The packaging coating additives market is projected to grow from USD 688.4 million in 2018 to USD 874.5 million by 2023,coatings additives suppliers at a CAGR of 4.9% from 2018 to 2023. Increasing demand for packaged foods is driving the growth of the packaging coating additives market.
The packaging coating additives market, by function is segmented into slip, antistatic, anti-fog, anti-block, and antimicrobial. Antimicrobial additives are used to prevent the growth of infection and fever-causing microorganisms such as bacteria, fungi, algae, mildew, and other parasites. Antimicrobial additives possess characteristics such as water repellency, solubility, and pH stability. They offer improved mechanical properties and high dimensional and chemical stability. The demand for antimicrobial additives is primarily triggered by the growing consumer awareness about health-related infections and the rapid urbanization and growing population in the Asia Pacific region.
By application, the packaging coating additives market is segmented into, food packaging, industrial packaging, healthcare packaging, consumer packaging, and others. Industrial packaging materials such as plastics and paper are likely to sustain damage during distribution and logistics due to dust, fog, static energy, coating additives manufacturer friction, and temperature change. Therefore, packaging materials are coated with additives to protect the package from damages. These additives serve anti-fog, antistatic, slip, and anti-block functions in industrial packaging. The consumer goods industry uses coating additives for packaging of luxury goods as they provide protection against scratches, abrasions, and resistance to chemicals and microbial activities.
Asia Pacific accounts for the largest share of the packaging coating additives market. The market for packaging coating additives in Asia Pacific is witnessing significant growth owing to the increasing demand from the food packaging application in the region. APAC is the hub for foreign investments and booming industrial sectors mainly because of the low-cost labor, easy availability of raw materials, increasing adoption of modern technologies, innovations, and easy availability of inexpensive land. Factors such as growing middle-class population, industrialization, rising disposable income, changing lifestyles, and increasing consumption of packaged products are expected to drive the food packaging industry, thus providing growth prospects to the packaging coating additives market.