In-Mold Coatings Market Analysis

In-depth Analysis of In-Mold Coatings Market Industry Landscape

The world of coatings, which are substances applied to surfaces for protection and decoration, has been growing steadily. Back in 2016, the global coatings market was valued at a whopping USD 55.6 billion, and experts predict it will reach an even more impressive USD 82.5 billion by 2023. Among the various types of coatings, architectural coatings take the lead, making up about 44% of the global coatings market revenue.

Why is this happening? Well, the use of a process called in-mold coating is on the rise, especially in architectural applications like coating carpet tiles, enhancing exterior surfaces, beautifying interiors, and even paving walkways. This trend is expected to significantly increase the demand for coatings in the building and construction industry.

Let's take a quick trip down memory lane to the economic crisis of 2008–09. During this challenging period, the housing market in developed nations faced a tough time. However, as the global economy has been steadily improving, the housing market in mature markets is bouncing back and is expected to grow in the near future. In 2016, the overall spending in the global construction industry was estimated at a staggering USD 10.5 trillion, and this number keeps climbing every year.

When it comes to the growth of the coatings market, North America and Asia-Pacific are the stars of the show. These regions are considered key players in the construction industry, driving the demand for paints and coatings. In North America, the need for in-mold coatings is particularly evident in projects related to building and fixing infrastructure. Meanwhile, Asia-Pacific stands out as a major market with a substantial appetite for paints and coatings.

So, what makes in-mold coatings so popular? For starters, they come with some pretty cool advantages. These coatings have low Volatile Organic Compound (VOC) content, which is good news for the environment. They are also known for their durability and ability to create a smooth and uniform surface covering. Given these benefits, the use of in-mold coatings is steadily increasing in various architectural applications, and this is expected to drive the demand for these products on a global scale.

In conclusion, the coatings market is experiencing a surge in growth, thanks in part to the rising popularity of in-mold coatings. With architectural applications such as enhancing the look of buildings and paving the way for more durable surfaces, these coatings are becoming a go-to choice in the building and construction industry. As the global economy continues to recover, the construction industry is booming, and the demand for coatings is following suit, with North America and Asia-Pacific leading the charge. In-mold coatings, with their environmentally friendly features and impressive performance, are set to play a significant role in this upward trend.