Plastic Coatings Market Outlook - 2027
The global plastic coatings market was valued at $6.5 billion in 2019, and is projected to reach $8.8 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
Plastic coating application provides thick, wear-resistant finish that eliminates air and water from the surface and prevents corrosion. It is used in products such as radiator grilles, battery trays, brackets, seat springs door handles, filler pipes, and others.
Factors contributing to the growth of plastic coatings market include rise in demand from various end-use industries in developing regions such as Asia-Pacific. In addition, increase in demand for lightweight vehicles also propels the market growth. However, volatility of raw material prices and stringent environmental rules in developed regions hinder the market growth. On the contrary, rise in trend of advancement in coating technologies is expected to create lucrative opportunities for the plastic coatings market growth during the forecast period.
The plastic coatings market is segmented on the basis of type, process, end-use industry, and region. Based on type, the market is divided into polyurethane, acrylic, epoxy, and others. On the basis of process, the market is categorized into dip coating, spray coating, powder coating, electrophoretic painting, and others. Based on the end-use industry, the market is divided into automotive, aerospace & defense, building & construction, medical, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The plastic coatings market share is analyzed for all regions and segments
The plastic coatings market analysis covers in-depth information of the major industry participants. Some of the major players in the market include Axalta Coating Systems, AkzoNobel N.V., BASF SE, Covestro AG, Keyland Polymer, Wacker Chemie AG, PPG Industries Inc., Kansai Paint Co., Ltd., the Sherwin-Williams Company, and Arsonsisi s.p.a.
Other players in the value chain of the plastic coatings market include Diamond Vogel, Berger Paints India Limited, Becker Industrial Coatings Ltd., Clariant, Cabot Corporation, Jotun, and Lord Corporation.
The key players adopt numerous strategies, such as product launch, business expansion, acquisition, partnership, collaboration, joint venture, and agreement, to stay competitive in the plastic coatings market.
For instance, in 2017, BASF SE opened a plant for automotive coating in Bangpoo manufacturing site, Samutprakarn province, Thailand. The plant is used to serve the demand from the automotive sector in the
ASEAN region. This has reinforced the company’s presence in Asia-Pacific.
In addition, in 2018, BASF SE and Sirrus collaborated to develop innovative coating solutions for the automotive sector.
By Market
Polyurethane is projected as the most lucrative segment.
Plastic coatings market, by type
By type, the polyurethane segment garnered 25.3% share in terms of revenue. This is attributed to excellent performance and its potential to cure at lower baking temperatures, which make it an ideal choice in various end-use industries. It is also preferred in the aerospace end-use industry as it offers resistance to staining, abrasion, chemicals, natural resistance against UV rays, and others. Moreover, the growth of the aerospace sector in developing regions, such as LAMEA and Asia-Pacific, is expected to increase the demand for polyurethane in the coming years. Furthermore, North America is one of the major players in aerospace manufacturing.
By Process
Powder Coating is projected as the most lucrative segment.
Plastic coatings market, by process
By process, the dip coating segment garnered 16.6% share in terms of revenue. This process can adapt to conditions with high revenue orders that require fast delivery, alternative colors & finishes that can be created easily and cheaply, UV resistant, and others.
By End Use Industry
Automotive is projected as the most lucrative segment.
Plastic coatings market, by end-use industry
By end-use industry, the automotive segment garnered 34.1% share in 2019, in terms of revenue. This is attributed to increased use of plastic coatings in automotive manufacturing and rise in concerns about carbon emissions. Automotive players adopt coating solutions to protect their vehicles from rust in rough terrains and harsh weather conditions, which is estimated to propel the market growth.
By Region
Asia-Pacific holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Plastic coatings market, by region
Region-wise, Asia-Pacific is expected to be the fastest-growing region in terms of revenue as well as revenue. This is attributed to its developing infrastructure, increasing demand from end-use industries, growing purchasing power, and the shift in production capacity from the developed markets to emerging regions.
Japan, India, and China are the dominating economies in the Asia-Pacific region, and are expected to offer lucrative opportunities for the market growth during the forecast period. This is attributed to favorable government initiatives taken by governments of respective nations to promote growth in the manufacturing sectors, consequently boosting the plastic coatings market.
Key benefits for stakeholders
- 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 report provides in-depth analysis of the plastic coatings market along with the current and future plastic coatings market trends.
- This report highlights the key drivers, opportunities, and restraints of the plastic coatings market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- The plastic coatings market size is provided for various end use industries.
- The study provides a comprehensive analysis of the factors that drive and restrain the plastic coatings market growth.
- The qualitative data in this report aims at market dynamics, market trends, and developments.
Impact of COVID-19 on the plastic coatings market
- The outbreak of COVID-19 has affected the demand as well as manufacturing in supply regions.
- The outbreak of COVID-19 in China has severely affected numerous industries, such as automotive, construction, and others, from the first quarter of 2020, which further disrupted the demand for plastic coatings.
- The COVID-19 crisis has affected the chemical industry supply chain to a major extent. Therefore, this led to a major impact on raw material procurement.
Plastic Coatings Market Report Highlights
| Aspects | Details |
 By Type |
|
 By Process |
|
 By End Use Industry |
|
 By Region |
|
 Key Market Players | The Sherwin-Williams Company, PPG Industries, Inc., Axalta Coating Systems Ltd., WACKER CHEMIE AG, COVESTRO AG, Keyland Polymer., Akzonobel NV, BASF SE, Kansai Paint Co.,Ltd., Arsonsisi s.p.a. |
Analyst Review
The plastic coatings market is expected to grow in the coming years. This is attributed to the growing automotive, aerospace, and construction industries in developing regions such as LAMEA and Asia-Pacific. Asia-Pacific is one of the fastest-growing construction regions. Moreover, the plastic coatings market in the aerospace industry is driven by increase in demand for coatings from the commercial aviation, military aviation, and general aviation sectors.
However, the outbreak of COVID-19 has majorly impacted numerous industries such as construction and automotive. Therefore, construction activities have been halted, which impacted the raw materials procurement and consequently affected the demand for plastic coating. Furthermore, luxurious vehicle demand is expected to decrease in countries, such as India, which may hinder the automotive industry growth
The rising automotive sector in developing region is one of the factors boosting the plastic coatings market growth.
Axalta Coatings Systems Ltd., PPG Industries Inc., BASF SE, The Sherwin-Williams Company are some of the top companies in the plastic coatings industry.
Construction, aerospace and medical industry is projected to increase the demand for plastic coatings.
On the basis of type, epoxy garnered highest share in the plastic coatings market.
The rising demand for automotive plastics and aerospace plastics are some of the drivers of plastic coatings market
Automotive application is expected to drive the adoption of plastic coatings.
The COVID-19 has led to decreasing sales of automobile sector and delay in aerospace projects which impacted the demand for plastic coatings.
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