The plastic coating market has huge potential

Recently, United Market Research (AMR) published a report titled "Plastic coating market type (polyurethane, acrylic, epoxy and others), process (dip coating, spray coating, powder coating, electrophoretic paint, etc.), and final Application industries (automotive, aerospace and defense, construction and construction, medical, etc.): "Global Opportunity Analysis and Industry Forecast for 2020-2027." According to the report, the global plastic coatings industry received $6.5 billion in revenue in 2019 , Is expected to generate 8.8 billion U.S. dollars by 2027, with a compound annual growth rate of 5.1% from 2020 to 2027.

The main determinants of growth

The continued development of the light-duty automobile industry and the increase in the adoption rate of the construction industry have promoted the growth of the global plastic coatings market. However, strict environmental policies and regulations regarding volatile organic content (VOC) have restricted the growth of the plastic coatings market. On the other hand, emerging industries in developing countries will create new industry opportunities in the next few years.

The impact of COVID-19

1. During the Covid-19 lockdown period, the daily operations of plastic coating production facilities have ceased. In addition, research and development activities have been interrupted.
2. After the government's lockdown to curb the spread of the coronavirus, related supply and distribution activities have ceased.
3. With the suspension of the automobile and construction industries, the demand has been greatly reduced. However, with the relaxation of lock-in restrictions, demand is expected to grow steadily.
4. With the start of manufacturing and field operations, the demand for plastic coatings in different industries will gradually increase.

Epoxy resin market maintains leading position during forecast period

By type, epoxy resin has the highest market share, accounting for nearly two-fifths of the total global plastic coatings market share in 2019, and will maintain its leading position during the forecast period. This is attributed to its applicability, which can realize the smoothness, durability, economy and other advantages of plastic coatings.
However, from 2020 to 2027, the acrylic market segment is expected to grow at a compound annual growth rate of 5.8%. This is due to its unique advantages, including excellent UV resistance, moisture resistance and other advantages.

During the forecast period, the spray field will maintain its dominant position

According to calculations based on usage, the spray coatings business accounted for the largest market share in 2019, accounting for more than a quarter of the global plastic coatings market, and will maintain its dominant position during the forecast period (to 2027). This is attributed to its simplicity in application, and plastic spray coatings are widely used in construction, automobiles and other fields.
However, due to the influence of some complex structures, powder coatings can omit pretreatment steps. Therefore, the compound annual growth rate of powder coatings during the forecast period is expected to reach 5.9%, which is the fastest.

The Asia-Pacific region has the fastest growth rate, followed by North America

By region, the Asia-Pacific region is expected to achieve a compound annual growth rate of 5.6% from 2020 to 2027. In addition, the region has the largest share of revenue in 2019, accounting for more than one-third, and will continue to maintain its leading position until 2027. This is due to the growth of macroeconomic factors in these regions, such as GDP growth, industrial production, new residential and commercial construction, and automobile production.