Global Plastic Paint Market Report 2024

The plastic paint market size has grown strongly in recent years. It will grow from $92.15 billion in 2023 to $98.14 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increased demand for eco-friendly and low-VOC paint formulations, growth of construction and automotive industries, development of new application techniques, increased investment in research and development, and integration of digital technologies.

The plastic paint market size is expected to see strong growth in the next few years. It will grow to $127.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The projected growth in the forecast period is driven by several factors, including the rising demand for sustainable solutions, the continued trend of urbanization and infrastructure development, increasing adoption of digitalization and automation, growing consumer awareness, and the expansion of distribution channels. Noteworthy trends anticipated during this period include a focus on customization and innovation, the widening scope of application areas, an emphasis on high-performance coatings, a transition towards water-based formulations, and an increasing demand for antimicrobial paints.

The burgeoning automotive industry is poised to drive the growth of the plastic paint market in the coming years. The automotive industry encompasses activities related to the design, development, manufacturing, marketing, and distribution of motor vehicles, including cars, trucks, motorcycles, and other vehicles. This sector is experiencing growth propelled by various factors, including rapid technological advancements such as electric vehicles (EVs), autonomous driving technologies, and connected cars, alongside increasing consumer demand for convenient and efficient transportation solutions. Plastic paint serves as a crucial component for coating vehicle exteriors, including car bodies, bumpers, trim pieces, and other exterior components. It also enables color customization, allowing automakers to provide a wide array of color options to consumers. For instance, according to a report from the Society of Motor Manufacturers and Traders (SMMT) in June 2023, passenger car sales in the UK surged by 25.8%, rising from 140,958 units in 2022 to 177,266 units in 2023. Hence, the expanding automotive industry is propelling the growth of the plastic paint market.

Key players in the plastic paint market are directing their efforts towards the development of innovative solutions to meet diverse consumer demands and preferences. One such innovation is artist's acrylic paint, a fast-drying, water-soluble paint composed of pigment suspended in an acrylic polymer emulsion, known for its versatility and vibrant colors in various artistic applications. For example, in October 2021, Berger Paints Bangladesh Ltd., a Bangladesh-based paint company, introduced Berger Artista, the first locally crafted artist's acrylic paint series in Bangladesh. The Berger Artista series, comprising cost-effective variants of seven primary shades, aims to enrich the creative pursuits of artists across the nation, as outlined in a press release.

In December 2022, Sherwin-Williams, a US-based provider of architectural and industrial coatings, completed the acquisition of ICA Group for an undisclosed sum. This strategic move aligns with Sherwin-Williams' objective of diversifying its product portfolio and strengthening its foothold in wood coatings. Through this acquisition, Sherwin-Williams aims to offer innovative, high-quality, and environmentally suitable wood coating solutions alongside its existing portfolio of brands and technologies, thus providing customers with an expanded range of wood coating options. ICA Group, based in Italy, specializes in industrial wood coatings and plastic paint, enhancing Sherwin-Williams' capabilities in these segments.

Major companies operating in the plastic paint market are The Sherwin Williams Company, PPG Industries Inc., AkzoNobel NV, Eastman Chemical Company, Wacker Chemie AG, RPM International Inc., Axalta Coating Systems Ltd., Valspar Corporation, Asian Paints Limited, Kansai Paint Co. Ltd., Jotun group, Hempel AS, Nippon Paint Holdings Co. Ltd., Berger Paints India Limited, DAW SE, Teknos Group Oy, Chugoku Marine Paints Ltd., Krylon Inc., Diamond Vogel Paints, Autoglym Limited, Tamiya Corporation, Dutch Boy Group.

Asia-Pacific was the largest region in the plastic paint market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the plastic paint market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plastic paint market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Plastic paint, characterized by its utilization of acrylic polymers as a binder, is a water-based and fast-drying paint variant. Renowned for its durability, moisture resistance, and ability to deliver a seamless finish, this paint type finds widespread application in both indoor and outdoor settings, commonly employed for painting walls, furniture, and various surfaces.

Among the primary types of plastic paint are vinyl paint, rubber paint, and acrylic paint. Vinyl paint, specifically, incorporates vinyl resins, offering superior durability and adhesion properties. Frequently applied on both interior and exterior surfaces, vinyl paint is utilized across various processes including dip coating, spray coating, powder coating, electrophoretic painting, and others. Its versatile application spans household and commercial settings alike.

The plastic paint research report is one of a series of new reports that provides plastic paint market statistics, including the plastic paint industry's global market size, regional shares, competitors with a plastic paint market share, detailed plastic paint market segments, market trends and opportunities, and any further data you may need to thrive in the plastic paint industry. This plastic paint market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The plastic plant market consists of sales of products such as emulsion paints, enamel paints, and latex paints. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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