| Increasing demand for plastic coating in the automotive
industry is expected to drive the market
Zion Research has published a new report titled “Plastic Coating Market (Acrylic, Polyurethane, Epoxy and Other Process) by Process (Powder Coating, DIP Coating, Electrophoretic Painting, Spray Coating and Other Process) for Aerospace and Defense, Automotive, Medical, Building and Construction and Other End User: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast 2015 – 2021
”. According to the report, global demand for plastic coating market was valued at over USD 5.62 billion in 2015, is expected to reach above USD 7.74 billion in 2021 and is anticipated to grow at a CAGR of slightly above 5.48% between 2016 and 2021.
The plastic coating
provides the metals with thick, wear-resistant finish that can exclude water and air from the surface of the metal to prevent corrosion. There has been tremendous growth in the use of plastic coatings in the automotive industry due to the growing concern of carbon emissions from the conventional coatings. The plastic coating is carried out using four major processes such as powder coating, dip coating, electrophoretic painting, spray coating, and another process.
Bio-based Coating to Propel Growth of Plastic Coating Market
Plastic coatings are widely used in automobile industry
for coating the battery trays, seat springs radiator grilles, brackets, door handles, filler pipes, and seat belt loops. The plastic coating is easy to use and cost efficient. Therefore increasing demand for plastic coating in the automotive industry is expected to drive the market for plastic coating. Rapidly developing industrialization and urbanization in emerging economies is expected to boost the growth of this market. However, huge impact on the environment due to VOC emissions may hamper the growth of plastic coating market. Nonetheless, ongoing research for the introduction of bio-based coating
is anticipated to propel the growth of plastic coating market in the forecast period. Moreover, growing demand from the emerging countries for the plastic coating market is likely to offer new opportunities in the coming years.
Some of the major plastic coating types are:
Polyurethane -The Leading Segment
Polyurethane provides enhanced moisture resistance with high flexibility. Polyurethane is the leading segment due to various end user applications. The plastic coating process includes powder coating, dip coating, electrophoretic painting, spray coating, and another process. Dip coating is the most efficient segment owing to its ease of application and require less machinery as compared to other coating process. Some of the major end users of the plastic coating are aerospace and defense,
automotive, medical, building and construction
and another end user. Among all, the automotive segment dominated the plastic coating market with significant market share in 2015. The plastic coating is extensively used in the automotive industry for attaining high strength and better adhesion which significantly contributes to the growth of plastic coating market.
Europe - The Highest Revenue Generating Region
The plastic coating market was dominated by Europe in 2015 and was considered to be the highest revenue generating region. This was mainly due to the high consumption of plastic coating in different industrial applications such as building & construction, automotive and aerospace. Emerging economies such as India, China and Japan are expected to be the most prominent markets in the near future due to increasing automotive industry in these regions. In 2015, North America was considered the potent markets for the plastic coating market. This was mainly due to high consumption of plastic coating market in U.S and Germany. Latin America is expected to experience lucrative growth over the period of years due to growing industrialization in Brazil. The Middle East and Africa are anticipated to propel the growth of plastic coating market in the forecast period.
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.
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Source: Zion Research