NEW YORK, Sept. 27, 2021 /PRNewswire/ -- As per a new study by Persistence Market Research, the global in-mold coatings market is expected to rise at a healthy CAGR of 5.3% and top a valuation of US$ 355 Mn by 2031.
In-mold coatings are widely used for automotive production across the globe. Growing automotive industry is thereby expected to elevate demand for in-mold coatings over the coming years. Moreover, shifting consumer demand toward environment-friendly products is also augmenting market growth. As such, key manufacturers are indulging in developing low-VOC-content coatings to bring their product portfolios in line with consumer demand trends.
Furthermore, consistent growth of the construction industry coupled with rising modernization in building and infrastructure development requires complex geometric shapes, which is creating high demand for in-mold coatings in the construction sector.
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Key Takeaways from Market Study
- Germany is one of the largest markets for in-mold coatings owing to strong presence of the automotive end-use sector in the country.
- Water based in-mold coatings are expected to increase their market share due to shifting consumer base toward eco-friendly products.
- The automotive industry is the largest consumer of in-mold coatings. Consistent growth of the automotive industry is expected to elevate demand over the decade.
- High production cost associated with composite coatings and fluctuation in oil prices are factors expected to hinder market growth to some extent.
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"Demand for in-mold coatings is estimated to be driven significantly by the automotive industry," says a Persistence Market Research analyst.
Competitive Landscape
According to the Market Research analysis, Omnova Solutions Inc., Akzo Nobel N.V., Fujichem Sonneborn Limited, Adapta Color S.L., Emil Frei GmbH & Co. Kg, Kech Chimie, The Sherwin-Williams Company, Stahl Holdings B.V., Berlac Group, Rasching GmbH, Protech Powder Coatings Inc., Chromaflo Technologies, and Plasti Dip International are identified as key manufacturers of in-mold coatings.
Conclusion
Consistent growth in end-use industries such as automotive, building and construction, and transportation is elevating demand for in-mold coatings. However, coatings are mostly manufactured using solvents. Solvents are mostly derived from refinery operations and petrochemical feedstock.
The coating industry is a major consumer of petrochemical and non-petrochemical feedstock. With fluctuations in crude oil and gas prices, raw material cost also increases, and this will lead to reduction in the profit margins of in-mold coatings manufacturers.
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More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a market research report on the global in-mold coatings market that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031.
The report provides an in-depth analysis on the market through different segments, namely, product type, application, resin technology, formulation, coating layer, substrate, physical form, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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