OTTAWA, Oct. 08, 2020 (GLOBE NEWSWIRE) -- The global industrial coatings market was valued at USD 80.87 billion in 2019 and expected to reach over USD 107.32 billion by 2027 with register a compound annual growth rate (CAGR) of around 3.02% during period 2020 to 2027. View more details@ https://www.precedenceresearch.com/industrial-coatings-market
An industrial coating is a coating or paint defined by means of its protective properties than its aesthetic properties. Industrial coatings are produced precisely for their shielding and functional characteristics. The greatest general usage of these coatings is for erosion control of concrete or steel. Industrial coatings cover enormous assortment of different usages for coatings with numerous different functions and requirements. Industrial coatings prolong the total lifetime of materials, which in turn limits replacement costs. They are normally applied by means of airless sprayers, brushes, and paint rollers. Few difficult approaches comprise electro-coating, spinning, and autophoretic application.
Industrial coatings are thin films applied to concrete, steel, and other materials to supplement precise properties like wear resistance, corrosion resistance, conductivity, and others. Industrial coatings are fabricated with conventional polymers including polyurethane, epoxy, alkyd, polyesters, acrylic, and fluoropolymer.
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Growth Factors
Some of the major influences driving the growth of industrial coatings market are requirement for efficient process and durable coatings with improved aesthetics, growing demand for environmentally-friendly coatings and increasing requirement from emerging nations of Asia Pacific.
Intensifying demand for industrial coatings from the general industry is suggestively motivating the growth of the global market. Industrial coating is extensively used in numerous end users sectors such automotive, marine, vehicle refinish, general industrial, electronics, oil and gas, mining, aerospace, and power generation. Properties like water resistance, abrasion resistance chemical resistance, flexibility, impact resistance, and UV light resistance are stimulating the demand of industrial coatings in numerous applications like floor, wall, concrete, steel, roofs, and other industrial materials. Further, increasing demand for environmentally friendly coatings on account of rising environmental concern and severe VOC norms are motivating the demand for powder and water-based industrial coatings.
Report Highlights
- The U.S. has evolved as prime market for industrial coatings in North America due to improved life standards and superior infrastructural growth.
- Among different types of industrial coatings, solvent-borne coatings are estimated to observe a substantial growth in demand in evolving nations such as Brazil, China, India, and Russia. Mainly due to swift infrastructure development and mounting general industrial sector.
- Rapid industrialization, particularly in Asia Pacific together with a robust impetus of government on infrastructural expansion and cumulative private-public collaboration are powering the growth of the general industrial sector. This in turn is expected to offer profitable growth opportunities for the industrial coatings market during next few years.
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Regional Snapshots
Geographically, Asia Pacific has appeared as the prominent producer and consumer of different types of industrial coatings. This region is a gigantic manufacturing hub which has caused appealing foreign investment and the thriving industrial segments principally owing to the low-cost labor and cheap and easy obtainability of raw materials. There is an upsurge in the demand for industrial coatings due to the rising aerospace, industrial, transportation, marine, and automotive industrial sector across this region.
Europe established position of second-largest market in the global industrial coatings industry. Europe is profoundly regulated to safeguard a high level of environment and human health fortification from the hazards caused by chemicals. Additionally, severe regulations have inhibited formulators and raw material providers. The economic slowdown has also greatly affected many industries in Europe; nevertheless, the demand for industrial coatings is projected to upsurge gradually with safety guidelines and continuing recovery initiatives in the region.
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Key Players & Strategies
Industrial coatings market is fragmented in nature with the existence of many crucial players and selected small and medium regional and international companies across the globe. Establishments in the market strive depending on product excellence and technology employed for the fabrication of industrial coatings. Most imperative companies are involved in acquisitions, and mergers activities, manufacturing capacity expansion, infrastructural improvement, capitalizing in research and development services, and looking for prospects to vertically integrate throughout the value chain.
Key Players
- Hempel A/S
- PPG Industries, Inc.
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- Jotun
- The Sherwin-Williams Company
- Nippon Paint Holdings Co., Ltd.
Some of the recent developments undertaken by major players in this market include:
- In October 2018, Nippon Paint Industrial Coatings Co., Ltd, operating in the industrial coatings business capitalized powder coating plant located in Japan. With the help of this investment, the firm is focusing on its powder coatings accomplishments as an growing and imperative area and endures to further strengthen the powder coatings industry both in extension and technological development of its product offerings.
- In August 2018, Axalta extended its liquid industrial coatings production capacity in the U.S. by around1 million gallons yearly. The expansion is planned to be finalized in the 1st quarter of 2019 and would permit the corporation to endure to convey high-volume solutions to furnish the developing requirements of its customers.
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