The Plastisols Market is estimated to be valued at US$ 18.74 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Plastisols Market is a specialized market for plastics that remain fluid when cold but become solid and durable when heated. Plastisols offer advantages like resistance to corrosion and weathering, durability, and versatility for various industrial applications. They find widespread use in coatings for fabrics, leather, wood, plastics, and other materials in end-use industries like construction, automotive, aircraft, shipbuilding, and more.
Market Overview:
Plastisols are colloidal dispersions or suspensions of polyvinyl chloride (PVC) resins in plasticizers. They offer advantages like resistance to corrosion and weathering, durability, easy application by dipping, spraying or brushing, and versatility for various surface coating applications. Key end-use industries utilizing plastisols include construction, automotive, aircraft, shipbuilding, and more.
Market key trends:
A major trend driving the plastisols market growth is the increasing adoption of plastisols for automotive interior coatings. Due to their flexibility, adhesion strength and resistance to abrasion, plastisols are increasingly replacing other coating materials for various interior automotive components like dashboards, door panels, and seat covers. They help OEMs meet stringent regulations regarding interior material safety. Also, growing infrastructure development activities in emerging economies is fueling the demand for plastisols in construction applications like protective roof and floor coatings. Rising application scope of plastisols in adhesive formulations is another key trend providing opportunities to market players.
Porter's Analysis
Threat of new entrants: The plastisols market has moderate threat from new entrants due to technological expertise required and established brand loyalty of existing key players. However, low setup cost allows opportunity for new local players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes. However, differentiation in product quality and service keeps bargaining power in check.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials and intensity of competition among existing suppliers.
Threat of new substitutes: Threat from substitutes like water-based coatings is low due to plastisols' advantages like flexibility, durability and cost-effectiveness.
Competitive rivalry: Intense due to presence of many global and regional players competing on basis of product quality, pricing and innovation.
SWOT Analysis
Strengths: Durable, flexible, corrosion and weather resistant properties. Wide application in leather, fabric, wood and metal coatings.
Weaknesses: Contain hazardous ingredients like plasticizers. Requires ventilation and protective equipment during processing.
Opportunities: Growing application in construction, furniture and automotive industries. Development of bio-based and lightweight grades.
Threats: Stringent regulations over plasticizer content. Competition from water-based substitutes.
Key Takeaways
The global plastisols market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing applications in construction and automotive industries. The market size was valued at US$ 18.74 Bn in 2023.
Regional analysis: Asia Pacific is the fastest growing region for plastisols market due to rapid industrialization and infrastructure growth in China, India and other South Asian countries. North America dominates currently due to high automotive production while Europe is matured market.
Key players operating in the plastisols market are 3M, Dow, KONISHI CHEMICAL INC CO., LTD., H.B. Fuller Company., Henkel Adhesives Technologies India Private Limited, CHEMENCE, Illinois Tool Works Inc., ITW Polymers Sealants North America, HERNON MANUFACTURING INC., FUJIFILM Corporation, Avient Corporation, US Plastic Coatings, hubergroup India Pvt. Ltd., International Coatings, Chemionics Corporation, Polyblend, HUTCHINSON, Hodgson Sealants., Lancer Group International, and Carlisle Plastics Company, among others.
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