Compound Coating Market
The increasing pace of urbanization and the rising number of construction activities are driving the global market for compound coatings. The rising number of industrial applications and increasing number of construction activities in nations such as India, China, and some Southeast nations will help the overall growth of this market in the coming years. Consumers are looking for decision and straightforwardness in food items, driving the infiltration of sound choices further. Expanding per capita utilization of chocolates across the Asian district has been one of the great components prompting the market development of compound chocolates over the gauge time frame. Rising interest for cocoa margarine combined with expanding costs of cocoa spread has been to a great extent adding to the developing requirement for cocoa choices, like vegetable-based oils.
Compound coatings are for the most part utilized in the chocolate business for compound coating of formed confections and are generally utilized due to their appealing cost and their capacity to solidify without hardening. Additionally, compound coatings are generally utilized in the frozen yogurt industry and chocolate industry, where they enhance prepared-to-eat items. Developing well-aware customers have pushed the joining of sound fixings in the compound coating industry.
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Market Outlook
Globally, consumers are becoming more and more concerned about the food products they are consuming, which is pushing the penetration of healthy oils and fats across the globe. Demand for fats based on partially hydrogenated and fractioned vegetable oils has been rapidly growing in markets, such as the U.S., the U.K., Germany, France, Japan, China and other developed markets. Manufacturers are continuously looking for cheap and healthy alternatives, which is bringing innovation in the field of the compound confectionary market. Vegetable fats or compound coatings are produced from raw materials, such as palm oil, soybean oil, rapeseed oil, palm kernel oil and other oils. Cocoa butter is widely used as an essential ingredient in compound coating of chocolates. Compound coatings formulated with fat systems other than cocoa butter are called confectionary coatings or compound coatings. Compound coatings/chocolate coatings are a low-cost alternative to cocoa butter and deliver improved texture, taste and extended stability. The global compound coating market will grow due to escalating consumption of chocolates in Eastern Europe and the Asian region.
Reasons for Covering this Title
Today, consumers are seeking choice and transparency in food products, pushing the penetration of healthy alternatives further. Increasing per capita consumption of chocolates across the Asian region has been one of the prime factors leading to the market growth of compound chocolates over the forecast period. Rising demand for cocoa butter coupled with increasing prices of cocoa butter has been largely contributing to the growing need for cocoa alternatives, such as vegetable-based oils. Compound coatings are mostly used in the chocolate industry for compound coating of molded candies and are widely used because of their attractive price and their ability to harden without tempering. Also, compound coatings are widely used in the ice-cream industry and chocolate industry, where they add extra value to ready-to-eat products. Growing health-conscious consumers have pushed the incorporation of healthy ingredients in the compound coating industry. For example, in 2017, Cargill Incorporated added new coatings and fillings to its compound coating range, focusing mainly on four themes: healthy, sustainable and clean, premium and indulgent. These compound coatings are claimed to be healthier, with reduced sugar and high protein content. Developments likes these will push the market growth of compound coatings in near future. This growth, coupled with improvements in the availability of sustainable and clean label products across the globe, will lead to increasing demand for premium products in both developed and emerging markets, which has further strengthened the global compound coating market.
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Global Compound Coating: Market Segmentation
On the basis of source, the global compound coating market has been segmented as –
- Palm Oil
- Coconut Oil
- Rapeseed oil
- Sunflower Oil
- Palm kernel Oil
- Others
On the basis of application, the global compound coating market has been segmented as –
- Chocolates
- Muffins and Cakes
- Cookies
- Ice-Cream
- Sports Bars
- Others
On the basis of flavor, the global compound coating market has been segmented as –
- Mint
- Vanilla
- Chocolate
- Strawberry
- Caramel
- Butterscotch
- Others
Exhibit 1
Likely Demand Intensity of Compound Coating in Top Chocolate Consuming Markets
Global Compound Coating Market: Key Players
Some of the key players operating in the global compound coating market are The Barry Callebaut Group, Cargill Incorporated, AAK AB, Caldic B.V., DDW The Colour House, Bunge Loders Croklaan, Palsgaard, The Archer Daniels Midland Company, Blommer Chocolate Company, INFORUM and Olam Internationa, among others.
Key Developments
- On July 2017, The Barry Callebaut Group expanded its protein product portfolio by launching its FortiPro Brand of protein compound coatings. This protein compound coating is available in various flavors, such as milk, and various colours, such as white and dark. This protein is used across several application areas ranging from confectionery to the bakery industry.
- In December 2014, The Barry Callebaut Group, one of the major manufacturers of chocolate and cocoa products, expanded its line of colored and flavored compound coatings, thereby delivering compounding solutions for industries, such as bakery, snack bars, ice cream and confectionary. The range also delivers new flavors and textures, such as mint, caramel, butterscotch, strawberry, blueberry and coconut to the global industry.
