Plastic Coatings Market by Type, Process, End-Use Industry, and Region
The plastic coatings market is projected to reach USD 7.76 Billion by 2021, at a CAGR of 5.5% from 2016 to 2021. This growth can be mainly attributed to the increasing demand from the automotive and building & construction industries.
Major end-use industries for the plastic coatings market include automotive and aerospace & defence industries. In the automotive industry, plastic coatings are used in battery trays, radiator grilles, seat springs and brackets, filler pipes, door handles, and seat belt loops, among others. Plastic coating provides various advantages, such as resistance from corrosion, impact, heat, and wear. Additionally, it is cost-effective and easy to use. Increased use of plastic coatings in automotive manufacturing and growing concern regarding carbon emissions are expected to drive the plastic coatings market during the forecast period.
Based on type, the plastic coatings market has been segmented into polyurethane, acrylics, epoxy, and others that include PTFE, nylon, and HDPE. The polyurethane segment contributed the second-highest share to the plastic coatings market, in terms of value in 2015. For coating applications, a cross-linked film is preferred over thermoplastic urethanes. The polyurethane coating resins market is highly dependent on the growth of markets for automotive, floors, boats, and metal objects. Two features of polyurethane coating resins that are often regarded as disadvantages are its high cost, and handling of potentially hazardous isocyanates that are used as curing agents for manufacturing. However, various industry segments have developed safe handling methods that overcome these disadvantages. Superior performance and the ability to cure at lower baking temperatures make polyurethane a major plastic coating material in various end-use applications.
The plastic coatings market in Asia-Pacific is expected to grow at the highest CAGR between 2016 and 2021. The economies in China and India have witnessed growth, which is fuelled by the increased construction activities and investments in the expansion or upgrade of manufacturing facilities. China, Japan, and India are the largest economies in Asia-Pacific and have more opportunities for the growth of plastic coatings market in near future. Initiatives taken by governments to promote growth in the manufacturing sectors will further aid the growth of plastic coatings market in these countries.
Estimating the future demand of plastic coatings is a prime challenge, owing to the economic slowdown in various parts of the globe in the past decade. Many economies in the North America and European region have not recovered completely, which has affected the demand for plastic coatings from major end-use industries in both regions.
PPG Industries Inc. (U.S.), Bayer AG (Germany.), Axalta Coating Systems (U.S.), and Akzonobel N.V. (Netherlands). 3M (U.S.), Eastman Chemical Company (U.S.), Axalta Coatings System LTD. (U.S.), Kansai Paint Co., LTD. (Japan), BASF SE (Germany), Wacker Chemie AG (Germany) are some of the major players operational in the plastic coatings market. These players have a wide market reach with established distribution network and are investing more on research and development activities. They have strong technical and market development capabilities that enable them to upgrade their existing products for new market applications.