Industrial Coatings Market Size, Share, Industry Growth, Trends, Business Opportunities, Challenges, Growth Insights to 2026
The global industrial coatings market growth is set to impetus from the increasing focus of manufacturers towards developing greener processes. These processes would help in creating fewer emissions and wastes, as well as use lesser energy. This information is given by Fortune Business Insights™ in a new report, titled, “Industrial Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), By Technology (Solvent-borne, Water-borne, Powder, and Others), By End-use (General Industrial, Powder, Automotive OEM, Automotive Refinish, Protective, Wood, Marine, Coil, Packaging, and Others), and Regional Forecast, 2020-2027.” The report further states that this market size was USD 86.81 billion in 2019 and is projected to reach USD 119.54 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period.
Key Players Focus on Launching Novel Industrial Coatings to Strengthen Their Positions
The market is highly fragmented in nature backed by the presence of multiple prominent domestic and international companies. Most of them are focusing on launching state-of-the-art products to cater to the high demand from various end-use industries.
List of the Leading Companies Profiled in the Global Industrial Coatings Market are:
- Akzo Nobel N.V. (Netherlands)
- Axalta Coating Systems, LLC (U.S.)
- Industrial Coatings Ltd. (Finland)
- PPG Industries, Inc. (U.S.)
- The Sherwin-Williams Company (U.S.)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Kansai Paint Co., Ltd. (Japan)
- RPM International Inc. (U.S.)
- BASF SE (Germany)
- PPG Asian Paints Pvt Ltd (India)
- Hempel A/S (Denmark)
- The Chemours Company FC, LLC. (U.S.)
- Jotun A/S (Norway)
- Other Key Players
According to the report, the industrial coatings market based on technology is divided into water-based, solvent-based, powder, high solids, and others. The solvent-based segment is predicted to account for a high share during the forecast period owing to its qualities such as low chemical reaction, non-evaporative, higher gloss level, prevent corrosion, and highly flexible. Solvent-based coatings have various applications in marine, automotive, aerospace, and other end-use industries.
Browse Report Summary:
Drivers & Restraints
Rising Environmental Concerns to Bolster Growth
The manufacturing process of industrial coatings releases volatile organic compounds (VOCs) that must be eliminated effectively. These organic chemicals turn to gases once they are kept at room temperature. VOC is the main cause of ground-level air pollution. Hence, nowadays several manufacturers are rapidly inclining towards powder-based or water-borne coatings to maintain sustainability. This factor is set to propel the industrial coatings market growth in the coming years. However, these coatings are prone to drying quickly, which, in turn, may hamper growth.
Asia Pacific to Remain at the Forefront Fueled by Rising Production of Automotive
Geographically, Asia Pacific procured USD 36.5 billion in terms of revenue in 2019. The region is set to retain its dominant position in the market throughout the forthcoming years. This growth is attributable to increasing consumer spending and rising automotive production. Additionally, the rising government subsidies, interest rates, general industrial production, and construction activities in this region would spur demand.
Europe, on the other hand, is expected to show significant growth stoked by the ongoing developments in the oil & gas sector. At the same time, the rising usage of powder coatings owing to the rapid technological advancements in this sector would drive growth.
Furthermore, the industrial coatings market based on the end-use industry is classified into packaging, automotive, industrial wood, aerospace, marine, rail, and others. The automotive end-use industry is the fastest growing industry owing to the growing demand for more durable parts of automobiles, better quality interior and exterior coating to protect from heat damage, scratches, and chemical exposure. Additionally, the growing production of cars is predicted to boost the industrial coatings market share in the forthcoming years.
The report on the industrial coatings market size focuses on demonstrating a complete assessment of the market. It contains facts, thoughtful insights, historical information, industry-validated market information, and projections with a suitable set of assumptions and methodology.
Announcement of PPG ENVIROCRON® by PPG to Spur Growth Opportunities
The launch of a new production line by PPG is predicted to bolster the healthy growth of the market during the forecast period. For instance, in March 2019, PPG announced a new production line of PPG ENVIROCRON® Extreme Protection Edge coatings specially formulated to cover the sharp edges of parts created during metal fabrication and provide superior corrosion protection in one-coat.
Furthermore, the launch of a pioneering fouling defence system by Hempel is likely to accelerate the industrial coatings market revenue in the forthcoming years.