Plastic Coatings Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 5.20 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Plastic Coatings Market Analysis
The Global Plastic Coatings Market is expected to grow at a CAGR of around 5.2% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. Due to the pandemic situation, various building and construction activities across the globe were temporarily stopped, also other end-user industries such as automotive, electronics, and consumer appliances were also on temporary hold. The pandemic has led to disrupted supply chains globally. Lockdowns across different countries have affected production as key manufacturing units and factories were shut. However, the industry has started recovering since then.
- Over the short term, the major factor driving the market studied is the growing consumption of high-performance coatings in various end-user industries.
- On the flip side, regulations on plastic and plastic-related products in various nations are likely to hinder the market.
- Recycling of plastic/resins from waste in production processes is likely to act as an opportunity for the market in the forecast period.
- Asia-Pacific dominated the market across the globe with the largest consumption in the country such as India, China, etc.
Plastic Coatings Market Trends
This section covers the major market trends shaping the Plastic Coatings Market according to our research experts:
Building and Construction Segment to Dominate the Market
- Plastic coatings find major applications in the construction industry. For example, plastisol, a coating made from Poly Vinyl Chloride (PVC) is used as a coating on roofs.
- The global construction industry is projected to have significant growth in the coming years, which is likely to drive the demand for plastic coatings.
- According to a study by the Institution of Civil Engineers (ICE), the global construction industry is expected to value USD 8 trillion by 2030, primarily driven by China, India, and the United States region.
- According to the United Nations (UN), around 50% of the global population resides in urban cities, which is projected to touch 60%, by 2030. The pace of economic and demographic growth must be in harmony with the demand for residential activities. By 2030, around 40% of the global population is likely to need housing at the rate of over 96,150 houses per day.
- Globally, Asia-Pacific has the largest construction market, followed by India, China, and various Southeast Asian countries. In India, the government has initiated projects, such as 100 smart cities and 'Housing for All by 2022', which are expected to immensely drive the residential construction market in India through the forecast period.
- German Social Democrat government is focusing heavily on the housing crisis in the country and has created a new ministry to supervise its housing plans. In November 2021, the government pledged more than 400,000 new housing units every year from 2022, 100,000 of which will be publicly subsidized.
- All the aforementioned factors are likely to increase the demand for plastic coatings over the forecast period.
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China to Dominate the Asia-Pacific Region
- China is one of the largest economies, in terms of GDP and is among the fastest emerging economies in the world. Moreover, China is among the top manufacturers of automobiles, electronic devices, and electric vehicles globally.
- The majority of the demand for plastic coatings in the country comes from the automotive and construction industry.
- China is one of the world's largest vehicle markets and will continue to be the world's largest vehicle market by both annual sales and manufacturing output, By 2025 domestic production is expected to reach 35 million vehicles.
- China is one of the largest countries in the world, where the construction sector dominates almost all other sectors in growth. In 2021, the revenue of construction enterprises in China was CNY 8,013.8 billion, an increase of 2.1% over the previous year.
- As per U.S. International Trade Administration, China is the world's largest construction market and is forecasted to grow at an annual average of 8.6% between 2022 and 2030.
- Such factors are expected to increase the demand for plastic coatings in the Asia Pacific region, mainly in the Chinese market over the forecast period.
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Plastic Coatings Industry Overview
The plastic coatings market is partially consolidated. Some of the major players include (not in any particular order) The Sherwin-Williams Company, Akzo Nobel N.V., 3M, Axalta Coating Systems, and PPG Industries, Inc. among others.
Plastic Coatings Market Leaders
The Sherwin-Williams Company
Akzo Nobel N.V.
Axalta Coating Systems
PPG Industries, Inc.
*Disclaimer: Major Players sorted in no particular order
Plastic Coatings Market News
- In March of 2022, Peerless Plastics & Coatings Ltd. acquired RS Coatings Ltd., a company specializing in the application of coating solutions for the protection and decoration of plastic and metallic components. The acquisition will provide the company with 50 years of experience of RS coatings in the coatings industry.
Plastic Coatings Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Consumption of High-Performance Coatings in various end-user industries
4.1.2 Other Drivers
4.2.1 Regulations on plastic and plastic-related products in various nations
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Plastic Type
5.1.7 Other Plastic Types
5.3 End-user Industry
5.3.2 Building and Construction
5.3.3 Aerospace and Defense
5.3.5 Consumer Appliances
5.3.6 Other End-user Industries
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.4.4 South America
188.8.131.52 Rest of South America
5.4.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Akzo Nobel N.V.
6.4.3 Axalta Coating Systems
6.4.4 BASF SE
6.4.5 Covestro AG
6.4.6 Diamond Vogel
6.4.7 KANSAI PAINT CO. LTD
6.4.8 NIPPON PAINT
6.4.9 Peerless Plastics & Coatings
6.4.10 PPG Industries Inc.
6.4.11 The Sherwin-Williams Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Recycling of plastic / resins from waste in production processes
Plastic Coatings Market Research FAQs
What is the current Plastic Coatings Market size?
The Plastic Coatings Market is projected to register a CAGR of greater than 5.2% during the forecast period (2023-2028).
Who are the key players in Plastic Coatings Market?
The Sherwin-Williams Company, Akzo Nobel N.V., 3M, Axalta Coating Systems and PPG Industries, Inc. are the major companies operating in the Plastic Coatings Market.
Which is the fastest growing region in Plastic Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Plastic Coatings Market?
In 2023, the Asia Pacific accounts for the largest market share in the Plastic Coatings Market.
Plastic Coatings Industry Report
Statistics for the 2023 Plastic Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Plastic Coatings analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.