Kenneth Research, in its repository of market research reports, has recently added a report on Plastic Coatings Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Plastic Coatings Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Plastic Coatings Market products.
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A report on Plastic Coatings Market has recently been added into the repository of market research reports of Kenneth Research. The report, which is calculated for the forecast period 2021 2025, provides an in-depth analysis on the opportunities, latest trends, challenges and the growth drivers that are associated with the growth of the market. The market is thriving on account of the growing need for chemicals that are less toxic, backed by the stringent government regulations to regulate chemical pollution. It is estimated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2021.
On the other hand, it is estimated that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities. Further, the market is projected to grow on account of the growing trade in chemicals worldwide. The European Union recorded to be the largest exporter of chemical products around the globe in the year 2019. The region was also the second largest importer of chemical products after the United States in the same year. The exports of chemicals in Europe, according to the statistics by Eurostat, grew from USD 323.49 billion in 2010 to USD 504.83 billion in 2020. Moreover, the imports of chemicals in the region grew from USD 205.64 billion in 2010 to USD 285.91 billion in 2020.
The global Plastic Coatingsmarket was valued at USD 5.69billion in 2016 and is projected to reach USD 9.94billionby 2025, growing at a CAGR of 5.30% from 2017 to 2025.
Plastic is highly consumed material globally and the demand for products with added functional properties is increasing rapidly. The growing application in automotive and building and construction is driving market demand. The demand for acrylic coatings is expected to remain high over the forecast period.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Market Dynamics:
1. Market Drivers
1.1 Increasing demand from automotive in developing countries
1.2 Development of more durable coatings with better performance
2. Market Restraints
2.1 Regulations regarding VOC content
2.2 Availability of raw materials
Market Segmentation:
The global Plastic Coatingsmarket is segmented on the material, process, application, and region.
1. By Material:
1.1 Epoxy
1.2 Acrylic
1.3 Polyurethane
1.4 Others
2. By Process Type:
2.1 Powder Coating
2.2 Dip Coating
2.3 Spray Coating
2.4 Electrophoretic Painting
2.5 Others
3. By Application:
3.1 Building and Construction
3.2 Automotive and Transportation
3.3 Aerospace and Defense
3.4 Medical
3.5 Others
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. 3M
2. Wacker Chemie AG
3. Eastman Chemical Company
4. BASF SE
5. Bayer AG
6. Valspar Corporation
7. Akzonobel NV
8. Kansai Paint Co. Ltd.
9. PPG Industries
10. Axalta Coating Systems
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the PlasticCoatings Marketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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