Synopsis of Plastic Coatings Market:
Plastic Coatings prevent corrosion by offering wear resistance finish that excludes water and air from the surface of the metal. These coatings are highly preferred owing to their excellent properties such as high-quality finishing, high corrosion resistance, abrasion, and protection from moisture, heat, and chemicals.
The increasing penetration of plastic coatings in major end-use industries such as automotive, electronics, aerospace & defense, building & construction, among others is the primary driver of the market. This can be attributed to its cost-effectiveness, ease of application, light-weight, and low carbon emissions, which help to protect environment. Increasing demand for light-weight, durable, and fuel-efficient automobiles is driving the growth of Plastic Coatings Market. Rapid industrialization and urbanization in emerging nations across the globe is likely to fuel the market growth over the forecast period. Changing lifestyle and increasing per capita income are driving the demand for durable electronics such as gaming devices, smartphones, laptops, and others. Water-borne Plastic Coatings provide conformal coatings to the electronic circuitry, which protects them from dust, moisture, chemicals, and exceeding temperature. This is expected to fuel the demand in the electronics industry. Ongoing research & development for the bio-based coatings is likely to offer significant opportunities to the market over the next few years.
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Some of the prominent players operating in the Global Plastic Coatings Market are The DowDuPont Inc. (U.S.), BASF SE (Germany), The Sherwin-Williams Company (U.S.), PPG Industries, Inc. (U.S.), Axalta Coating Systems (U.S.), Akzo Nobel N.V. (Netherlands), The Valspar Corporation (U.S.), Bayer AG (Germany), Kansai Paint Co.,Ltd. (Japan), Clariant (Switzerland), Wacker Chemie AG (Germany), 3M (U.S.), Eastman Chemical Company (U.S.), NIPPON PAINT (Japan), and Diamond Vogel (U.S.).
Drivers and Constraints Impacting the Market:
With the growing penetration of Plastic Coatings in several major end-use industries like building & construction, electronics, automotive, and aerospace & defense is of the major factors stimulating the market growth over the assessment period. The ease of application, cost-effectiveness, low carbon emission, and light weight are some of the reasons for penetration of end-use industries. Rapid urbanization and industrialization in emerging nations along with changing lifestyle and increasing per capita income are fuelling the market demand for smart phones, gaming devices, laptops, and others. Also, growing demand for durable, light-weight, and fuel-efficient automobiles is likely to foster the market growth over the years.
On the flip side, the huge impact on the environment due to VOC emissions is likely to hamper the market growth during the forecast period.
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The Global Plastic Coatings Market is segmented by Type, Technology, Process, End-Use Industry and Region.
On the basis of the Type, the global market is segmented into acrylics, polyesters, epoxy, silicone, polyurethanes, and others.
Based on the Technology, the market is segmented into water-borne and solvent-borne.
On the basis of the Process, the market is segmented into powder coating, electrophoretic, thermoplastic dip, PTFE coating, and others.
Based on the End-Use Industry, the market is segmented into automotive, building & construction, aerospace & defense, electronics, consumer goods & appliances, medical, and others.
The Global Plastic Coatings Market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific dominated the global market in 2017 owing to the high demand from various end-use industries in the region. The high production and sales of automotive along with the growing urbanization is driving the market.
North America was the second largest market in 2017 due to high demand from aerospace & defense industry. Also, the flourishing construction industry in the region is expected to fuel the demand.
Europe is likely to witness a considerable growth owing to the production and exportation of lightweight automotive parts in the region.
The Latin American market is expected to grow significantly due to the growing automotive, packaging, and cosmetic industry in the region.
The Middle East & Africa is likely to grow substantially owing to the demand for construction and infrastructural activities in the GCC countries.
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