The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Persistence Market Research delivers key insights on the global in-mold coatings market in its latest report titled ‘In-Mold Coatings Market: Global Industry Analysis (2012–2016) and Forecast (2017–2025).’ The long-term outlook on the global in-mold coatings market remains positive, with market value expected to increase at a CAGR of 4.9% during the forecast period (2017 – 2025). Among the product types, the solvent based segment is expected to expand at a healthy CAGR in terms of value over the forecast period. Global sales of in-mold coatings is estimated to be valued at US$ 187.5 Mn by the end of 2017. Asia Pacific is estimated to account for a value share of 38.4% in the global in-mold coatings market by 2017 end and it is anticipated to retain its dominance throughout the forecast period. In this report, Persistence Market Research throws light on the drivers and restraints likely to impact the market during the forecast period.
The global in-mold coatings market is greatly influenced by many applications such as automotive, building & construction, sanitary products, electronics & appliances, etc. The Automotive segment accounts for a high market share in terms of value and volume as compared to other applications. Moreover, growth in the building & construction segment is expected to influence the in-mold coatings market positively, marking a high growth rate in developed as well as developing countries. This is expected to create strong growth opportunities in the global in-mold coatings market. Establishing long-term supply contracts with end users across specific industry segments can provide stability as well as growth opportunities for manufacturers in terms of revenue generation.
However, the global in-mold coatings market is expected to face some challenges. Complete dependency on petrochemical feedstock, recyclability issue of composites and high cost of raw materials are the factors that may impact global demand for in-mold coatings, thus in turn restricting revenue growth of the global in-mold coatings market.
- On the basis of product type, the solvent based segment is anticipated to continue to dominate the market in terms of value over the forecast period. The water based segment by product type is estimated to grow at a value CAGR of 5.1% over the forecast period.
- By resin technology, the polyurethane segment is expected to witness for significant growth owing to significant market value share, incremental $ opportunity and a healthy CAGR. This segment is projected to hold a market value share in excess of 70% throughout the forecast period.
- In terms of formulation, the one component (1k) segment is expected to remain the most lucrative. The two component (2k) segment is expected to create incremental $ opportunity of US$ 22.6 Mn between 2017 and 2025.
- On the basis of coating layer, the top coat segment is likely to dominate in terms of market value, projected to hold a value share in excess of 60% throughout the forecast period.
- By substrate, the SMC segment of thermosetting is expected to register healthy growth between 2017 and 2025 while the physical form segment is expected to gain significant traction among other types.
Regional Market Projections
On the basis of market value share, Asia Pacific is expected to expand at a healthy CAGR of 5.1% during the forecast period followed by Europe and North America. Europe is expected to hold a market value share of about 30% during the forecast period. North America is expected to represent incremental $ opportunity of US$ 20.2 Mn over the forecast period.
- OMNOVA Solutions Inc.
- Stahl Holdings bv
- Fujichem Sonneborn Limited (Fujikura Kasei Global Network)
- Akzo Nobel N.V.
- Berlac Group
- The Sherwin-Williams Company
- KECK Chimie
- Protech Powder Coatings Inc.
- ADAPTA COLOR, S.L.
- RASCHIG GmbH
- Emil Frei GmbH & Co. KG (FreiLacke)
- Chromaflo Technologies
- Performix by Plasti Dip International
- PANADUR GmbH
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