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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.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Substrate, Type,End-Use Industry, and Region |
In-Mold Coatings Market Highlights:
Global In-Mold Coatings Market Overview
In-Mold Coatings Market Size was valued at USD 0.22 billion in 2023. The In-Mold Coatings market industry is projected to grow from USD 0.24 Billion in 2024 to USD 0.39 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.16% during the forecast period (2024 - 2032). Increased demand for in-mold coatings. Furthermore, governments worldwide are imposing stricter regulations on volatile organic compounds (V.O.C.s) and their usage in coatings. These regulations aim to reduce harmful emissions and promote environmentally-friendly practices within the automotive industry are the key factors in market growth 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
In-Mold Coatings Market Trends
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Increasing demand for in-mold coatings from the automotive industry is driving the market growth
The automotive industry seeks to enhance the longevity and resilience of its products, making in-mold coatings an attractive choice. In-mold coatings provide cost advantages by eliminating additional coating steps in the manufacturing process. Since the coating is applied directly to the mold, there is no need for post-processing or secondary coating operations. This streamlined approach reduces production time and costs associated with traditional coating methods, making in-mold coatings economically beneficial for automotive manufacturers. Furthermore, automotive manufacturers face stringent emissions, safety, and product quality regulations. In-mold coatings help meet these regulatory requirements by providing consistent and uniform coating thickness, ensuring compliance with industry standards. Additionally, using environmentally friendly coating materials supports regulatory objectives related to sustainability and environmental protection. This factor drives the market CAGR.
Additionally, to comprehend the shifting demands, manufacturers never stop offering consumers custom solutions. Research and development efforts are looking toward creating more effective products requiring less upkeep. In-mold coatings may benefit greatly from increased public awareness of the application of various functional coatings. Over the projection period, the development of such products might expand the market for in-mold coatings significantly. Furthermore, the industrial sector is expanding steadily due to numerous government measures encouraging industrialization in countries such as China, Mexico, India, and others. Industrialization is advancing quickly because skilled labor is affordable and readily available in countries like India and China. population growth and an increase in per capita disposable income are fuelling vehicle sales and advancing the development of the automotive sector. For the automotive and other industries, emerging economies' high development potential is projected to generate many opportunities over the forecast period. Thus, driving the In-Mold Coatings market revenue.
In-Mold Coatings MarketSegment Insights
In-Mold Coatings Substrate Insights
The InMold Coatings market segmentation, based on substrate, includes sheet molding compounds (S.M.C.), thermoplastic, bulk molding compounds (B.M.C.), and others. The sheet molding compounds (S.M.C.) segment dominated the market; the sheet molding segment has emerged as the dominant player in the market, with sheet molding compounds (S.M.C.s) holding the largest market share among all substrates. In 2022, the total market value of S.M.C.s reached USD 4,269.8 million. The projected compound annual growth rate (CAGR) for S.M.C.s is expected to be the highest among all substrates until at least 2030. This surge in demand for S.M.C.s can be attributed to their ability to effectively seal out moisture from the surface of cars, thereby preventing rusting and significantly extending the lifespan of the vehicles. As a result, S.M.C.s have become highly sought-after in the automotive industry for their superior protective qualities.
In-Mold Coatings Type Insights
The In-Mold Coatings market segmentation, based on type, includes water-based I.M.C., powder, solvent-based I.M.C., and others. The water-based I.M.C. segment dominated the market; Water-based solvents have exhibited the highest compound annual growth rate (CAGR) and hold the largest market share. By the end of 2030, their CAGR is projected to exceed 7.07%. This growth can be attributed to the increasing implementation of stringent regulations and guidelines by governments and regulatory bodies worldwide, which aim to restrict the amount of volatile organic compounds (V.O.C.s) allowed in vehicles. In-mold coatings, known for their low V.O.C. content, are emerging as the preferred choice due to these regulations.
Figure1: In-Mold Coatings Market, by Type, 2022 & 2032 (USD billion) 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
In-Mold Coatings End-Use Industry Insights
The In-Mold Coatings market is segmented based on the End-Use Industry, which includes automotive and transportation, building and construction, furniture and sanitary, electronics, medical, and others. Among these, the automotive and transportation segment dominates the market, holding the largest market share for in-mold coatings, accounting for 39% of the total market. In both developed and developing nations, the automotive industry is experiencing a significant increase in demand for used cars and new two- and four-wheel vehicles. This surge in demand is driving the growth of in-mold coatings as manufacturers seek lightweight, efficient, and cost-effective materials. They aim to minimize manufacturing costs while delivering affordable vehicles to the end customer.
