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 & paperboard products. Paper & paperboard are prominently used for foodservice disposables, printing, and packaging applications.
Consumers demand products that are clean, dry, and damage-free. Functional and barrier coatings for paper & paperboard as a substrates prevent the permeation of water vapor, solvents, fatty acids, oils, or other substances that might hamper the quality of products over a different range of temperatures and conditions. Use of functional and barrier coatings for paper improves the performance and durability of paper for packaging and printing applications.
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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 market in India is 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 Mn by 2023. The functional and barrier coatings for paper market is expected to have an overall positive outlook in the near future.
Since plastic is causing strain on the environment, manufacturers in the functional and barrier coatings for paper market are introducing innovative packaging materials to address this issue. The aim to achieve reusable and recyclable plastic packaging by 2030 in the European Union is garnering the attention of manufacturers in the functional and barrier coatings for paper market. Thus, to create solutions in the current scenario, manufacturers are leveraging the advantages of specialty papers to contribute toward environment-friendly packaging solutions. Manufacturers in the functional and barrier coatings for paper market are increasing research efforts to develop high-performance barrier coatings using copolymers as a potential alternative to conventional plastic materials.
Fiber-based Systems Use Repulpable Paper to Offer Unique Packaging Solutions
Repulpable paper packaging is another concern for manufacturers in the functional and barrier coatings for paper market. Renewed focus on paper materials has increased awareness about eco-friendly fiber-based solutions that are replacing plastic straws, disposable cups, bottles, and the likes. Companies in the functional and barrier coatings for paper market are increasing their efficacy in technologies that replace paraffin wax in paper materials and are exploring techniques that replace fluorocarbon for grease barriers in food-service applications.
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Functional and Barrier Coatings for Paper Market: Competition Analysis
In the global market research 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, CH-Polymers Oy, Sonoco Products Company, Koninklijke DSM NV, BASF SE, and Dow Chemical Company.
As per TMR 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 paper market is 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.