Plastic coating market
Plastic coating provides metals with a 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 growing concerns about carbon emissions from conventional coatings. Plastic coating is carried out using four major processes; powder coating, dip coating, electrophoretic painting, spray coating, and another process.
Plastic coatings are widely used in automobile industry for coating battery trays, seat springs radiator grilles, brackets, door handles, filler pipes, and seat belt loops. They are easy to use and cost-efficient.
The global 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 5.48%.
Increasing demand for plastic coating in the automotive industry is expected to drive demand. Rapidly developing industrialisation and urbanisation in emerging economies is also expected to boost the growth. However, the impact on the environment due to VOC emissions may hamper growth, although ongoing research for the introduction of the bio-based coating may tackle this. Moreover, growing demand from emerging countries is likely to offer new opportunities.
Some of the major plastic coating types are; acrylic, polyurethane, epoxy and others. Polyurethane provides enhanced moisture resistance with high flexibility and is the leading segment.
Plastic coating processes include; powder coating, dip coating, electrophoretic painting, spray coating, and another process. Dip coating is the most efficient process and requires less machinery.
Some of the major end users of plastic coating are; aerospace and defence, automotive, medical, building and construction and others. The automotive segment dominated the market in 2015, where it was used for its high strength and adhesion.
The plastic coating market was dominated by Europe in 2015. This was mainly due to the high consumption of plastic coating in industrial applications such as building and construction, automotive and aerospace. Emerging economies such as India, China, and Japan are expected to be the dominant markets in the near future due to growth in the automotive industry in these regions. Latin America is expected to experience growth over the period of years due to growing industrialisation in Brazil.
Some of the global major players in 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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