The expansion of the food and beverage industry is one of the major factors pushing up the requirement for extrusion coatings across the world. Due to the surging population of geriatric people, the increasing disposable income of people, and the rising public awareness about health and fitness, the demand for sugar-free, low-calorie, lactose-free, and gluten-free food items is rising sharply. This is boosting the requirement for extrusion coatings across the globe.
According to the International Trade Administration (ITA), the healthcare industry in India was valued at $110 billion in 2016 and this valuation is predicted to grow to $280 billion by 2020, because of the rising demand for medical services and products in the country. This will create a sharp surge in the sales of extrusion coatings in the country in the forthcoming years. Due to these factors, the global extrusion coatings market is set for lucrative growth in the future.
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Geographically, the sales of extrusion coatings will boom in the European and Asia-Pacific regions in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be due to the soaring utilization of paper-based containers and liquid cartons in the food and beverage industry. The increasing disposable income of people and the rapid price deflation are also contributing toward the booming sales of extrusion coatings in these regions.
Hence, it can be said with full confidence that the demand for extrusion coatings will soar all over the world in the upcoming years, primarily because of the expansion of the food and beverage industry and the rising requirement for these materials in this industry.
Read more: https://www.psmarketresearch.com/market-analysis/extrusion-coating-market
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