Vinyl Surface Coatings Market size is estimated to grow at a significant pace during 2023 and 2032, owing to the application of these coatings in the construction and other industrial sectors. The substance is used for covering the surface and prevents any possible damage.
The water-based vinyl surface coatings market is anticipated to expand through 2032 as the substance is used widely across the manufacturing sector. The substance has mechanical and thermal shock resistance, which promotes its adoption. Rising demand for consumer products like electronics and textiles across the globe will influence product adoption.
The vinyl surface coatings industry may be hampered by the adoption of replacements like acrylic and polyurethane coatings. Volatile organic compound emissions may also affect industry price patterns and market profitability. However, rising R&D efforts to produce coatings with reduced VOC levels may promote industrial expansion in the future.
North America vinyl surface coatings market is dominated by Mexico, Canada, and the United States, and is anticipated to register considerable growth in the coming years. The expanding automotive sector of the United States is expected to influence market development. For instance, in 2020, the country exported more than 1.4 million new light vehicles across 200 markets globally. The growing automotive sector will generate more demand for vinyl surface coatings as they are used to coat vehicle parts to keep them abrasion-resistant and corrosion-resistant.
On the basis of application, the vinyl surface coatings industry size from the food and beverage application is anticipated to grow significantly between 2023 to 2032. As the substance is acid and alkali resistant without any taste, it is used to coat cans in the food and beverage industry. By 2024, the beverage can market is expected to expand by more than 4.5%. With the increasing demand for carbonated beverages across the globe, the vinyl surface coatings market growth opportunities from the food & beverage sector.
Metal surfaces are protected from corrosion by vinyl surface coatings because of their low water absorption and chemical resistance. The rising demand for corrosion-preventive coatings and paints for shielding metal structures is anticipated to drive product demand from 2023 to 2032.
Global vinyl surface coatings market key players include PolyOne, Arkema, Key Resins, APV Engineered Coatings, Gellner Industrial, Klumpp Coatings, and Caplugs. Since more products are being used in the construction, industrial, and automotive sectors, companies are aiming to expand through mergers and acquisitions, strategic alliances, and joint ventures.
For instance, in 2022, Sherwin-Williams signed an agreement to acquire Klumpp Coatings, Oskar Nolte, and German Wood Coatings Companies. This acquisition was aimed at increasing the company portfolio to include foil coatings and water-based coatings for the furniture and flooring sectors.
The Russia-Ukraine war has disrupted multiple industries across the globe, like packaging, furniture, automotive, etc. The shortage of raw materials is a major setback due to the trade cycle disruptions. The manufacturing processes have been slowed down in some cases. However, companies have started looking for alternative options for materials and suppliers which is expected to boost the market value.