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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Competitive Landscape
The global market for rotomolding compounds has been identified as a fairly fragmented space, owing to the presence of several small and medium players.
Some of the key market participants included in the report are Exxon Mobil Corporation, Dow Inc. Chevron Phillips Chemical Company LyondellBasell Industries N.V. ASH Industries Interplastic Corporation NOVA Chemicals Corporation Solvay SA KMI Group Inc. Braskem Starrotoplast Excelsior Roto Moulding Ltd Roto Polymers Reliance Industries Limited. Matrix Polymers Moharamplast S.A.E Eco Polymers SCG Chemicals Co., Ltd., FINE POLYCRAFT PVT. LTD., and PHYCHEM TECHNOLOGIES PVT. LTD.
Conclusion
Strong business outlook in hollow plastic products used in several industries such as automotive, playground equipment, water containers, and construction, owing to superior molding efficiency, is boosting sales of rotomolding compounds. These compounds have the ability to deliver a superior stress bearing property, improved mold flow, and high impact resistance as compared to other counterparts.
Globally, key players are focusing on new innovation in rotomolding compound applications to increase their market share and boost their annual turnover. Also, tier II and tier III players are focusing on tie-ups with end users for long-term contracts.
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