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Exhibit 2
Opportunities for Market Participants
Consumers across the globe are increasingly looking for food products that are clean and healthy, which has been pushing the manufacturers across the globe to incorporate healthy ingredients into their products. The growing trend of use of protein within the confectionary market has been creating immense opportunities for the confectionery product manufacturers, which they can exploit by focusing on delivering high protein bars in the sports industry. All these factors will fuel the growth of market for compound coatings in near future. Furthermore, the growth in the overall confectionary market has been further pushing the incorporation of flavored compound coatings.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The global coating additives market is expected to expand at single-digit CAGR and will surpass a valuation of US$ 8,851 Mn over the forecast period (2017-2022). A significant growth has been observed in the use of coatings additives in painting of surfaces that are exposed to external issues such as decaying caused by chemicals, abrasion, biocides and high temperature.
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Drivers and Trends in Market
Recently, construction and building sectors has witnessed exponential growth, simultaneously positively impacting on the coating additives sales. Increasing awareness among consumers about significance of using high-quality paint material for houses and buildings is boosting the demand for different types of coating additives. Additionally, introduction of more efficient and advanced coating additives has resulted in greater usage of product in the automobile industry. Latest variants of coatings additives provide superior functionality in keeping the exterior paint work of cars at finest condition for prolonged duration.
Further, coating additives have gained traction in the production of several aviation, furniture and wood products and industrial engineering. However, rising concerns over risk associated with VOC found in coating additives will remain key deterrent for the growth of market. This is resulting in promoting manufacturers to do extra efforts in improving environmental-friendly coating additives like bio-based or water-borne. Introduction of such coating additives will create new market opportunities in near future. These factors are expected to shape dynamics of the market over the forecast period.
Market Analysis on the basis of Segmentation
The solvent based segment, by formulation is likely to maintain its top position in 2017 and further. This segment is currently securing over half of revenue share of the global market. Additionally, the solvent based segment is anticipated to reach valuation more than US$ 4,950 Mn through 2022-end.
Acrylic segment, by product type is likely to retain its dominance over the forecast period, registering a revenue share of more than one-fourth of the global market. This segment is anticipated to surpass a valuation worth US$ 2,400 Mn, witnessing expansion at steady CAGR throughout the forecast period.
The rheology modification segment, on the basis of application type is likely to remain most lucrative during the assessment period. In terms of revenues, this segment currently holds nearly one-third share of the market, and anticipated to increase at single-digit CAGR during 2017 to 2022.
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Europe to Remain Most Lucrative Region
Geographically, Europe is likely to remain dominant region in global coating additives market. The coating additives market in this region is estimated to ride on an impressive CAGR and generate nearly US$ 1,800 Mn by the end of forecast period. This growth is due to influx of emigrants in the country, which is causing huge demand for construction supplies including coating and paint additives for relief shelters and housing. Moreover, coating additives market in Asia Pacific excluding Japan and North America are estimated to expand at steady growth rate throughout the forecast period. However, market in APEJ region is likely to showcase fast CAGR.
Leading companies functioning in the global coating additives market include Solvay SA, BASF SE, Ashland Global Holdings, Inc., Arkema SA., Momentive Performance Materials, Inc., Lonza Group AG, Arch Chemicals, Akzo Nobel NV, BYK-Chemie GmbH, Asahi Glass Co., Ltd., Dow Chemical, and Evonik Industries AG.
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According to ChemAnalyst report, “Global Mixed Xylene Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Mixed Xylene market has shown significant growth in historic period and is anticipated to achieve an impressive CAGR of 6.8% during the forecast period.
As the demand of Mixed Xylene is rapidly increasing in various industries including leather, paints & coatings, pesticides, chemical and others, the manufacturers and consumers are rooting for eco-friendly, sustainable, financial and emerging technologies for the production of Mixed Xylene.
The sustainable production of Mixed Xylenes is highly associated with safety standards that in further enhances the compliance standards.Get more information: https://www.chemanalyst.com/industry-report/mixed-xylene-market-59The Mixed Xylene is an equilibrium mixture of four Isomers that contains the identical chemical formula C8H10 in the order of meta-xylene, ortho-xylene, para-xylene, and ethylbenzene.
Among these isomers, para-Xylene is the most widely used for the production of Polyethylene Terephthalate (PET) , Purified Terephthalic Acid (PTA), solid state resins, PET films and others.
Increasing demand of paraxylene to produce PET bottles by Resistance Temperature Detector (RTD) beverage manufacturers is expected to boost the demand of Polyester resins which will further augment the Mixed Xylene market worldwide in the upcoming years.
During the global crises, due to government restrictions and nationwide lockdowns, many companies halted their operations which hindered the production and global supply chain of Polyester fibres and resins which further affected the Mixed Xylene demand.
The global cellulose acetate butyrate (CAB) market size was estimated to be USD 672.8 million in 2016 and is expected to grow over the forecast period driven primarily by the growth of the paints & coatings market.
In addition, growing demand for decomposable products is expected to spur the demand for cellulose acetate butyrate over the next few years.
However, stringent government regulations related to health hazards has adversely impacted the growth prospect of the market in various regions.
Over and above that, CABs’ unique properties such as high resistance to UV radiations, lower moisture absorption rate, and high impact strength is expected to have a positive impact on its growth prospect in various applications such as blister packaging, printing inks, lacquers, and paints & coatings.
The development of these sectors is expected to augment the growth of CAB subsequently.
China led the cellulose acetate butyrate market in Asia Pacific generating revenues worth USD 133.4 million in 2016.
