In-Mold Coatings Market Regional Outlook 2019 | Size, Share, Trend, Industry Statistics, Comprehensive Analysis and Top Countries data by Forecast to 2023
in-mold coating market predicts that the market is expected to grow with a 7.07% compound annual growth rate and surpass a valuation of USD 16,224.2 million during the forecast period of 2018-2023
Pune, India – August 26, 2019 /MarketersMedia/ —
Market Overview:
Market Research Future (MRFR) after an exhaustive study on the global in-mold coating market predicts that the market is expected to grow with a 7.07% compound annual growth rate and surpass a valuation of USD 16,224.2 million during the forecast period of 2018-2023.
The in-mold coating or IMC is a technique that blends in the molding and coating process of a molded product, eliminating the intermediate steps which the otherwise in case of traditional method of painting a molded product, that curbs down the cost and time of production. The ability of the IMC technique to reduce the production time, thereby speeding up other necessary activities in the process of surface development of a product aids reducing the energy consumption in the process. These are crucial factors, identified by MRFR, that are anticipated to drive the in-mold coating market growth during the forecasted period.
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Additionally, numerous aesthetic benefits offered by in-mold coating, like ameliorating colors preferences, UV protection, scuff protection, and others are creating a strong influence on the burgeoning construction and automobile industries. In the automobile industry, in-mold coating is used for manufacturing wide range of products, like steering wheels, airbag covers, armrests, headrests, seat covers, and assist handles. In-mold coating can reduce carbon footprint, which is triggering its adoption by the automobile industry due to strict gas emission regulations passed by governments, across the world. In-mold coating is also used in automotive refinishing. Hence, the eco-friendly aspect of in-mold coating and increase in demand for light weight automobile components are expected to bolster the market growth in the near future. The construction industry use in-mold coating in manufacturing products, like interior decorative, pavements, carpet tiles coating, and exterior elements. Alongside, in-mold coating also holds a significant place in the marine and agricultural sectors.
Volatile organic compound (VOC) emission is a certain drawback of the in-mold coating process. VOC which has serious health effects, can serve as a set-back for the market expansion in the forthcoming years. But, immense developmental possibilities offered by in-mold coating is gaining traction for investments, by the market players, in the research and developmental activities which can method out ways to reduce VOC emission.
Segmentation Analysis
MRFR’s segmental analysis of the global in-mold coating provides a comprehensive market insight that allows clients better understanding of the market. The global in-mold coating market is segmented based on type, substrate, and application.
Based on the type, the global in-mold coating market is classified into water-based in-mold coating (IMC), solvent-based in-mold coating (IMC), powder coatings, and others.
Based on the substrate, the global in-mold coating market is divided into sheet molding compound (SMC), bulk molding compound (BMC), thermoplastics, and others.
Based on the application, in-mold coatings market is segmented into automotive and transport, building and construction, electronics, furniture and sanitary, medical, and others.
Regional Insights
By region, MRFR segmented the global in-mold coating market into North America, Latin America (LATAM), Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Emerging economies like India, China, and Japan in the Asia Pacific region are likely to experience a robust in-mold coating market growth owing to the strong influence of the automobile and construction industries. The Asia Pacific in-mold coating regional market is reckoned to a attain a 8.29% CAGR and market valuation to shoot up above USD 7,252.7 million during the forecast period of 2017-2023.
Key Competitors
Stahl Holdings BV
Emil Frei GmbH & CO. KG. Protech Powder Coatings Inc.
Akzo Nobel NV
Adapta Color, SL.
Protech Powder Coatings Inc.
Plasti Dip International
Bomix Chemie GmbH
Red Spot Paint & Varnish Company Inc.
Omnova Solutions Inc.
The Sherwin-Williams Company
Industry News
In May 2019, manufacturer of specialty polymers for mold making and casting applications, Polytek® Development Corp. announced its acquisition of Environmental Technology, Inc.
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