Home Technology Plastic Coatings Market Size, Share and Forecast to 2031

Plastic Coatings Market Size, Share & Trends Analysis Report By Type (Polyurethane, Acrylic, Epoxy, Others), By Process (Dip Coating, Spray Coating, Powder Coating, Electrophoretic Painting, Others), By End-Use Industry (Automotive, Aerospace and Defense, Building and Construction, Medical, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRTE54379DR
Last Updated : May 17, 2023
Author : Straits Research
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Market Overview

The global plastic coatings market was valued at USD 6,915.9 million in 2022. It is expected to reach USD 10,914.16 million by 2031, growing at a CAGR of 5.2% during the forecast period (2023–2031).

A plastic coating is a layer of liquid polymers or plastic put on a workpiece's surface, giving metals a thick, wear-resistant finish that keeps water and air out, preventing corrosion. Plastic coatings can also help with heat resistance, abrasion resistance, chemical resistance, UV resistance, lubrication, improving mechanical properties, polishing the surface, and making something look nice. This makes the metal more durable and extends how long it can be used. It also makes life easier and safer for the end user by having gripping and insulating surfaces. It makes radiator grilles, battery trays, brackets, door handles, seat springs, filler pipes, and other things.

One thing helping the plastic coatings market growth is that demand is increasing in many end-use industries in developing regions like Asia-Pacific. The market is also growing because people are buying more lightweight vehicles. But the fluctuating raw materials prices and strict environmental rules in developed areas slow the market's growth. On the other hand, the demand for plastic coatings is expected to grow during the forecast period because coating technologies are improving.

Highlights

  • The epoxy segment is the highest contributor to the market by type.
  • The spray coating segment is the highest contributor to the market by the process.
  • The automotive segment is the highest contributor to the market by the end-user industry.
  • Asia-Pacific is the most significant revenue contributor by region.

Market Dynamics

Global Plastic Coatings Market Drivers

Growing trend of Lightweight Vehicle

Plastic consumption has recently increased due to the trend toward lightweight vehicles with high fuel efficiency. Due to the correlation between fuel consumption and vehicle weight, lighter vehicles help to meet the strict emission requirements. Due to its lighter weight than metal components, plastic has emerged as one of the essential materials needed for performance. Additionally, it has strong absorption qualities that allow the vehicles to meet strict safety standards. In addition, compared to metals, plastics offer greater design flexibility. Polymers like polyurethane, polypropylene, polyvinyl chloride, and polyamides make up more than 60% of the plastic used in automobiles. The high-strength steel, aluminum, and other materials are lightweight for automobiles.

Rising Demand from the Construction Industry

The construction sector utilizes plastic coatings extensively. They provide several advantages, including outstanding wear resistance, conformal and uniform finishes, and resistance to chemicals and corrosion. As an illustration, roofs are coated with plastisol, a polyvinyl chloride (PVC) coating. In addition, the construction industry's rising demand for infrastructure development is anticipated to drive market expansion in the United States and Canada. Rapid urbanization has led to a boom in the construction industry in LAMEA and Asia-Pacific, raising the demand for plastic coating. In the upcoming years, the Asia-Pacific construction industry is anticipated to continue to dominate.

Global Plastic Coatings Market Restraints

Regulations for Volatile Organic Compounds in Environment (VOC)

Chemicals known as volatile organic compounds vaporize at room temperature and are one of the leading causes of air pollution. They specifically react with nitrogen oxide during the hot summer, which causes smog. Familiar sources of VOC emissions include gasoline-powered lawn equipment, automobile exhaust, coatings, gas stations, paints, household chemicals, and more. The Environmental Protection Agency in the United States, the Environmental Protection Department in the United Kingdom, the Central Pollution Control Board in India, and other organizations from various nations are a few of the organizations that create regulations for volatile organic emissions.

For instance, the Federal Environmental Protection Agency regulates the volatile organic compound emission standard for industrial and consumer products, 40 CFR 59. Application of architectural, aerosol coatings, and others are typically the basis for product VOC controls. Refinish coatings for automobiles fall under 40 CFR 59 subpart B of the Environmental Protection Agency, which specifies definitions, roles for defined parties, record-keeping requirements, and labeling specifications.

Global Plastic Coatings Market Opportunities

Expanding End-User Sectors in Developing Countries

The growing end-user sectors in developing nations that are anticipated to impact the market's expansion in the upcoming years significantly include aerospace, automotive, construction, medical, and other sectors. Due to rising purchasing power, the automotive industry is anticipated to expand in developing economies in the upcoming years. Furthermore, one of the elements expected to support the expansion of the manufacturing sector and, by extension, the demand for plastic coatings is the rise in supportive government initiatives in developing countries. Additionally, nations like China and India are predicted to experience growth in the aerospace industry. For instance, India's low production costs and the Make in India program's goal of developing the manufacturing sector have attracted the attention of key players in the aerospace and defense industries.

