The report, now available on ASDReports, "Plastic Coatings Market by Type (Polyurethane, Acrylic, Epoxy), Process (Electrophoretic Painting, Powder Coating, Dip Coating), End-Use Industry (Automotive, Aerospace & Defense, Building & Construction), and Region - Global Forecast to 2021", The plastic coatings market is projected to reach USD 7.76 Billion by 2021, at a CAGR of 5.5% during the forecast period, 2016 to 2021. This growth is driven by the increasing demand from automotive end-use industry and increasing trend towards green, environment-friendly coating materials.
Automotive end-use industry is expected to lead the plastic coatings market by 2021
Automotive end-use industry of plastic coatings market constituted major share to the application segment of the plastic coatings market in 2015. The growing demand for plastic coatings from the automotive end-use industry is anticipated to drive the demand for plastic coatings, owing to the functionality, durability, and performance benefits.
Polyurethane plastic coatings to account for the largest share of the plastic coatings market by 2021
Polyurethane contributed around one third of the global plastic coatings market share in 2015. It is expected to grow at a significant CAGR during the forecast period. Polyurethane plastic coatings have high performance benefits, such as strength, flexibility, abrasion resistance, and moisture resistance. This makes them suitable for wooden, plastic, and other surfaces.
Dip coating process to lead the plastic coatings market during the forecast period
Dip coating process accounted for the largest share of the plastic coatings market in 2015. It is one of the most widely used processes in the plastic coatings market, due to its ease of use to coat complex shapes. Additionally, this process does not require expensive equipment. Dip coating process is mainly used for coating medical instruments, electrical equipment, as well as automobiles.
Europe to account for the largest share of the market during the forecast period
Europe accounted for the largest share of the plastic coatings market in 2015, followed by North America and Asia-Pacific. Europe is one of the major consumers of plastic coatings. Increasing investment by leading automakers in European countries, followed by the growing automotive OEM market is anticipated to enhance the European plastic coatings market.
Key players operational in the plastic coatings market include PPG Industries Inc. (U.S.), Eastman (U.S.), Bayer AG (Germany.), Axalta Coating Systems (U.S.), AkzoNobel N.V. (Netherlands), 3M (U.S.), Eastman (U.S.), Kansai Paints Co,. Ltd. (Japan), Valspar Corporation (U.S.), BASF SE (Germany), and Wacker Chemie AG (Germany).