In-mold coatings are applied to molded parts during the molding process in order to improve foam chemistry, substrate adhesion, scruff resistance, color retention, UV stability, durability, overall appearance, and reduce or eliminate sub-skin defects of finished products. These coatings are used in automotive interior parts, protective padding, anti-fatigue mats, heavy equipment interior components, exercise equipment padding, and hydrotherapy pillow products. In-mold coatings are easy to apply. They eliminate the need for more expensive primers, topcoats, and multistep post-mold painting processes.
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Global In-mold Coatings Market: Trends & Developments
Innovative in-mold coating technology offers superior properties over the traditional post-painting processes, as it helps eliminate additional steps in the manufacturing process, thereby lowering the time and costs associated with the application of primers and coatings. It provides solutions to many of the shortcomings associated with post-paint systems, while delivering superior coating performance. In-mold coatings are environmentally-friendly, as they contain low amount of solvents associated with VOC emission. However, volatility in prices of petrochemical feedstock and other raw materials required in the production of in-mold coatings and low bio-degradability of in-mold coatings are expected to restrain the global in-mold coatings market during the forecast period.
Global In-mold Coatings Market: Segmentation
Based on the application, the global in-mold coatings market can be segmented into automotive, transportation, marine, industrial, agriculture, construction, and others. In-mold coating process is an integral part of the molding cycle process which is used to produce compression molded sheet molding compound (SMC) for exterior automotive body panels. In-mold coatings are applied as a top coat on the exterior surfaces of thermoplastic substrates to improve the surface appearance of body panels and protect them from the outdoor exposure. In-mold coatings are used in the manufacture of various automobile components such as door panels, instrument panels, steering wheels, assist handles, airbag covers, armrests, headrests, and seats.
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Global In-mold Coatings Market: Regional Outlook
In terms of region, the global in-mold coatings market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global in-mold coatings market during the forecast period owing to the high demand for in-mold coatings in the automotive sector in the region. India and China manufacture approximately 50% of cars globally; therefore, these countries consume approximately 35% to 40% of in-mold coatings for automobiles applications. China is the leading exporter of in-mold coatings in Asia Pacific. Major manufacturers have started setting up their production bases in India owing to initiatives such as ‘Make in India’ launched by the Government of India. Rapid industrialization and the burgeoning automotive industry in India are estimated to drive the domestic market for in-mold coating. The market in North American is expected to expand at a healthy pace, led by the presence of several automobile manufacturers in the region. The in-mold coatings market in Europe is projected to expand at a moderate CAGR in the near future owing to the sluggish economy of the region.
Global In-mold Coatings Market: Key Players
Key players operating in the global in-mold coatings market are BOMIX, The Sherwin-Williams Company, Red Spot Paint & Varnish Company, Inc., Akzo Nobel N.V., FGN Fujikura Kasei Global Network, EMIL FREI GMBH & CO. KG, Stahl Holdings B.V., Plasti Dip International, OMNOVA Solutions Inc., and ISL-CHEMIE.