[CAGR of 5.1%] Plastic Coatings Market is Likely to Experience a Tremendous Growth by 2027

The global plastic coatings industry garnered $6.5 billion in 2019, and is projected to generate $8.8 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.

Allied Market Research published a report, titled, "Plastic Coatings Market by Type (Polyurethane, Acrylic, Epoxy, and Others), Process (Dip Coating, Spray Coating, Powder Coating, Electrophoretic Painting, and Others), and End-Use Industry (Automotive, Aerospace & Defense, Building & Construction, Medical, and Others): Global Opportunity Analysis and Industry Forecast 2020-2027."

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Prime determinants of growth

The ongoing trend of lightweight vehicles and increase in adoption from the construction industry propel the growth of the global plastic coatings market. However, strict environmental policies and regulations regarding volatile organic content (VoC) restrict the market growth. On the other hand, emerging end-use industries in developing nations create new opportunities in the next few years.

Leading Market Players

Axalta Coating Systems

BASF SE

AkzoNobel N.V.

Keyland Polymer

Covestro AG

PPG Industries Inc.

Wacker Chemie AG

The Sherwin-Williams Company

Kansai Paint Co., Ltd.

Arsonsisi s.p.a.

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Key findings of the study

The report outlines the current market trends and future scenario of the plastic coatings market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.

The plastic coatings market size is provided for end use industries of various countries.

On the basis of region, the Europe plastic coatings market gained a share of 30.0% in terms of revenue in 2019.

The building & construction segment garnered a share of 29.0% in terms of revenue in 2019.

On the basis of process, the powder coating segment gained a share of 23.5% in terms of revenue in 2019.

On the basis of type, the acrylic segment garnered 20.5% share in terms of revenue in 2019.

The epoxy segment to maintain its lead position during the forecast period

By type, the epoxy segment held the highest market share, accounting for nearly two-fifths of the total market share of the global plastic coatings market in 2019, and will maintain its lead position during the forecast period. This is due to its adoption in different applications for its benefits such as better finishing, durability, economical nature, and others. However, the acrylic segment is estimated to grow at the highest CAGR of 5.8% from 2020 to 2027. This is attributed to its benefits including excellent UV resistance, moisture protection, and others.

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The spray coating segment to maintain its dominant share throughout the forecast period

Based on process, the spray coating segment contributed to the largest share in 2019, accounting for more than one-fourth of the global plastic coatings market, and is projected to maintain its dominant share throughout the forecast period. This is attributed to its widespread adoption in construction, automotive, and others as it offers ease in applications. However, the powder coating segment is expected to manifest the fastest CAGR of 5.9% during the forecast period, owing to construction of intricate shapes and elimination of pretreatment of components.

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Asia-Pacific, followed by North America, to grow at the fastest rate

By region, Asia-Pacific, followed by North America, is projected to witness the largest CAGR of 5.6% from 2020 to 2027. In addition, this region held the largest share in terms of revenue in 2019, accounting for more than one-third of the total share, and will maintain its lead position by 2027. This is attributed to grow of the macroeconomic factors such as GDP growth, industrial production, new residential and commercial construction, and automotive production. The global plastic coatings market report also explores regions including Europe and LAMEA.

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