With the presence of a large pool of participants, the global plastic coating market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). AkzoNobel N.V., Eastman Chemical Company, PPG Industries Inc., Axalta Coating Systems Ltd., Kansai Paint Company Ltd, and BASF SE are some of the key vendors of endoscopy devices across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the plastic coating market study.
In a major relief to plastic coating market, last month, researchers at Georgia Institute of Technology found that when plant cellulose is combined with chitin, the hard substance or substrate that makes up clamshells of shellfish as well as exoskeletons of lobsters, it produced recyclable plastic coatings.
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Thriving Automotive & Construction Sectors To Boost Market Growth
“Wide product demands from the automotive & construction sectors along with user-friendly & features are anticipated to augment the plastic coating market trends over the next few years,” says the author of this study. Apart from this, plastic coating is more durable & efficient as compared to its traditional counterparts and has the ability to enhance the performance. Rapid urbanization witnessed in developing countries and high product demand in these economies is projected to spur the growth of plastic coating market over the ensuing years.
Adverse effects on the ecology owing to VOC emissions, however, can hinder the progression of plastic coating market in the near future. Nevertheless, current research activities on developing bio-based coatings is forecast to create lucrative growth avenues for the business over the span of next few years, thereby normalizing the impact of hindrances on the plastic coating market, reports the study.
Presence Of Automotive Giants to Support Europe’s Regional Dominance
Regionally, Europe has been leading the worldwide plastic coating market and is anticipated to continue on the dominant position in the years to come, states the plastic coating market study. The presence of leading automobile producers and rapidly flourishing automotive OEM market in the region is the main factor behind the dominance of the Europe plastic coating market. Furthermore, extensive use of plastic coating in aerospace and construction applications in Europe is expected to contribute substantially towards the growth and dominance of European plastic coating market in the years ahead.
The global plastic coating market is segmented as follows:
By End User
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