International.
The global plastic packaging barrier coatings market is currently worth $1.37 billion in 2016, and is expected to grow at 5.2% over the next five years to around $1.76 billion, according to the Smithers Pira study.
Functional additives and barrier coatings are mainly found in food products, which account for 60% of the total market value in the year 2016. While the beverage sector makes up 18.5%.
"The demand for packaging materials that provide greater protection to their contents is increasing, especially for food, beverages and pharmaceuticals. As plastics have become more and more common, concerns have arisen about their ability to enable the exchange of gases and vapors that may compromise the quality and safety of packaged products. A variety of functional additives and barrier coating technologies have been marketed to preserve, protect and promote; optimize product life, reduce the need for preservatives, provide transparency and brightness, and serve as a printing substrate," said Dan Rogers, publication leader at Smithers Pira.
