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2023

Polymer Coatings Market

Polymer Coatings Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Process, by End-Use Industry : Global Opportunity Analysis and Industry Forecast, 2021-2031

MC : Paints, Coatings and Additives

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Author's: Chidanand Vijaykumar Bilagi | Eswara Prasad
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Polymer Coatings Market Research, 2031

The global polymer coatings market was valued at $8.9 billion in 2021, and is projected to reach $16.2 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

Polymer coating is the process of applying a thin layer of polymer material to a surface to protect, enhance, or modify its properties. It can be used on a variety of surfaces, including metals, plastics, wood, concrete, and others.

Polymer Coatings Market

Polymer coatings are classified into several types on the basis of their chemical composition, including epoxy, polyurethane, acrylic, polyester, and fluoropolymer coatings. It is used to protect surfaces from corrosion, abrasion, and wear, and to improve the surface's aesthetic properties. Furthermore, it is used to improve a material's surface properties such as adhesion, surface energy, and surface roughness.

Polymer coatings are widely used in construction for a variety of purposes, including surface protection, aesthetic enhancement, and increased durability and life expectancy. In addition to that, they have corrosion-resistant properties, which make them ideal for use in structures exposed to harsh environmental conditions, such as bridges, marine structures, and pipelines. All these factors increase the demand for polymer coating in construction.

The growing demand for energy-efficient buildings is attributed to a variety of factors, including increased awareness of the environmental impact of energy consumption, the desire to reduce energy costs, and the desire for more comfortable and healthier living and working environments. By insulating walls and roofs, polymer coatings can improve building energy efficiency. This can reduce the cost of the HVAC system while also improving indoor comfort. Moreover, it provides waterproofing to building surfaces such as foundations, roofs, and balconies, which prevents water damage and protects the structural integrity of the building. All these factors have escalated the demand for polymer coating in buildings.

However, some polymer coatings contain hazardous chemicals or emit hazardous fumes during the application process, which adversely affects the health of workers and consumers. Some solvent-based polymer coatings emit volatile organic compounds (VOCs), which can cause headaches, dizziness, other health issues and it has a negative impact on the environment. In addition to that, the production cost of polymer coating by heat cure process is relatively high, making them more expensive. All these factors hamper the market growth.

The increase in demand for high-quality coating materials in various industries has resulted in an increase in government initiatives for polymer coating in emerging countries. The Energy Star program is a voluntary program established by the U.S. Environmental Protection Agency (EPA), which offers several incentives to encourage the adoption of energy-efficient products and building materials. All these factors are anticipated to offer new growth opportunities for polymer coatings during the forecast period.

The polymer coating market is segmented on the basis of type, process, end-use industry, and region. By type, the market is divided into acrylic, epoxy, polyurethane, polyester, fluoropolymer, and others. The polyurethane type accounted for 26% polymer coating market share in 2021 and is expected to maintain its dominance during the forecast period. Polyurethane is a polymer made by reacting a diisocyanate compound with a polyol compound. High-performance polyurethane coatings are frequently formulated with aliphatic isocyanates, which give good light stability and weathering resistance. The resulting material is a versatile and widely used synthetic material that can be formulated into a variety of forms including foams, adhesives, coatings, and elastomers. 

Polyurethane coating is a resin-based protective coating. It is well-known for its tensile strength, resistance to abrasion and chemicals, and ability to withstand UV light and weathering. It is frequently used to protect surfaces from corrosion, wear and tear, and other types of damage. The rising focus on sustainability and reducing carbon footprint has led to an increase in the water-based urethane coatings, which have lower VOC emissions and are environmentally friendly.

Polyurethane coatings have high flexibility and elasticity allowing them to expand and contract with the underlying substrate. This makes them suitable for use on substrates prone to movement or vibration such as bridges, pipelines, and aircraft. In addition to that, polyurethane coating is used in infrastructure, automotive & transportation, marine & offshore, industrial coatings, and as sustainable coatings. All these factors have escalated the demand for polyurethane coating. 

By process, the market is divided into dip coating, powder coating, spray coating, electrocoat, and liquid coating. The liquid coating process accounted for 26% polymer coating market share in 2021 and is expected to maintain its dominance during the forecast period. Liquid coatings are used for a wide range of applications including automotive, aerospace, industrial, and consumer products. They are often chosen for their ability to provide a durable and protective barrier against corrosion, abrasion, and weathering, as well as their ability to add color, gloss, or other aesthetic qualities to a surface.

Liquid coating is use in a variety of end-use industries such as automotive, aerospace, construction, and electronics. These industries are growing and innovating, necessitating the development of new and improved coating solutions. In the recent COVID-19 pandemic, there has been an increase in demand for antimicrobial coatings that can aid in the inhibition of bacterial and viral growth on surfaces, this pattern is likely to continue in the future.

The end-use industry covered in the report includes construction, aerospace, marine, industrial equipment, automotive, oil & gas, and others. Industrial equipment accounted for 21% polymer coating market share in 2021 and is expected to maintain its dominance during the forecast period. Corrosion is a major problem for industrial equipment, especially in harsh environments such as oil and gas production, marine, and chemical processing. Polymer coatings are an effective solution to protect against corrosion and extend the life of the equipment.

Many industries are subject to regulatory requirements that mandate the use of coatings that meet certain performance standards. Polymer coatings can help companies comply with these requirements while also providing a cost-effective solution. Polymer coatings are commonly used in industrial equipment for a variety of reasons including protection against corrosion, wear and tear, chemical resistance, and improved appearance. Industrial equipment that commonly benefits from polymer coatings includes pipes, tanks, valves, pumps, and machinery. 

