Release coatings are used in a wide range of applications owing to high tensile strength and tear resisting properties. The rising growth of pharmaceutical, cosmetic and healthcare industries across the globe is substantially affecting the growth of the release coatings market.
The global release coatings market has been driven by a range of application such as labels, tapes, medical, food and bakery and personal care among others. Moreover, it is estimated that the labels and tapes application sector is set to witness the highest growth due to the growing application of release coatings in both secondary and primary labels which are extensively used in the packaging industry.
Some of the prominent players operating in the global release coatings market are KISCO Limited (Japan), The Dow Chemical Company (U.S.), Cytec Solvay Group (U.S.), and BASF SE (Germany). Dow Corning Corporation (U.S.), Wacker Chemie AG (Germany), Momentive inc. (U.S.), Evonik Industries AG (Germany), Shin-Etsu Chemicals Co., Ltd. (Japan), and OMNOVA Solutions Inc. (U.S.).
The global release coatings market is segmented into material, formulation, and application. On the basis of material, the market is segregated into silicone and non-silicone. The market by formulation is bifurcated into solvent based, water based and oil emulsions. The market by application is further segregated into labels, tapes, hygiene, industrial, medical, food & beverages, and others.
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The silicon based release coatings material segment is anticipated to observe a higher CAGR during the forecast period. The enhanced and superior qualities of these release coatings such as resistance to moisture, abrasion and slip, improved adhesion and anti-blocking properties find application in postage stamps, bar code, envelopes and others. Moreover, the growing demand from medical, packaging and automotive is also significantly adding to the growth of the segment.
The global release coatings market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at an exponential CAGR. The presence of the most populated countries of the world such as India and China has augmented the demand for various sectors such as food and beverage, personal care, home care, and automotive among others, which, in turn, is anticipated to fuel the demand for release coatings in the region. Moreover, the growing processed food demand mainly in Japan, India and China owing to the growing working population and changing lifestyle is also expected to contribute to the market.
The European region is estimated to witness a significant growth in the countries owing to burgeoning personal care, pharmaceutical industry and packaging. The increasing use of release coatings in baby diapers and female sanitary products is also adding to the market growth.
The North American release coatings market is mainly driven by the U.S. and Canada. The presence of the developed end-user industries coupled with the increasing adoption rate is contributing significantly to the growth of the market. Moreover, the growing use in processed food and bakery among others is fuelling the growth of the release coatings market in this region. Furthermore, the developed packaging industry coupled with increasing export of food products from the region has augmented the use of release coatings in bar codes and product informative labels among others.
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