Global extrusion coating market is projected to reach $4,759.3 million by 2023.Economic growth in different regions and expansion in the food and beverage industry are the key factors driving the market growth. Extrusion coating can be defined as the process of applying thin hot films of different types of resins on substrates such as paper and paperboard, aluminum foil, and polymer film. It mainly involves four steps: resin handling or conditioning, substrate handling, material coating, and coated substrate withdrawal.

LDPE is the leading material type in the extrusion coating market and is estimated to contribute more than 70.0% share in terms of value to the market in 2017. This can be attributed to the high melt strength and drawdown properties of the autoclave grades of LDPE, which make them tough and flexible, and suitable for different applications such as food packaging, light-to-heavy duty bag packaging, and textile packaging.

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Based on substrate, paper and paperboard is the dominant category, estimated to hold the largest value share, accounting for more than 45.0%, in the extrusion coating market in 2017. The dominant market share of this substrate can be attributed to its high mechanical strength, biodegradability, and printability. The substrate is commonly used in corrugated boxes, milk cartons, folding cartons, bags and sacks, and wrapping paper.

Liquid packaging is the largest application area of extrusion coating materials. It held the largest value share in the extrusion coating market during the historical period and is estimated to contribute more than 40.0% to the market in 2017. This can be majorly attributed to the large-scale use of these materials in liquid packaging applications in the food and beverage industry, which is flourishing at a high rate owing to increasing population and rising income.

The APAC region is estimated to contribute more than 45.0% value share to the extrusion coating market in 2017. During the forecast period, the market in the region is expected to witness the highest growth at a CAGR of 5.0%. This can be attributed to ongoing industrialization and increasing disposable income in the region, which are boosting the growth of different industries utilizing these coating materials for packaging purposes.

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In January 2016, the International Monetary Fund (IMF) estimated that the economic growth rate of emerging economies would rise from 4.7% in 2017 to 4.9% in 2018. Growth of industries such as food and beverage, personal care, consumer goods, electronics, sporting goods, and healthcare is contributing to the global economic growth. The global healthcare industry is witnessing significant growth owing to digitalization, introduction of artificial intelligence, rise in the number of diseases, and surge in geriatric population.

Some of the major players operating in the global extrusion coating market are Borealis AG, Chevron Phillips Chemical Company LP, DowDuPont Inc., Exxon Mobil Corporation, INEOS Group Holdings S.A., LyondellBasell Industries N.V., Mondi Group, Qenos Pty. Ltd., SABIC, and Westlake Chemical Corporation.