Plastic Coatings Market 2024

The plastic coatings market size has grown steadily in recent years. It will grow from $6.42 billion in 2023 to $6.68 billion in 2024 at a compound annual growth rate (CAGR) of 4%. The growth observed during the historical period can be attributed to several factors, including the expansion of the automotive industry, an increasing use of protective coatings, advancements in packaging technologies, a rising awareness of environmental protection, and growth in the manufacturing of medical devices.

The plastic coatings market size is expected to see steady growth in the next few years. It will grow to $7.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The projected growth during the forecast period can be attributed to several factors, including the expansion of anti-microbial coatings, increasing applications of nanotechnology, the rise of functional coatings, growth in lightweighting initiatives, and the adoption of smart coatings. Key trends expected in this period include a rising demand for electric vehicles, an increasing focus on sustainable coatings, growth in urbanization and construction, a surge in consumer electronics demand, and stricter health and safety regulations.

The growing demand for automotive and transportation is anticipated to drive the expansion of the plastic coatings market in the future. The automotive and transportation sector encompasses the design, manufacturing, and operation of vehicles and systems that facilitate the movement of people and goods, including cars, trucks, buses, trains, airplanes, and associated infrastructure. This rising demand is fueled by urbanization, increasing incomes, a growing population, and the need for efficient and convenient mobility solutions. Plastic coatings play a crucial role in protecting vehicle components from corrosion, wear, and environmental damage, while also enhancing their durability and aesthetics. For example, in May 2024, the Australian Bureau of Statistics, a government agency in Australia, reported that the earnings before interest, tax, depreciation, and amortization (EBITDA) for the transport, postal, and warehousing industry rose by 14.4% ($5.2 billion), following an 11.6% ($3.8 billion) increase in the previous year (2021-22). Thus, the growing demand in automotive and transportation is driving the plastic coatings market forward.

Key players in the plastic coatings sector are concentrating on developing innovative solutions, such as textured epoxy coating technology, which offers enhanced bond strength, damage tolerance, and corrosion resistance for both horizontal and vertical concrete applications. Textured epoxy coatings are epoxy-based finishes with a rough texture that provides a non-slip surface while improving both aesthetic and functional qualities. They are commonly utilized in environments that require durability, chemical resistance, and slip resistance. For instance, in April 2024, Sherwin-Williams Company, a US manufacturer of paints and coatings, introduced Sher-Bar TEC, an innovative new coating technology for the concrete industry. This product features an advanced formulation that provides exceptional durability and chemical resistance while maintaining a smooth finish. Sher-Bar TEC's transformative technology enables quicker application and curing, delivering long-lasting protection with minimal downtime.

In February 2022, Westlake Corporation, a US petrochemical manufacturing firm, acquired the epoxy-based coatings and composite businesses from Hexion Holdings Corporation for $1.2 billion. This acquisition is expected to strengthen Westlake's portfolio by incorporating a leading range of coatings and composite products, particularly for industries focused on sustainability, such as the automotive and renewable energy sectors. Hexion Holdings Corporation is a US provider of plastic coatings.

Major companies operating in the plastic coatings market are BASF SE, DOW Chemical Company, Wanhua Chemical Group Co. Ltd., Sherwin-Williams Company, PPG Industries Inc., Evonik Industries AG, Solvay, AkzoNobel N.V., Sika AG, Nan Ya Plastics Corporation, Nippon Paint Holdings Co., Ltd., Wacker Chemie AG, Masco Corporation, Huntsman Corporation, RPM International Inc., Axalta Coating Systems, Asian Paints Ltd., Kansai Paint Co., Ltd., Jotun Group, Pidilite Industries Limited, Rust-Oleum Corporation, Berger Paints, Hempel A/S, CTM Coatings.

North America was the largest region in the plastic coatings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plastic coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the plastic coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Plastic coatings are protective or decorative layers applied to surfaces, typically composed of or incorporating polymers (plastics). These coatings create a durable, flexible, and often weather-resistant barrier over a substrate, safeguarding it against corrosion, abrasion, chemicals, moisture, and other environmental elements. Plastic coatings are commonly used on metal, wood, or plastic surfaces to enhance performance, longevity, and appearance.

The main types of materials used for plastic coatings include polyesters, polyurethane (PU), acrylic, epoxy, silicone, and others. Polyester coatings are protective layers derived from synthetic polymers, providing excellent resistance to chemicals, moisture, and environmental conditions. The application methods include spray coating, dip coating, powder coating, electrophoretic painting, and others. These coatings are utilized across various end-use industries, such as building and construction, automotive, aerospace and defense, medical, and more.

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

The plastic coatings market consists of sales of polyurethane coatings, epoxy coatings, polyethylene coatings, acrylic coatings, polyvinyl chloride (PVC) coatings, fluoropolymer coatings, and nylon coatings. 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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