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. On the basis of region, Asia-Pacific accounted for more than 40% polymer coating market share in 2021 and is expected to maintain its dominance during the forecast period. The Asia-Pacific region is expected to be the fastest-growing market for polymer coatings in industrial equipment due to rapid industrialization and infrastructure development in countries such as China and India. All these factors are anticipated to offer new growth opportunities for polymer coatings in industrial equipment during the forecast period. 

Polymer coatings are widely used in a variety of industries throughout the Asia-Pacific region, including automotive, construction, electronics, packaging, and healthcare. Rapid industrialization and economic growth in many Asia-Pacific countries have increased demand for high-performance coatings in a variety of industries. Polymer coatings provide the necessary protective and functional properties in these industries.

China has a well-established supply chain and is a major producer of polymer coatings. Polymer coatings are widely used in China's automotive, construction, and electronics industries. According to Volza Grow Global, China is the largest exporter of polymer coating, with 7,840 shipments followed by India with 5,432 and South Korea at the 3rd spot with 2,683 shipments till December 2022. In addition, other factors such as growing population and urbanization, technological advancements, environmental regulations, and increasing consumer awareness drive the demand for the polymer coating market across Asia-Pacific.

Key players in the polymer coating industry include BASF SE, PPG Industries Inc, The Sherwin-Williams Company, Akzo Nobel N.V., Axalta Coating Systems LLC, Kansai Paint Co. Ltd., Ashland, Jotun, Chugoku Marine Paints Ltd., and Covestro AG.

Key Regulation Analysis:

Environmental Protection Agency (EPA)

The EPA regulates the use of polymer coatings in various industries to ensure that they do not have a negative impact on the environment. This includes regulations related to the emission of volatile organic compounds (VOCs) from coatings that can contribute to air pollution.

Food and Drug Administration (FDA)

The FDA regulates the use of polymer coatings in the food industry to ensure that they are safe for use with food products. This includes regulations related to the types of coatings that can be used, testing, and approval process for new coatings.

Occupational Safety and Health Administration (OSHA)

OSHA regulates the use of polymer coatings in the workplace to ensure that they do not pose a hazard to workers. This includes regulations related to the handling and storage of coatings and requirements for personal protective equipment (PPE) for workers who come into contact with coatings.

Department of Transportation (DOT)

The DOT regulates the use of polymer coatings in transportation applications such as coatings for bridges and highways. This includes regulations related to the performance and durability of coatings in harsh environmental conditions, requirements for testing and certification of new coatings

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the polymer coatings market analysis from 2021 to 2031 to identify the prevailing polymer coatings market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the polymer coatings market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global polymer coatings market trends, key players, market segments, application areas, and market growth strategies.

Polymer Coatings Market Report Highlights

Aspects Details
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Market Size By 2031

USD 16.2 billion

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Growth Rate

CAGR of 6.2%

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Forecast period

2021 - 2031

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Report Pages

285

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By Type
  • Acrylic
  • Epoxy
  • Polyurethane
  • Polyester
  • Fluropolymer
  • Others
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By Process
  • Dip Coating
  • Powder Coating
  • Spray Coating
  • Elctrocoat
  • Liquid Coating
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By End-Use Industry
  • Construction
  • Aerospace
  • Marine
  • Industrial Equipment
  • Automotive
  • Oil and Gas
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

Jotun, Axalta Coating Systems, BASF SE, PPG Industries, Chugoku Marine Paints Ltd., Ashland, The Sherwin-Williams Company, Kansai Paint Co., Ltd., Akzo Nobel N.V., Covestro AG

Analyst Review

According to the opinions of various CXOs of leading companies, the polymer coating market is expected to witness increased demand during the forecast period. The rise in industrialization and infrastructure development in emerging economies such as China and India have a significant impact on the development of the market.

Polymer coating is the process of applying a thin layer of polymer material to a surface to protect, enhance, or modify its properties. It can be used on a variety of surfaces, including metals, plastics, wood, concrete, and others. It is classified into several types based on their chemical composition including epoxy, polyurethane, acrylic, polyester, and fluoropolymer coatings.

The market is being driven by a rise in demand for polymer coating in construction and industrial equipment. The increased demand for high-quality coating materials in various industries has resulted in an increase in government initiatives for polymer coating in emerging countries. These facts indicate that the polymer coating market is expected to expand considerably throughout the projected period

Author Name(s) : Chidanand Vijaykumar Bilagi | Eswara Prasad
Frequently Asked Questions?

Acrylic coatings are frequently preferred over other types of coatings due to their low VOC content, water-based formulations, and ease of recycling or disposal. As environmental concerns continue to grow, there is an increase in demand for more sustainable and environmentally friendly coatings. Acrylic coatings are widely used in the construction industry as they provide excellent weather resistance, durability, and adhesion. These are the upcoming trends in polymer coatings market in the world

Industrial equipment is the leading application of polymer coatings market

Asia-Pacific is the largest regional market for polymer coatings

The global polymer coating market size was valued at $8.9 billion in 2021, and is projected to reach $16.2 billion by 2031, registering a CAGR of 6.2% from 2022 to 2031.

BASF SE, PPG Industries Inc, The Sherwin-Williams Company, Akzo Nobel N.V., Axalta Coating Systems LLC, Kansai Paint Co. Ltd., and Ashland are the top companies to hold the market share in polymer coatings

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Polymer Coatings Market

Global Opportunity Analysis and Industry Forecast, 2021-2031