COVID-19 Impact on Plastic Coatings Market
The Coronavirus, which is responsible for current pandemic across the globe, is transmitted between people majorly via respiratory droplets. However, it is known that the Corona Virus remains stable on various surfaces for long period of time. Therefore, it is necessary to be able to sterilize surfaces with high contamination potential.
Outlook for plastic coatings market is projected to remain positive despite short term impact of COVID -19. Demand for plastic coatings varieties are highly linked with growth in automotive, building & construction, electronics, aerospace & defense, and medical industries. Apart from medical industry, most of these industries were greatly impacted due to COVID 19 Pandemic.
According to Market Research Future, the global market for plastic coatings market before COVID-19 pandemic was projected to grow more than 5.5% from 2019 to 2025. However, after the global pandemic, the demand for plastic coatings is projected to sluggish during and post pandemic situation on account of sluggish growth in the end use industries especially automotive, aerospace & defense, electronics, and building & Construction.
Automotive segment dominates plastic coatings market in the global market and is projected to continue its domination over the forecasts period. The COVID 19 pandemic has had severe and swift impact on the global automotive industry which is integrated in nature. Symptoms include a disruption in exports of Auto parts in China, interruptions in large scale manufacturing across Europe and shut down of assembly plants in the US. These factors are projected to have major influence affecting the demand for auto parts, which in turn, demand for plastic coatings over the forecasts period.
In global market, building & construction is also one of the major contributing sectors in the market growth of plastic coatings globally. According to the survey carried out by China National Coatings Industry Association, most of major coatings companies have resumed the manufacturing activity in March in China. Unless the pandemic is quickly controlled in emerging economies such as Brazil, Mexico, India, and among others, many companies that depend upon cross border supply chain will be in trouble.