Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 6.57 Billion | USD 10.28 Billion | 5.1% | 2023 |
Zion Market Research has published a report on the global Plastic Coating Market, estimating its value at USD 6.57 Billion in 2023, with projections indicating that it will reach USD 10.28 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 5.1% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Plastic Coating Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
The global Plastic Coating market accounted for USD 7.3 Billion in 2020 and is expected to reach USD 10.2 Billion by 2028, growing at a CAGR of 4% from 2021 to 2028.
Plastic coatings are utilized in various applications in several sectors like oil & gas, building & construction, automotive, electronics, aerospace, and defense. Some Functional uses of plastic coatings include corrosion inhibition, thermal resistance, abrasion resistance, chemical resistance, UV resistance, lubrication, mechanical property enhancement, surface finish, and esthetics. Implementation of an upper number of environmentally-friendly regulations is predicted to encourage manufacturers within the coatings industry to choose water-based plastic coatings. The plastic coating market has witnessed significant growth owing to rising demand for the industry. Moreover, the increasing demand from the development sector provides an enormous market opportunity for the key players operating within the plastic coatings market. However, the decline in the automotive industry is projected to hamper the general growth of the plastic coatings market.
With the presence of an outsized pool of participants, the worldwide plastic coating market is displaying a highly competitive business landscape. Players are focusing aggressively on innovation, also as on including advanced technologies in their existing products. Over the approaching years, they're also expected to require partnerships, and mergers & acquisitions as their key strategy for business development. During a major relief to the plastic coating market, researchers at the Georgia Institute of Technology found that when plant cellulose is combined with chitin, the hard substance or substrate that creates up clamshells of shellfish also as exoskeletons of lobsters, it produced recyclable plastic coatings.
COVID-19 Impact Analysis:
The global plastic coating market has witnessed a slight decline in sales for the short term to the lockdown enforcement placed by governments to contain COVID spreading. The restrictions imposed by various nations to contain COVID had stopped the production resulting in disruption across the whole supply chain. However, the global markets are slowly opening to their full potential, and theirs a surge in demand. The market would remain bullish in the upcoming year. Various scenarios have been analyzed based on inputs from various secondary sources and the current data available about the situation.
Wide product demands from the automotive & construction sectors alongside user-friendly & features are anticipated to reinforce the plastic coating market trends over subsequent few years,” says the author of this study. aside from this, the plastic coating is more durable & efficient as compared to its traditional counterparts and has the power to reinforce the performance. Rapid urbanization witnessed in developing countries and high product demand in these economies is projected to spur the expansion of the plastic coating market over the following years. Adverse effects on the ecology due to VOC emissions, however, can hinder the progression of the plastic coating market within the near future. Nevertheless, current research activities on developing bio-based coatings are forecast to make lucrative growth avenues for the business over the next few years, thereby normalizing the impact of hindrances on the plastic coating market.
Report Attributes | Report Details |
---|---|
Report Name | Plastic Coating Market |
Market Size in 2023 | USD 6.57 Billion |
Market Forecast in 2032 | USD 10.28 Billion |
Growth Rate | CAGR of 5.1% |
Number of Pages | 140 |
Key Companies Covered | Akzonobel N.V., BASF SE, PPG Industries, Inc., 3M, Kansai Paint Co., Ltd, Diamond Vogel Paints, Wacker Chemie AG, Bayer AG, Eastman Chemical Company, Valspar Corporation, Axalta Coating Systems Ltd. AkzoNobel NV, Nippon Paint Co. Ltd. |
Segments Covered | By Type, By end-user, And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The Plastic Coating market is segmented based on type, process, end-user, and region. Based on types, the plastic coating market can be segmented as acrylic, polyurethane, epoxy, and other types. The plastic coating includes the process such as powder coating, dip coating, electrophoretic painting, spray coating, and another process. Numerous end users for plastic coating are aerospace and defense, automotive, medical, building and construction, and other end-user.
Based on type, the polyurethane segment contributed the second-highest share to the plastic coatings market, in terms useful in 2018. For coating applications, a cross-linked film is preferred over thermoplastic urethanes. The polyurethane coating resins market is very hooked into the expansion of markets for automotive, floors, boats, and metal objects. Two features of polyurethane coating resins that are often considered disadvantages are its high cost, and handling of probably hazardous isocyanates that are used as curing agents for manufacturing. Superior performance and therefore the ability to cure at lower baking temperatures make polyurethane a serious plastic coating material in various end-use applications.
Major end-use industries for the plastic coatings market include automotive and aerospace & defense industries. Within the automotive industry, plastic coatings are utilized in battery trays, seat springs and brackets, radiator grilles, filler pipes, door handles, and safety belt loops, among others. Plastic coating provides various advantages, like impact, heat, resistance from corrosion, and wear. Additionally, it's cost-effective and straightforward to use. Increased use of plastic coatings in automotive manufacturing and growing concern regarding carbon emissions are predicted to boost the plastic coatings market during the forecast period.
Regionally, Europe has been leading the worldwide plastic coating market and is anticipated to continue on the dominant position within the years to return. The presence of leading automobile producers and rapidly flourishing automotive OEM market within the region is that the main factor behind the dominance of the European plastic coating market. Furthermore, extensive use of plastic coating in aerospace and construction applications in Europe is predicted to contribute substantially towards the expansion and dominance of the European plastic coating market within the years ahead.
Some of the global major players in the plastic coating are Akzonobel N.V., BASF SE, PPG Industries, Inc., 3M, Kansai Paint Co., Ltd, Diamond Vogel Paints, Wacker Chemie AG, Bayer AG, Eastman Chemical Company, Valspar Corporation, Axalta Coating Systems Ltd. AkzoNobel NV, Nippon Paint Co. Ltd. among others.
FrequentlyAsked Questions
The global Plastic Coating market was valued at USD 7.39 Billion in 2020.
The global Plastic Coating market is expected to reach USD 10.21 Billion by 2028, growing at a CAGR of 4% between 2021 to 2028.
Some of the key factors driving the global Plastic Coating market growth are Increasing demand from automotive & transportation, rapid urbanization witnessed in developing countries and high product demand in these economies are projected to spur the growth of the plastic coating market over the ensuing years.
Regionally, Europe has been leading the worldwide Plastic Coating market and is anticipated to continue in the dominant position in the years to come, states the Plastic Coating market study.
Some of the major companies operating in the Plastic Coating market are AkzoNobel N.V., Eastman Chemical Company, PPG Industries Inc., Axalta Coating Systems Ltd., Kansai Paint Company Ltd, and BASF SE and others.
RelatedNews
HappyClients
Zion Market Research
Tel: +1 (302) 444-0166
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No +91 7768 006 007, +91 7768 006 008
US OFFICE NO +1 (302) 444-0166
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Our support available to help you 24 hours a day, five days a week.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed