Sarasota, FL -- (SBWIRE) -- 11/28/2017 -- According to the report, global plastic coating market was valued at over USD 5.62 billion in 2015, is expected to reach above USD 7.74 billion in 2021 and is anticipated to grow at a CAGR of slightly above 5.48% between 2016 and 2021.

The coating is the process in which the surface is covered using suitable substrate. Plastic coating possesses several properties such as resistance from corrosion and heat. The plastic coating is widely used in aerospace, building, and construction, medical and automobile industry. Plastic coatings are majorly used in the automobile industry or coating the battery trays, seat springs radiator grilles, brackets, door handles, filler pipes, and seat belt loops. The plastic coating is easy to use and cost efficient.

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The increasing trend for eco-friendly coatings is likely to drive the plastic coating market. Moreover, rising demand from end-user industry such as automotive, building & construction is expected to trigger the growth of plastic coating market in the coming years. The plastic coating is more durable and efficient with enhanced performance as compared to conventional coating. Therefore, plastic coating finds its application in several industries such as in automotive industry which is expected to drive the market growth in the coming years. Growing industrial sector is expected to spur the growth of the market in the coming years. However, stringent regulations imposed by the governing bodies on VOC emissions may impede the growth of the plastic coating market. Nevertheless, ongoing research for bio-based coatings along with growing demand for plastic coating from the emerging countries is likely to positively impact on plastic coating market in the coming years.

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On the basis of types, the plastic coating market can be segmented as acrylic, polyurethane, epoxy and other types. Polyurethane plastic coatings possess high strength, abrasion resistance, flexibility, and moisture resistance. Therefore, polyurethane plastic accounted for almost one-third of the total market share in 2015. The plastic coating includes processes such as powder coating, dip coating, electrophoretic painting, spray coating, and another process. Dip Coating is the largest revenue generating segment owing to the ease of application and cost effective coating. Numerous end users for plastic coating are aerospace and defense, automotive, medical, building and construction and another end user. Automotive was the leading segment of the plastic coating market in 2015 with significant market share. The plastic coating offers durability, functionality and performance benefits in the automotive industry.

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Europe held the largest market share for plastic coating followed by North America in 2015. Escalating investment in Europe by the leading automotive manufacturers along with growing automotive OEM market is likely to boost the plastic coatings market in the forecast period. Asia Pacific is witnessing predominant growth for the plastic coating in recent times and is to gain traction in the forecast period. A large number of consumers from India and China along with rapidly growing coating industry, in turn, is expected to result in the growth of plastic coating market. Increasing government initiatives to uphold the development in the manufacturing sectors is expected to aid the growth of plastic coatings market in this region. Latin America is likely to witness decent growth in the forecast period. The Middle East and Africa is anticipated to exhibit moderate growth over the coming years.

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Some of the global major players in the plastic coating are Akzonobel N.V., BASF SE, PPG Industries, Inc., 3M, Kansai Paint Co., Ltd, Diamond Vogel Paints, Wacker Chemie AG, Bayer AG, Eastman Chemical Company, Valspar Corporation, Axalta Coating Systems Ltd. AkzoNobel NV, Nippon Paint Co. Ltd. among others.

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