NEW YORK, September 27, 2021 / PRNewswire / – According to a new study from Persistence Market Research, the global in-mold coatings market is expected to grow at a healthy CAGR of 5.3% and exceed a valuation of US $ 355 million by 2031.
In-mold coatings are widely used in automotive production across the world. The growth of the automotive industry is therefore expected to increase the demand for in-mold coatings over the next few years. In addition, changing consumer demand towards environmentally friendly products is also increasing the growth of the market. As such, leading manufacturers are engaged in the development of low VOC coatings to align their product portfolios with consumer demand trends.
In addition, the constant growth of the construction industry coupled with the increasing modernization of building and infrastructure development requires complex geometric shapes, which creates a high demand for in-mold coatings in the construction industry.
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Key takeaways from market research
- Germany is one of the largest markets for in-mold coatings due to the 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 the shift in the consumer base towards environmentally friendly products.
- The automotive industry is the biggest consumer of in-mold coatings. The steady growth of the auto industry is expected to increase demand over the decade.
- The high production costs associated with composite coatings and fluctuating oil prices are expected to hamper the growth of the market to some extent.
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“The demand for in-mold coatings is estimated to be strongly driven by the automotive industry“Says a Persistence Market Research analyst.
According to market research analysis, Omnova Solutions Inc., Akzo Nobel NV, Fujichem Sonneborn Limited, Adapta Color SL, Emil Frei GmbH & Co. Kg, Kech Chimie, The Sherwin-Williams Company, Stahl Holdings BV, Berlac Group, Rasching GmbH, Protech Powder Coatings Inc., Chromaflo Technologies and Plasti Dip International are identified as the major manufacturers of in-mold coatings.
The constant growth of end-use industries such as automotive, building and construction and transportation increases the demand for in-mold coatings. However, coatings are mostly made using solvents. Solvents are mainly derived from refining operations and petrochemical raw materials.
The coating industry is a major consumer of petrochemical and non-petrochemical raw materials. Along with the fluctuations in the prices of crude oil and gas, the cost of raw materials also increases, which will lead to reduced profit margins for in-mold coating manufacturers.
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More valuable information
Persistence Market Research, a research and consultancy firm, has released a market research report on the Global In-Mold Coatings Market which contains a global industry analysis for 2016-2020 and an assessment of the opportunities for 2021 -2031.
The report provides in-depth analysis of the market across different segments, namely product type, application, resin technology, formulation, coating layer, substrate, physical form and region. The report also provides supply and demand trends as well as an overview of the parent market.
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SOURCE Persistence Market Research Pvt. Ltd.