International.
The global functional additives and barrier coatings market is estimated to reach US$4.90 million in 2020 at a CAGR of 5.5% between 2015 and 2020. This growth is driven by the increase in the use of packaging material, especially in Asia and the Pacific, due to lifestyle changes, population growth and rapid urbanization.
Food packaging is the biggest application in this market. It is an important segment of the packaging industry. It is responsible for more than 60% of the global consumer plastic packaging market. Plastic resins play an important role in food packaging due to their low cost, mechanical strength, and ease of processing and manufacturing. Functional additives and barrier coatings are added in plastic resins to strengthen the desired physical, mechanical and barrier properties.
Antioxidants slow the oxidation cycle, usually by scavenging free radicals, preventing polymer degradation, and retain the properties of color, mechanical, and physical properties according to the required standards. Antioxidants improve the chemical resistance of plastics. These are generally used in hydrocarbon polymers such as polypropylene, polyethylene, polystyrene, and ABS. Antioxidant additives find application in food and beverage applications.