In-Mold Coatings Regional Insights
The market study offers valuable insights into the In-Mold Coatings industry across North America, Europe, Asia-Pacific, and the Rest of the World. The North American in-mold coatings market, will dominate this market, owing to the demand for eco-friendly products developing rapidly as people become more aware of the importance of using eco-friendly products to safeguard the environment and human health, which will boost the market growth in this region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: IN-MOLD COATINGS MARKET SHARE BY REGION 2022 (%) 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Europe In-Mold Coatings market accounts for the second-largest market share owing to substantial growth from end-use industries, including automotive, building and construction, transportation, and others. Further, the German In-Mold Coatings market held the largest market share, and the UK In-Mold Coatings market was the highest-growing market in the European region.
The Asia-Pacific In-Mold Coatings Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due tothe high demand for in-mold coatings in the automotive sector in the region. Moreover, China’s In-Mold Coatings market held the largest market share, and the Indian In-Mold Coatings market was the highest-growing market in the Asia-Pacific region.
In-Mold Coatings Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the In-Mold Coatings market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the In-Mold Coatings industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the In-Mold Coatings industry to benefit clients and increase the market sector. The In-Mold Coatings industry has offered some of the most significant advantages in recent years. Major players in the In-Mold Coatings market, includingBomixChemie GmbH - Germany, Omnova Solutions, Inc - America, Akzo Nobel NV - America, Sherwin-Williams Company - America, Stahl Holdings B.V. -Netherlands, Red Spot Paint & Varnish Company, Inc - America, Emil Frei Gmbh & Co. K.G. - German, Protech Powder Coatings Inc - America, Adapta Color, SL, - Spain, Plasti Dip International., and others, are attempting to increase market demand by investing in research and development operations.
Akzo Nobel N.V., a renowned Dutch multinational company specializing in paints and performance coatings, operates ly, serving both industrial and consumer markets. With its headquarters in Amsterdam, the company has a presence in over 150 countries worldwide. Recently, Akzo Nobel N.V. successfully acquired Industrias Titan S.A.U. (Titan Paints) by purchasing all of its shares. This strategic move aims to bolster Akzo Nobel's paints business and strengthen its market position in Spain, positioning the company as a leading player in the region.
Grupo Orbis is a Colombia-based chemical company that manufactures paint and coating products. Grupo Orbis, a Colombian paints and coatings firm acquired by AkzoNobel, to strengthen its long-term position in South and Central America. Completion is planned by the end of this year or early in 2022, subject to regulatory clearances.
Key Companies In The In-Mold Coatings Market Include
- BomixChemie GmbH - Germany
- Omnova Solutions, Inc - America
- Akzo Nobel NV - America
- Sherwin-Williams Company - America
- Stahl Holdings B.V. - Netherlands
- Red Spot Paint & Varnish Company, Inc - America
- Emil Frei Gmbh & Co. KG - German
- Protech Powder Coatings Inc - America
- Adapta Color, SL, - Spain
- Plasti Dip International - America
In-Mold Coatings Industry Developments
March 2021: Akzo Nobel N.V. (AKZA; AKZOY) completed purchasing 100 percent of the shares of Industrias Titan S.A.U. (Titan Paints), expanding its paints business and footprint in Spain to become a regional market leader.
June 2021: AkzoNobel agreed to buy Grupo Orbis, a Colombian paints and coatings firm, to strengthen its long-term position in South and Central America. Completion is planned by the end of this year or early in 2022, subject to regulatory clearances.
In-Mold Coatings Market Segmentation
In-Mold Coatings Substrate Outlook
- Sheet Molding Compounds (S.M.C.)
- Thermoplastic
- Bulk Molding Compounds (B.M.C.)
- others
In-Mold Coatings Type Outlook
- Water-Based I.M.C.
- Powder
- Solvent-Based I.M.C.
- Others
In-Mold Coatings End-Use Industry Outlook
- Automotive and Transportation
- Building and Construction
- Furniture and Sanitary
- Electronics
- Medical
- others
In-Mold Coatings Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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