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Plastic Coatings Market Size, Share, Growth Analysis Trends And Forecast 2024-2033
Plastic Coatings Market Size
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According to The Business Research Company's, The plastic coatings market size has grown steadily in recent years. It will grow from $6.42 billion in 2023 to $6.68 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to growth in the automotive industry, rising use of protective coatings, advancements in packaging technologies, rising awareness of environmental protection, and growth in medical device manufacturing.
The plastic coatings market size is expected to see steady growth in the next few years. It will grow to $7.90 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to expansion of anti-microbial coatings, growing application of nanotechnology, rise of functional coatings, growth in lightweighting initiatives, and adoption of smart coatings. Major trends in the forecast period include rising demand for electric vehicles, growing focus on sustainable coatings, urbanization and construction growth, an increase in consumer electronics demand, and stringent health and safety regulations.
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Market Drivers and Trends:
The increasing demand for automotive and transportation is expected to propel the growth of the plastic coatings market going forward. Automotive and transportation refers to the design, manufacturing, and operation of vehicles and systems that move people and goods, including cars, trucks, buses, trains, airplanes, and related infrastructure. The increasing demand for automotive and transportation is driven by urbanization, rising incomes, a growing population, and a need for efficient and convenient mobility solutions. Plastic coatings in automotive and transportation protect vehicle components from corrosion, wear, and environmental damage while enhancing durability and aesthetics. For instance, in May 2024, according to the Australian Bureau of Statistics, an Australia-based government agency, the earnings before interest, tax, depreciation, and amortization (EBITDA) for the transport, postal, and warehousing industry increased by 14.4% ($5.2 billion), building on an 11.6% ($3.8 billion) growth in the previous year (2021-22). Therefore, the increasing demand for automotive and transportation is driving the growth of the plastic coatings market.
Major companies operating in the plastic coatings market are focusing on developing innovative solutions, such as textured epoxy coating technology, to offer increased bond strength, damage tolerance, and corrosion resistance for both horizontal and vertical concrete projects. Textured epoxy coating is an epoxy-based coating with a rough or textured finish designed to provide a non-slip surface and enhance aesthetic and functional properties. It is commonly used in environments requiring durability, chemical, and slip resistance. For instance, in April 2024, Sherwin-Williams Company, a US-based paint and coating manufacturing company, launched the Sher-Bar TEC, a transformative new coating technology for the concrete industry. Sher-Bar TEC by Sherwin-Williams features an advanced formulation with exceptional durability and chemical resistance while maintaining a smooth finish. Its transformative technology allows for faster application and curing, offering long-lasting protection with minimal downtime.
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Major Key Players of the Market:
BASF SE, DOW Chemical Company, Wanhua Chemical Group Co. Ltd., Sherwin-Williams Company, PPG Industries Inc., Evonik Industries AG, Solvay, AkzoNobel N.V., Sika AG, Nan Ya Plastics Corporation, Nippon Paint Holdings Co., Ltd., Wacker Chemie AG, Masco Corporation, Huntsman Corporation, RPM International Inc., Axalta Coating Systems, Asian Paints Ltd., Kansai Paint Co., Ltd., Jotun Group, Pidilite Industries Limited, Rust-Oleum Corporation, Berger Paints, Hempel A/S, CTM Coatings
Plastic Coatings Market 2024 Key Insights:
• The plastic coatings market size is expected to see steady growth in the next few years. It will grow to $7.90 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Rising Automotive And Transportation Demand Fuels Growth In The Plastic Coatings Market
• Innovative Ternary Nanocomposite Coatings Offer Enhanced Barrier Performance And Durability
• North America was the largest region in the plastic coatings market in 2023
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