Polymer Coatings Market Expected to Reach $16.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Polymer Coatings Market," The polymer coatings market was valued at $8.9 billion in 2021, and is estimated to reach $16.2 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

Polymer coating refers to a protective layer applied to a surface that is made of a polymer material. It is used to protect from environmental factors such as moisture, heat, and chemicals. In addition to that, polymer coating is used to improve the appearance of a surface, increase its durability, or add other desirable properties, such as non-stick or anti-corrosive properties. It can be applied to a wide range of materials such as metals, plastics, ceramics, and glass by using a variety of methods, including spraying, dipping, or brushing.

The rise in demand for polymer coating owing to, the increase in demand for energy-efficient buildings can be attributed to a variety of factors, including increased awareness of the environmental impact of energy consumption, the desire to reduce energy costs, and the desire for more comfortable and healthier living and working environments. By insulating walls and roofs, polymer coatings can improve building energy efficiency. This can reduce the cost of the HVAC system while also improving indoor comfort.

However, polymer coating is not suitable for applications where thick coatings are required. Proper surface preparation is required for the effective adhesion of polymer coatings, which can add time and cost to the application process. In addition to that, polymer coating has a negative impact on the environment and health. All these factors hamper the growth of the polymer coating market.

The polymer coating market analysis is segmented on the basis of type, process, end-use industry, and region. By type, the market is divided into acrylic, epoxy, polyurethane, polyester, fluoropolymer, and others. The polyurethane segment is anticipated to grow at the fastest CAGR of 6.8% during the forecast period.

Polyurethane coatings have a high degree of flexibility and elasticity, allowing them to expand and contract with the underlying substrate. This makes them suitable for use on substrates prone to movement or vibration, such as bridges, pipelines, and aircraft. All these factors have escalated the demand for polyurethane coating.

By process, the market is divided into dip coating, powder coating, spray coating, electrocoat, and liquid coating. The liquid coating segment is anticipated to grow at the fastest CAGR of 6.2% during the forecast period. Liquid coatings are used in a variety of industries, including automotive, aerospace, industrial, and consumer goods.

They are frequently chosen for their ability to provide a long-lasting and protective barrier against corrosion, abrasion, and weathering. In addition to that, liquid coatings add color, gloss, or other aesthetically pleasing qualities to the surface. All these factors escalated the demand for liquid coating.

By end-use industry, the market is divided into construction, aerospace, marine, industrial equipment, automotive, oil & gas, and others. The industrial equipment segment is anticipated to grow at the fastest CAGR of 6.3% during the forecast period. Many industries are governed by regulations that require the use of coatings that meet specific performance standards. Polymer coatings can assist businesses in meeting these requirements while also providing a cost-effective solution.

By region, the polymer coating market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is expected to witness the fastest CAGR growth during the forecast period. Polymer coatings are widely used across the Asia-Pacific region in various industries including automotive, construction, electronics, packaging, and healthcare. Many Asia-Pacific countries' rapid industrialization and economic growth have increased demand for high-performance coatings in a variety of industries.

Key players in the polymer coating industry include BASF SE, PPG Industries, Inc, The Sherwin-Williams Company, Akzo Nobel N.V., Axalta Coating Systems, LLC, Kansai Paint Co., Ltd., Ashland, Jotun, Chugoku Marine Paints, Ltd., and Covestro AG.

Key Findings of the Study:

• The polyurethane segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.8% from 2022 to 2031.
• Dip coating process is anticipated to register the highest CAGR of 6.7% during the forecast period.
• The construction end-use industry is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.9% from 2022 to 2031.
• The Asia-Pacific region is estimated to display the highest growth rate, in terms of revenue and accounted for a major share in 2021.

Standards for polymer coatings:

AASHTO M245 is a standard specification developed by the American Association of State Highway and Transportation Officials (AASHTO) for polymer-coated corrugated steel pipe. The polymer coating used in this specification should be a thermoplastic material that is resistant to abrasion, weathering, and chemical attack. The thickness of the polymer coating should be specified by the purchaser.

ASTM D3359 is a standard test method developed by the American Society for Testing and Materials (ASTM) for measuring the adhesion of coatings to substrates using tape. This method is commonly referred to as the tape test. The tape test involves applying adhesive tape to a coated surface and then removing the tape at a specific angle and rate. The amount of coating removed by the tape is then evaluated based on a numerical rating scale, ranging from 0B (no coating removed) to 5B (more than 65% of the coating removed).

ASTM A1113 is a standard specification developed by the American Society for Testing and Materials (ASTM) for corrosion-resistant coated steel sheets intended for use as structural roofing and siding. This specification covers both metallic and organic coatings for steel sheets used in roofing and siding applications. This specification covers corrugated steel structural plates and polymer-coated sheets used in the construction of the pipe, pipe arches, arches, underpasses, and special shapes for field assembly.

SSPC-PA 2 is a standard developed by the Society for Protective Coatings (SSPC) for measuring dry film thickness (DFT) of coatings using magnetic and eddy current gauges. This standard provides a method for verifying that the thickness of a coating applied to a substrate meets the specified requirements.

NACE SP0188 is a standard developed by the National Association of Corrosion Engineers (NACE) for discontinuity testing of new protective coatings on conductive substrates. This standard provides guidance and procedures for the detection of discontinuities (also known as holidays) in non-conductive protective coatings applied to conductive substrates.

ISO 4628 is a standard developed by the International Organization for Standardization (ISO) for the assessment of the degree of rusting and degree of cracking of coatings on metal substrates. This standard provides a standardized approach for assessing the severity and extent of rust and cracking on coated metal surfaces.