Study Period 2019-2031 CAGR 5.2%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 6,915.9 Million
Forecast Year 2031 Forecast Year Market Size USD 10914.16 Million
Largest Market Asia-Pacific Fastest Growing Market Europe
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Regional Analysis

The global plastic coating market is segmented by region: North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 5.7% during the forecast period. China, Japan, India, Australia, South Korea, and the remaining Asian-Pacific countries are all included in the Asia-Pacific plastic coatings market analysis. Important players in the region can be found in India and Japan. Players like Axalta are concentrated on expanding emerging markets like Asia-Pacific, particularly China. Japan, China, and India are a few of the major players in the epoxy resin industry. One of the components of plastic coatings is epoxy resin. Several macroeconomic variables, including GDP growth, new residential and commercial construction, industrial production, and auto production, influence demand for coatings. Since macroeconomic factors are becoming more prevalent in developing nations, Asia-Pacific may present lucrative opportunities for market expansion during the forecast period. During the forecast period, it is anticipated that the aerospace and construction sectors will expand in developing regions like Asia-Pacific. The construction industry is among those that are growing the quickest in China and India.

Europe is expected to grow at a CAGR of 5% during the forecast period. The markets for plastic coatings in Germany, France, the U.K., Italy, Spain, and the rest of Europe are examined. The established consumer bases in industries like automotive, aerospace, and others are to blame for the expansion of the plastic coatings market in Europe. Due to its involvement in developing and producing numerous products, including unmanned aerial vehicles, aero engines, military and commercial aircraft, helicopters, and others, Europe's aerospace industry is expanding significantly. Due to numerous private institutions and aerospace companies, France is one of the major nations in the aerospace industry. Additionally, Europe's automotive industry plays a significant role due to the presence of luxury vehicle producers. The aerospace and automotive industries in developing nations like India are growing due to increased European cooperation, which drives the demand for plastic coatings.

The U.S., Canada, and Mexico are all included in the North American plastic coatings market analysis. Due to the existence of significant market players, the U.S. is one of the major countries in the market. Due to well-established consumer bases like the aerospace industry, the automotive industry, and others, North America is one of the most advantageous locations for plastic coating manufacturers. One of the key nations in the aerospace industry is the United States. The construction industry is oversupplied in developed nations like the U.S., which restrains market expansion. On the other hand, market participants in the industrial sector are predicted to benefit financially from the industrial growth in Mexico.

Brazil, Saudi Arabia, South Africa, and the rest of LAMEA are all included in the LAMEA plastic coatings market analysis. Brazil is one of the main places in Latin America that makes paints and coatings. Several companies, like BASF, Sherwin-Williams, PPG, Axalta, and AkzoNobel, focus on emerging markets like Brazil. Brazil is a significant country in the field of aerospace. Brazil's aerospace industry includes all parts of the value chain, such as design and development, manufacturing, production, technology, etc. Plastic coatings are expected to be in higher demand in Brazil as end-use industries like the construction and auto industries grow. Also, aerospace activities in the Middle East will likely increase the need for plastic coatings in the coming years.

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Segmental Analysis

The global plastic coatings market is segmented by type, process, and end-user industry.

Based on type, the global plastic coatings market is bifurcated into polyurethane, acrylic, and epoxy.

The epoxy segment is the highest contributor to the market and is expected to grow at a CAGR of 4.9% during the forecast period. Epoxy's physical state can be changed from a thin liquid to a solid with a high melting point, suggesting that different kinds of products with various features can be created. It is also applied as a coating for protection. In terms of revenue, the epoxy had a 39.4% market share in 2019. Epoxy provides harsh concrete floor sealers, high-gloss outdoor coatings, and other protective coatings. Due to several factors, including the rise in demand for epoxy in lightweight and fuel-efficient vehicles, the need for lightweight composites in aerospace, and others, the demand for epoxy plastic coatings is predicted to rise. However, developed nations' oversaturated construction markets resulted in a decline in the need for epoxy and, by extension, plastic coatings.

Polyurethane can be applied as higher solids or powder coatings without sacrificing performance. It is one of the most widely used coatings for substrates made of plastic and metal. Due to their performance, urethane coatings can be used in various applications in the upcoming years. Polyurethane coatings have several advantages over other coatings, including mechanical performance, aesthetics, chemical resistance, and UV resistance. Due to its natural resistance to UV rays, staining, abrasion, chemicals, and other factors, it is also preferred in the aerospace end-use industry. In addition, the aerospace industry is anticipated to expand in developing nations like LAMEA and Asia-Pacific in the upcoming years.

