Market Scenario
The global plastic coating market Growth is estimated to expand at a staggering CAGR 6.45% over the assessment period (2021-2028) owing to the penetration of plastic coatings in several end-use industries, asserts Market Research Future (MRFR). Plastic coatings prevent corrosion by providing wear resistance finish excluding water and air from the surface of the metal. Plastic coatings are extensively preferred due to their premium-quality finishing, abrasion, high corrosion resistance, and protection from chemical, heat, and moisture.
Drivers and Constraints Impacting the Market
With the growing penetration of plastic coatings in several major end-use industries like building construction, electronics, automotive, and aerospace defense is of the major factors stimulating the market growth over the assessment period. The ease of application, cost-effectiveness, low carbon emission, and light weight are some of the reasons for penetration of end-use industries. Rapid urbanization and industrialization in emerging nations along with changing lifestyle and increasing per capita income are fuelling the market demand for smart phones, gaming devices, laptops, and others. Also, growing demand for durable, light-weight, and fuel-efficient automobiles is likely to foster the market growth over the years.
On the flip side, the huge impact on the environment due to VOC emissions is likely to hamper the market growth during the forecast period.
Global Plastic Coating Market: Segmental Analysis
The global plastic coatings report has been segmented on the basis of technology, type, end-use industry, process, and region.
By mode of type, the global plastic coating market has been segmented into polyesters, acrylics, silicone, epoxy, polyurethanes, and others.
By mode of technology, the global plastic coating market growth has been segmented into solvent-borne and water-borne.
By mode of process, the global plastic coating market has been segmented into thermoplastic dip, powder coating, electrophoretic, PTFE coating, and others.
By mode of end-use industry, the global plastic coating market has been segmented into electronics, aerospace defense, medical, consumer goods appliances, automotive, building construction, and others.
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Regional Insights
Geographically, the plastic coating market growth spans across regions namely, North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.
Among all the regions, Asia Pacific dominated the global plastic coating market in 2021 due to high demand from several end-use industries in this region. The sales of automotive along with high production and rapid urbanization are stimulating the market growth in this region.
North America held the second largest position in the global plastic coating market in 2021 owing to the growing demand from the defense and aerospace sector. Moreover, the flourishing construction industry in this region is likely to stimulate the market growth in this region.
Meanwhile, the European region is estimated to showcase a considerable growth rate due to the exportation and production of lightweight automotive parts in this region. The Latin America region is predicted to witness a significant growth rate owing to the increasing packaging, automotive, and cosmetic industry in this region.
Moreover, the Middle East and African region is likely to showcase a substantial growth rate owing to the demand for infrastructural and construction activities in this region.
Industry News
DSM invests USD 18.12 million to expand capacity at Coating Resins plant in Meppen for the expansion of its Coating Resins plant in Meppen, Germany. The facility is specialized in the production of liquid polyesters and other specialty resins. With the expansion, DSM Coating Resins reinforces its position in the can and coil coatings segment and ensures it remains fit for growth in the BPA-free market.
Competitive Analysis
Some of the major players operating the global plastic coating market are Wacker Chemie AG (Germany), The Valspar Corporation (U.S.), 3M (U.S.), Akzo Nobel N.V. (Netherlands), Clariant (Switzerland), PPG Industries Inc. (U.S.), The Sherwin-Williams Company (U.S.), Bayer AG (Germany), Kansai Paint Co. Ltd. (Japan), Axalta Coating Systems (U.S.), The DowDuPont Inc. (U.S.), Eastman Chemical Company (U.S.), BASF SE (Germany), Diamond Vogel (U.S.)., NIPPON PAINT (Japan), and others.
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