Press release
Plastic Coating Market Size, Analysis, Trends, Forecast 2018-2023 by The DowDuPont, BASF SE, The Sherwin-Williams Company, PPG Industries, Axalta Coating Systems, Bayer AG, Kansai Paint, Clariant, Wacker Chemie AG, 3M, NIPPON PAINT and Diamond Vogel
Penetration of Plastic Coatings to Foster the Global Plastic Coating Market during the Forecast Period
Research and developments in this segment are opening up various avenues that can impact the plastic coating market during the forecast period. For instance, Hind High Vacuum Co (HHV) in April 2018, developed a new method of vacuum coating with the power to shield electronic devices from electromagnetic radiation interference (ERI) in diverse sectors such as electronics, telecommunications, medical instrument, flat panel displays, sensors, aircraft canopies, and membrane switches.
Market Competition:
Major manufacturers’ involvement in continuous R&D activities and product development has made the market competitive. Some of the key players operating in the Global 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), and others.
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Segmentation:
The Global Plastic Coating Market can be segmented by Type, Technology, Process and End-User Industry.
Type-wise segmentation includes acrylics, polyesters, epoxy, silicone, polyurethanes, and others. Among these, polyurethane is the most popular and generates the maximum revenue owing to its various benefits, such as strength, flexibility, abrasion resistance and moisture resistance. Judged on curing time, polyurethanes are the fastest. Polyurethanes can be applied on the diverse surfaces, such as wood, plastic, and other surfaces. Epoxy coatings are also popular owing to their quick-drying nature and providing a tough and protective coating. Acrylic coating plays a substantial role in architectural coatings.
On the basis of Technology, the market is segmented into water-borne and solvent-borne. Solvent-borne coatings have one major advantage over water-borne coatings, with the former being less susceptible to environmental conditions. However, the eco-friendly nature of water-borne coatings could work to its benefit.
By Process, the market is segmented into powder coating, electrophoretic, thermoplastic dip, polytetrafluoroethylene (PTFE) coating, and others. Dip coating requires no expensive equipment. In addition, it can coat complex shapes. Powder coating is eco-friendly and offers high-quality finishes. The electrophoretic coating is mainly used for metal components. Hence, it has a major hold over the automotive market.
End-User Based segmentation includes automotive, building & construction, aerospace & defense, electronics, consumer goods & appliances, medical, and others. Automotive segment dominates the market and can continue its dominance till 2023. Properties of plastic coatings such as high strength and better adhesion contribute the most to the automotive industry.
Regional Analysis:
On the Basis of Region, the Global Plastic Coatings Market has been segmented into Asia Pacific, North America, Europe, Latin America and the Middle East & Africa.
The Asia Pacific market can be dominant owing to rapid changes in urban lifestyle. Various end-user industries are also booming, thus, spurring a need for Plastic Coatings. The burgeoning automotive sector is proving to be a catalyst for the growth of Plastic Coating Market. Hot and humid climatic condition is also a driving factor, as well as, increasing oil & gas and mining activities in the region. China has been experiencing a growing demand owing to a rise in civil and marine industries. Japan and Taiwan contribute demand-wise, as they are leading manufacturers of electrical and electronic gadgets.
North America is second only to Asia Pacific. Owing to a rise in aerospace & defense industry and a flourishing construction industry, North America is expected to generate a handsome share of the global market revenue.
Europe is deemed to witness a steady growth during the forecast period due to a massive escalation in the automotive industry. In addition, growing population and rising disposable income levels are also expected to boost the market during this period.
The surge witnessed in automotive sales and an expanding packaging and cosmetic industry are factors expected to boost the Latin American market of Plastic Coatings.
The Middle East & Africa market is also expected to record a significant growth rate due to the demand for Plastic Coatings in construction and infrastructural activities.
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Overview:
The Global Plastic Coating Market is all set to experience a boost from rapid industrialization, urbanization, and booming automotive sector during the forecast period (2018-2023), Market Research Future (MRFR) reports. The global market is experiencing a significant rise owing to a growing demand for Plastic Coatings from end-user industries such as automotive, electronics, aerospace & defense, building & construction, and others. Plastic Coatings are cost-effective, easily applicable, light-weight and have minimal carbon emission and are the most preferred material for diverse industry verticals.
Drivers and Restraints:
Plastic Coatings are helpful in protecting electronic circuitry from dust, moisture, chemical and high temperatures. Electronic industry is expected to reap the maximum benefit of these advantages and in the process can fuel the demand for Plastic Coatings during the forecast period.
Plastic coating possesses characteristics such as corrosion inhibition, abrasion resistance, thermal resistance, chemical resistance, UV resistance, lubrication, mechanical property enhancement, and surface finish. It can maintain the aesthetics of the end product. This has given rise in demand for Plastic Coatings in automotive and aerospace & defense industries. Research & development for the bio-based coatings is to fuel the growth of this global plastic coating market further.
However, its impact on the environment due to volatile organic compounds (VOC) emissions can hinder the growth rate during the forecast period.
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