ID: MRFR/CnM/1175-HCR | 116 Pages | Published By Chitranshi Jaiswal on April 2023
The plastic coatings market share is increasing rapidly and was valued at USD 6.22 Billion in 2020. Plastic coatings give durability to objects and protect metal surfaces from corrosion. These coatings perform decorative and protective functions on metal surfaces.
With rapid development in the Automobile and aerospace industry, the demand for lightweight and durable manufacturing materials is increasing. Hence, the plastic coatings market is finding high demand in these sectors. Moreover, plastic coatings also have wide applications in industrial machinery manufacturing and cookware manufacturing. The Global plastic coatings market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 6.45% over the forecast period (2021-2030).
Plastic coatings protect surfaces from wear and tear such as corrosion, scratches and also against mechanical pressures. Therefore, these coatings help to enhance the service life of objects and are in high demand from end-user industries. The global plastic coatings market is estimated to be worth USD 10 billion by the end of the current forecast period in 2030.
Covid 19 had a negative impact on the global plastic coatings market. With lesser demand from major end-user industries, the demand curve bent downwards. There was a recession in the automobile and aerospace industry which are the major demand generators for plastic coatings. Therefore, it led to a rapid decline in the market share of plastic coatings over the acute pandemic period.
The restrictions on travel and movement of goods meant for curbing the virus spread disrupted the global supply chain. Moreover, a halt in the production process too affected the market leading to partial demand fulfillment. However, the market is showing swift recovery after significant relaxation on precaution norms globally.
The amazing benefits of plastic coatings such as wear resistance, durability, electrical insulation, and decorative properties are increasing its demand in various end-user industries. The rapid growth of the automotive, aerospace, and construction industry is driving the growth of the plastic coatings market. There has been a significant rise in demand for lightweight and durable manufacturing materials in the automotive and aerospace industry which is, in turn, increasing the demand for plastic coatings.
The advancement in plastic coatings technology is also likely to fuel market growth. The development of eco-friendly and less waste generating methods such as spray coating, bio-based coatings, etc. will bring a positive impact on the market. Moreover, increasing demand for durable, high-end finished goods such as consumer electronics is also fueling the market growth.
The growing concern for the r negative environmental effects of plastic coating chemicals is the major challenge for the plastic coatings market. The stricter government regulations are likely to hinder market growth. The other major hindrance is the volatile nature of raw materials (oil) price which has a direct impact on the plastic coatings market.
The plastic coating is the application of liquid polymers or plastic on the surface of a workpiece to give a thick & wear-resistant finish. Plastic coatings perform protective and decorative functions to enhance the service life of metals. The major functions of plastic coatings are:
Different electrical and non-electrical methods are employed to apply coatings on metal surfaces. Moreover, different polymers such as plastisol, latex, neoprene, polyurethane, and epoxy form the base materials for coatings according to choice.
Among different types of coating materials, the polyurethane segment occupies the largest market share. This dominance is due to its better properties such as high abrasion resistance, high cut and tear resistance, colorability, etc. Moreover, it performs better than other types under extreme weather conditions. Polyurethane covers are flexible and do not crack under high and low temperatures.
The dip-coating process dominates the plastic coatings market. This is a cost-effective and easy method of plastic coating. This method offers several advantages such as high efficiency and the ability to adjust layer thickness.
However, spray coating is the fastest-growing market segment. Less wastage and high deposition efficiency are the markets driving factors for this segment.
The automotive and aerospace & defense industries are the major end-users of plastic coatings. Plastic coatings are essential for providing color effects on automobiles. Plastic coatings are used in battery trays, radiator grilles, seat springs, and brackets, filler pipes, door handles, and seat belt loops, etc. in automobiles. The growing demand for lightweight and durable manufacturing materials is likely to boost the market growth.
North America is the leading segment of the plastic coatings market by region. Greater prevalence of automotive, aerospace & defense, and industrial machinery manufacturing Industries leads to higher demand for plastic coatings.Moreover, huge demand for high-end finish metal goods is also driving the market growth in this region.
The Asia Pacific is the fastest growing regional market for plastic coatings. This rapid growth is due to the booming construction and automotive industry in this region. This region is emerging as the global manufacturing base for Automobiles and Industrial appliances. Therefore, the substantial growth of these major end-user industries in this region will fuel the market growth over the forecast period.
Europe also accounts for a substantial market share owing to high demand from the automotive sector. Greater manufacturing of luxurious and semi luxurious vehicles in this region generates huge demand for plastic coatings.
There is a booming plastic coatings market in the Middle East region owing to high demand from construction and heavy industries. The Latin American and African markets are expected to show moderate growth over the forecast period.
This report will be beneficial for every stakeholder of the plastic coatings market such as :
This report provides an in-depth analysis of the plastic coatings market in terms of current value and future forecast. We have also identified the problems and prospects of the given market.
Moreover, technological analysis of the product will greatly help to make decisions about investment in the product. Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the plastic coatings market.
|Market Size||2030: USD 10 billion|
|CAGR||2030: 6.45% CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Technology, Process, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||The DowDuPont Inc. (U.S.), BASF SE (Germany), The Sherwin-Williams Company (U.S.), PPG Industries, Inc. (U.S.), Axalta Coating Systems (U.S.), Akzo Nobel N.V. (Netherlands), The Valspar Corporation (U.S.), Bayer AG (Germany), Kansai Paint Co.,Ltd. (Japan), Clariant (Switzerland), Wacker Chemie AG (Germany), 3M (U.S.), Eastman Chemical Company (U.S.), NIPPON PAINT (Japan), and Diamond Vogel (U.S.)|
|Key Market Opportunities||increasing penetration of plastic coatings in major end-use industries such as automotive, electronics, aerospace & defense, building & construction|
|Key Market Drivers||
The amazing benefits of plastic coatings such as wear resistance, durability, electrical insulation, and decorative properties are increasing its demand in various end-user industries.
North America is the leading market segment of the plastic coatings market owing to the greater prevalence of automotive, aerospace & defense, and industrial machinery manufacturing Industries.
The dip-coating process dominates the plastic coatings market owing to its cost-effectiveness and easy procedure.
The major global companies playing a key role in the plastic coatings market are : ● The DowDuPont Inc. (U.S.) ● BASF SE (Germany) ● The Sherwin-Williams Company (U.S.) ● PPG Industries, Inc. (U.S.) ● Axalta Coating Systems (U.S.) ● Akzo Nobel N.V. (Netherlands) ● The Valspar Corporation (U.S.) ● Bayer AG (Germany) ● Kansai Paint Co.Ltd. (Japan) ● Clariant (Switzerland) ● Wacker Chemie AG (Germany) ● 3M (U.S.) ● Eastman Chemical Company (U.S.) ● NIPPON PAINT (Japan) ● Diamond Vogel (U.S.)