Based on the process, the global plastic coatings market is bifurcated into dip coating, spray coating, powder coating, and electrophoretic painting.

The spray coating segment is the highest contributor to the market and is expected to grow at a CAGR of 5.1% during the forecast period. Spray coating is a coating technique that covers various substrate types using powder coating material. Application areas for spray coating technology include rotating machine parts like aerospace turbines, car engines, and others. 2019 saw a 29.1% market share for spray coating. Some primary end-use industries for the spray coating process include the aerospace and medical industries. The aerospace and medical industries are established in North America. The growth of the spray coating market needs to be improved by the process's higher coating material waste than other processes. On the other hand, it is anticipated that the aerospace and medical sectors will increase in the forecast period.

Spraying powder with electrostatically charged particles on a surface is known as powder coating. In addition to pigments, medicines, leveling agents, and other components, it is based on polymer resin systems. These components are melted, then cooled, then combined. Both metallic and non-metallic substrates can be covered with this coating. Powder coatings are inexpensive, simple, and environmentally friendly, regardless of the application method. The automotive industry uses powder coating the most. The established automotive industries in North America and Europe are one of the key market growth drivers. In the upcoming years, there will be a rise in the development and production of autonomous and electric vehicles. Additionally, given that the automotive sector is one of the primary end-use industries for this coating, investments in emerging economies' automotive industries present plastic coating producers with lucrative growth prospects.

Based on the end-user industry, the global plastic coatings market is bifurcated into automotive, aerospace and defense, building and construction, and medical.

The automotive segment is the highest contributor to the market and is expected to grow at a CAGR of 5% during the forecast period. Due to the growing trend of replacing heavyweight components with lightweight ones, the automotive industry is one of the end-use industries where plastic parts are used more frequently. Lightweight components increase vehicle efficiency. In 2019, the automotive sector captured 34.1% of the market. This is attributed to using lightweight materials like plastic in the automotive industry to replace heavy components. As a result, the demand for plastic coatings increases. The market for plastics in the automotive industry is anticipated to increase further due to the need for automobiles and the rise in disposable income in emerging economies.

Hinge, plastic screw, and larger plastic component applications in the building and construction industry include flooring, decor, wall coverings, electrical wiring, and others. In the construction industry, choosing plastic parts depends on several factors, including their durability, affordability, ability to be recycled, chemical resistance, and ease of installation. Building and construction plastic coatings in Asia-Pacific saw a 34.0% market share. This is explained by the fact that China, India, Indonesia, and other countries have some of the fastest-growing construction industries. It is predicted that India's construction industry will grow depending on its ability to draw in private funding in the upcoming years.

Market Size By Type

Market Size By Type
  • Polyurethane
  • Acrylic
  • Epoxy
  • Others

  • List of key players in Plastic Coatings Market

    1. AkzoNobel N.V.
    2. Arsonsisi S.P.A
    3. Axalta Coating Systems Ltd
    4. BASF Se
    5. Covestro Ag
    6. Keyland Polymer
    7. Kansai Paint Co., Ltd.
    8. Ppg Industries, Inc.
    9. The Sherwin-Williams Company
    10. Wacker Chemie Ag

    Plastic Coatings Market Share of Key Players

    Plastic Coatings Market Share of Key Players

    Recent Developments

    • December 2022- AkzoNobel acquired Lankwitzer Lackfabrik GmbH. AkzoNobel now has access to the wheel liquid coatings segment of Lankwitzer Lackfabrik GmbH.
    • October 2022- BASF opened a surface treatment innovation and technology center in China for Chemetall.

    Plastic Coatings Market Segmentations

    By Type (2019-2031)

    • Polyurethane
    • Acrylic
    • Epoxy
    • Others

    By Process (2019-2031)

    • Dip Coating
    • Spray Coating
    • Powder Coating
    • Electrophoretic Painting
    • Others

    By End-Use Industry (2019-2031)

    • Automotive
    • Aerospace and Defense
    • Building and Construction
    • Medical
    • Others

    Frequently Asked Questions (FAQs)

    How big is plastic coatings market?
    The global plastic coatings market was valued at USD 6,915.9 million in 2022. It is expected to reach USD 10,914.16 million by 2031, growing at a CAGR of 5.2% during the forecast period (2023–2031).
    Key verticals adopting market include: - AkzoNobel N.V., Arsonsisi S.P.A, Axalta Coating Systems Ltd, BASF Se, Covestro Ag, Keyland Polymer, Kansai Paint Co., Ltd., Ppg Industries, Inc., The Sherwin-Williams Company
    Europe region has the highest growth rate in the market.
    Growing trend of lightweight vehicle and rising demand from the construction industry are the key drivers for the growth of the market.-4
    Expanding end-user sectors in developing countries are the key opportunity in market.


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