Technavio, a leading provider of market research reports, has released its latest study on Extrusion Coatings Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
Market Research Overview: The global specialty chemicals market encompasses businesses specializing in high-value-add chemicals used in the production of a diverse range of products, including fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers focusing on high-value-added chemicals. Factors fueling the expansion of this market include the increasing preference for specialty adhesives and sealants, driven by the burgeoning demand for these products across various industries. The Extrusion Coatings Market is experiencing significant growth, fueled by the increasing demand from packaging industry. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The market size is estimated to grow by USD 1297.2 million, at a CAGR of 4.5% during the forecast period. In the automotive sector, extrusion coatings have gained significant traction due to their advantages, including enhanced acoustics, wear resistance, increased strength, and weight reduction. These coatings are utilized extensively in various automobile components. With the increasing focus on expanding vehicle production worldwide, the automotive industry's growth is driving the demand for extrusion coatings. The popularity of passenger cars, characterized by their compact size, stylish designs, and economic value, is escalating, making them a crucial element of modern lifestyles. Infrastructure development and the automobile industry's expansion in emerging economies will fuel the global extrusion coatings market's growth during the forecast period.
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The extrusion coatings market witnesses significant growth due to the increasing demand for high-performance and functional coatings in various industries. These coatings offer advantages such as improved product aesthetics, enhanced protection, and extended shelf life. Key end-use sectors driving market expansion include food and beverage, packaging, and building and construction. Innovative technologies and sustainable solutions are also fueling market growth.
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