Chicago, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The Global Water-Based Barrier Coatings Market size is projected to grow from USD 1.2 billion in 2023 to USD 1.6 billion by 2028, at a CAGR of 6.3%, as per the recent study by MarketsandMarkets™. One significant area of development is lightweight food wraps tailored for carryout food service applications. With the increasing demand for takeaway food, this product grade is expected to witness substantial growth. Market analysis indicates that this trend is fuelled by global megatrends and the expansion of the "food-on-the-go" industry.
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267 - Market Data Tables
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List of Key Players in Water-Based Barrier Coatings Market:
- Altana Group (Germany), BASF SE (Germany)
- H.B. Fuller Company (US)
- Kuraray Co., Ltd (Japan)
- Sonoco Products Company (US)
- Michelman, Inc (US)
- Imerys (France)
- Solenis (US), Dow Inc (US)
- Omya AG (Switzerland)
Key Findings of the Study:
- The paper and cardboard segment is expected to account for one of the largest shares in 2023.
- The food and beverage packaging segment are expected to account for the largest share in 2023.
- Europe is expected to account for the largest share in 2023.
Food wraps with oil and grease resistance (OGR) are particularly suitable for initial applications of water-based barrier coatings. The contact duration between the OGR barrier and the food it protects is relatively short (around one hour) compared to products in prolonged contact throughout their shelf life, which can extend to several months. Consequently, lightweight food wraps necessitate achieving OGR barriers at minimal coat weights, emphasizing the importance of cost-effectiveness, consistent basis weight, and ensuring compatibility with paper machine processes while maintaining repulp ability and recyclability.
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Water-based barrier coatings have emerged as a dynamic and environmentally responsible solution in the packaging industry. These coatings are witnessing substantial growth in the market, driven by a convergence of factors that align with sustainability, product protection, and regulatory compliance. As consumers and industries increasingly prioritize eco-friendly and safe packaging options, water-based barrier coatings have garnered significant attention and market share.
One of the primary drivers of this growth is the global shift towards sustainability. With mounting concerns about environmental conservation, reduced plastic usage, and the impact of non-biodegradable packaging materials, water-based barrier coatings have positioned themselves as a compelling alternative against other competitive products. Manufactured using natural sources and without plastics, these coatings offer a sustainable and biodegradable option that significantly reduces the carbon footprint of packaging materials.
Europe's robust ecosystem for research and development (R&D) plays a vital role in advancing the water-based barrier coatings industry. The region houses numerous research institutions, universities, and companies specializing in material science and packaging technology. This collaborative environment fosters continuous innovation, driving the development of advanced barrier coatings. European manufacturers invest significantly in R&D to create cutting-edge water-based barrier coatings that cater to evolving packaging demands. Europe benefits from close collaborations between packaging companies and end-user industries such as food & beverage and pharmaceuticals. These partnerships enable the customization and seamless integration of water-based barrier coatings into packaging solutions that meet industry-specific standards and regulations. European consumers are increasingly conscious of the environmental impact of packaging materials. Water-based barrier coatings, known for their sustainability and safety, resonate with eco-conscious consumers, further propelling their adoption.
The dominance of water vapor barrier coatings in the water-based barrier coatings market for packaging can be attributed to several key factors. Firstly, these coatings are critical in preserving product freshness and quality by effectively minimizing moisture ingress. This is particularly essential in industries such as food and pharmaceuticals, where moisture-related issues such as spoilage and degradation can be detrimental. Secondly, water vapor barrier coatings act as protective shields, safeguarding packaged goods from external environmental factors such as humidity and rain, ensuring product integrity during transportation, storage, and display.
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These coatings are known for their ability to maintain the stability of moisture-sensitive products, such as pharmaceuticals and electronics. This stability is vital for ensuring the contents remain unharmed throughout their lifecycle. Water vapor barrier coatings also comply with stringent regulatory standards, making them suitable for industries where product safety, quality, and hygiene are paramount.
The food & beverage industry's remarkable growth is driven by changing consumer preferences favouring convenience, healthier options, and ready-to-eat products due to busy urban lifestyles, rising incomes, and health awareness. Globalization and easy international trade expand the variety of available cuisines and Flavors, while the surge in e-commerce and food delivery boosts demand for packaged foods. Investment in R&D fuels innovation, introducing plant-based alternatives and functional foods.
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