AkzoNobel N.V. and PPG International Inc. are Leading Players in Plastic Coatings Market
Plastic coating is the process of covering the surface of a substrate with coating resins, to enhance its functional, protective, and decorative properties. The type of resin mix and plastic substrate largely determines the coating’s performance and characteristics, such as resistance from water and scratch, ability to protect against corrosion, and providing gloss or matt finish. Commonly, polyurethane, acrylic, epoxy, and vinyl resins are used in plastic coatings. Key players operational in the plastic coatings market include PPG Industries Inc. (U.S.), Eastman (U.S.), Bayer AG (Germany.), Axalta Coating Systems (U.S.), and AkzoNobel N.V. (Netherlands).
In recent times, key companies have adopted various strategies, such as expansions, mergers and acquisitions, new product launches, partnerships, agreements, and joint ventures. The growing demand of plastic coatings from emerging economies has resulted in a surge of strategic initiatives in recent times, and it is anticipated to continue in near future. The companies are also making investments to strengthen their sales and distribution networks, enhance their market visibility, and strengthen their position in the plastic coatings market.
AkzoNobel N.V. is a leading producer of plastic coatings globally. The company is focusing on new product launches as well as business expansion strategies to strengthen its market position and consolidate its financial position in the global plastic coatings market. The company opened its largest technology center in China for USD 7.1 Million, in May 2016. This technology center helped the company to innovate new products and support the development of coating, paints, and specialty products. The company also expanded its Indonesian performance coating plant for USD 2.8 Million, in 2016. This investment increased the company’s production capacity by 40% and helped to meet the domestic market demand.
PPG International Inc. is another major player in the plastic coatings market. The company invested USD 7.8 million at its Coatings Innovation Center in Pennsylvania, U.S., in February 2016. This expansion helped the company to improve its research and development activities for paints and coatings. The company opened a coatings center of excellence in Tianjin, China for USD 10 Million, in June 2016. This helped the company to serve regional customers in the automotive plastics and decorative market place. The company acquired global coatings services provider MetoKote, a coating service provider for manufactured parts and assembled products, in July 2016.
Related Reports:
Plastic Coatings Market by Type (Polyurethane, Acrylic, Epoxy), Process (Electrophoretic Painting, Powder Coating, Dip Coating), End-Use Industry (Automotive, Aerospace & Defense, Building & Construction) and by Region - Global Forecast to 2021
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