The plastic coatings market is projected to reach USD 7.76
Billion by 2021, at a CAGR of 5.5% during the forecast period, 2016 to 2021.
This growth is driven by the increasing demand from automotive end-use industry
and increasing trend towards green, environment-friendly coating materials.
Plastic coating is the process of covering the surface of a
substrate with coating resins, to enhance its functional, protective, and
decorative properties. The type of resin mix and plastic substrate largely
determines the coating’s performance and characteristics, such as resistance
from water and scratch, ability to protect against corrosion, and providing
gloss or matt finish. Commonly, polyurethane, acrylic, epoxy, and vinyl resins
are used in plastic coatings. Key players operational in the plastic coatings
market include PPG Industries Inc. (U.S.), Eastman (U.S.), Bayer AG (Germany.),
Axalta Coating Systems (U.S.), and AkzoNobel N.V. (Netherlands).
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In recent times, key companies have adopted various
strategies, such as expansions, mergers and acquisitions, new product launches,
partnerships, agreements, and joint ventures. The growing demand of plastic
coatings from emerging economies has resulted in a surge of strategic
initiatives in recent times, and it is anticipated to continue in near future.
The companies are also making investments to strengthen their sales and
distribution networks, enhance their market visibility, and strengthen their
position in the plastic coatings market.
AkzoNobel N.V. is a
leading producer of plastic coatings globally. The company is focusing on new
product launches as well as business expansion strategies to strengthen its
market position and consolidate its financial position in the global plastic
coatings market. The company opened its largest technology center in China for
USD 7.1 million, in May 2016. This technology center helped the company to
innovate new products and support the development of coating, paints, and specialty
products. The company also expanded its Indonesian performance coating plant
for USD 2.8 million, in 2016. This investment increased the company’s
production capacity by 40% and helped to meet the domestic market demand.
PPG International Inc.
is another major player in the plastic coatings market. The company invested
USD 7.8 million at its Coatings Innovation Center in Pennsylvania, U.S., in
February 2016. This expansion helped the company to improve its research and
development activities for paints and coatings. The company opened a coatings
center of excellence in Tianjin, China for USD 10 million, in June 2016. This
helped the company to serve regional customers in the automotive plastics and
decorative market place. The company acquired global coatings services provider
MetoKote, a coating service provider for manufactured parts and assembled
products, in July 2016.