In-Mold Coatings Market Research by Type (Water-Based IMC, Solvent-Based IMC, Powder Coatings), Substrate (SMC, BMC, Thermoplastics), Application (Automotive & Transport, Building & Construction, Electronics, Furniture & Sanitary, Medical) and Region – Forecast till 2023
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Overview:
The In-Mold Coatings Market is gaining accolades from automobile & transport and building & construction sectors. In-Mold Coatings curb cost and bring down production time significantly which is a plus for the said industries. At the same time, it is going in-sync with eco-friendly ways by consuming less power during production and leaving a minimal carbon footprint. The Global In-Mold Coatings Market is expected to rise by 7.07% CAGR during the forecast period (2018-2023) and exceed the anticipated market valuation of USD 16,224.2 million during the same period. Market Research Future (MRFR) published a report on the said market where it has included factors that can be of decisive nature.
The booming automobile industry is something that can create a huge demand for the In-Mold Coatings Market. In-Mold Coatings are used in the manufacturing of instrument panels, door panels, steering wheels, airbag covers, armrests, assist handles, headrests, and seat covers. The automotive refinishing industry is also fueling the demand for In-Mold Coatings. In the building & construction sector, in-mold coatings are used to develop carpet tiles coating, exterior sheathing, interior decorative, and pavements. Furthermore, with governments pushing forward norms to cut down VOC emission, In-Mold Coatings Market is bound to enjoy more privileges as it has little or no VOC emission.
Competitive Insights:
Prominent players profiled the In-Mold Coatings Market are Akzo Nobel NV (The Netherlands), Bomix Chemie GmbH (Germany), Adapta Color, SL. (Spain), Red Spot Paint & Varnish Company Inc. (U.S.), Emil Frei GmbH & CO. KG. Protech Powder Coatings Inc. (Germany), Plasti Dip International (U.S.), Protech Powder Coatings Inc. (Canada), Stahl Holdings BV (The Netherlands), The Sherwin-Williams Company (U.S.), Omnova Solutions Inc. (U.S.), and others. These companies indulge in significant tactical moves which include merger, acquisition, collaboration, product launch, and other steps. As a result, the market becomes competitive and opens up vistas for further progress.
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In April 2018, Bomix came up with a new solution for polyurethane surface refinement at Utech Europe 2018. This solution marks the beginning of a new generation of coatings and in-mold coatings. It offers functionality and design that has properties such as flame-retardance, biocompatibility, and conductivity for very bright color shades.
In September 2017, Akzo Nobel NV took over Disa Technology, a French manufacturer of self-adhesive vinyl, polycarbonate, and films polyester, used in the production of aircraft, vehicles, agricultural machinery, and other equipment.
Segmentation:
The Global In-Mold Coatings Market can be segmented by Type, Substrate and Application.
Based on Type, the In-Mold Coatings Market can be segmented as a water-based in-mold coating (IMC), solvent-based in-mold coating (IMC), powder coatings, and others. Water-based IMC is leading the market with USD 5,101.6 million and by scoring 7.2% CAGR during the forecast period.
Substrate-Wise, the In-Mold Coatings Market includes sheet molding compound (SMC), bulk molding compound (BMC), thermoplastics, and others. SMC segment is reigning supreme with USD 6,702. 1 million and can do so by the highest CAGR of 7.80% during the forecast.
Based on Application, the In-Mold Coatings Market comprises automotive & transport, building & construction, electronics, furniture & sanitary, medical, and others. Automotive & transport segment is leading the market with considerable margin and can achieve the highest CAGR of 7.71% over the review period.
Regional Analysis:
Geographic analysis of the In-Mold Coatings Market includes Asia Pacific (APAC), Europe, North America, Middle East & Africa (MEA), and Latin America (LATAM).
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The APAC region is spearheading the global market. India, China, Singapore, Indonesia, and other countries are contributing to the market growth by opening up possibilities in the automobile and construction sectors. The regional market, as of 2018, is valued at USD 4,498.4 million which can grow further with the fastest CAGR of 8.29% during the forecast period. China is leading the segment with expected 9.59% CAGR during the forecast period.
Europe is gaining much from the presence of several big automobile companies which are providing traction for the regional market. It is currently eyeing for a CAGR of 5.69% during the forecast period to reach a valuation of USD 3,379.2 million. Meanwhile, North America can reach a valuation of USD 2,969 million, as their automobile sector is getting a fresh paint of coat.
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