Portland, OR, Nov. 17, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global plastic coatings industry generated $6.5 billion in 2019, and is expected to garner $8.8 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top investment pockets, major winning strategies, key segments, and competitive scenarios.
The trend of lightweight vehicles and surge in demand from the construction sector drive the growth of the global plastic coatings market. However, stringent environmental regulations about volatile organic content (VoC) hinder the market growth. On the other hand, growth of the end-use industries in emerging economies presents new opportunities in the coming years.
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Covid-19 Scenario:
- Coating manufacturing facilities have halted operations due to lockdown. Moreover, there have been disruptions in different types of processes. The supply chain has also been disrupted.
- As the automotive and construction sectors have come to standstill with lockdown imposed by governments, the demand from these end-use industries has been decreased significantly. However, the demand would rise steadily as restrictions are lifted off.
- As manufacturing and on-field operations resume, plastic coating applications in different industries will be restored gradually.
The report offers detailed segmentation of the global plastic resins market based on type, process, end-use industry, and region.
Based on type, the epoxy segment accounted for the largest market share in 2019, contributing to nearly two-fifths of the total share, and will continue its leadership status throughout the forecast period. However, the acrylic segment is projected to witness the largest CAGR of 5.8% from 2020 to 2027.
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Based on process, the spray coating segment held the highest share in 2019, contributing to more than one-fourth of the global plastic coatings market, and is estimated to continue its lead during the forecast period. However, the powder coating segment is projected to register the highest CAGR of 5.9% from 2020 to 2027.
Based on region, Asia-Pacific accounted for the largest market share in 2019, holding more than one-third of the market, and will maintain its dominant position by 2027. Moreover, this segment is expected to manifest the highest CAGR of 5.6% during the forecast period. The global plastic coatings market report also discusses regions including North America, Europe, and LAMEA.
Key players of the global plastic coatings market analyzed in the research include Axalta Coating Systems, BASF SE, AkzoNobel N.V., Keyland Polymer, Covestro AG, PPG Industries Inc., Wacker Chemie AG, the Sherwin-Williams Company, Kansai Paint Co., Ltd., and Arsonsisi s.p.a.
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