the world. Clariant is increasingly investing to carry out R&D activities and to address key concerns, such as energy efficiency, use of renewable raw materials, emission-free mobility, and conserving non-renewable resources. It has been regularly involved in acquisitions to increase its market share worldwide. The R&D department of the company focuses on innovative and advanced technologies, which have enabled the company to launch quality products. For Instance, in June 2018, Clariant inaugurated two new, fully-owned additives facilities at its site in Zhenjiang, China. Clariant produces Ceridust micronized waxes and AddWorks synergistic additive solutions from these facilities for plastics, coatings, and ink industries. This has helped the company expand in the global market. Owing to its high-quality products, the company maintains a strong brand image in the packaging coating additives market.
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Packaging Coating Additives Market by Function (Slip, Anti-Static, Anti-fog, Anti-block, Antimicrobial), Formulation (Water-based, Solvent-based, Powder-based), Application (Food, Industrial, Healthcare, Consumer), and Region - Global forecast to 2023
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