Global Industrial Coatings Market Report 2020, Presents Opportunities, Valspar Corporation - vynzresearch.com

The industrial coatings market is growing at a good rate and is anticipated to register a decent growth during the forecast period, on account of its superior properties which include durability, corrosion resistance, excellent fire protection coating solutions, and others.

An industrial coating is a coating or paint that is defined by its protective properties. The common use of these coating is for corrosion control of concrete or steel. These coatings are used in various industries such as aerospace, automotive, plastics, marine, and various others.

The market is gaining momentum due to the high exposure of metals to wear and tear coupled with continual degradation.

The industrial coatings market is segmented into acrylic, alkyd, epoxy, polyurethane, polyester, and others. Among all these, the acrylic resin segment dominates the market holding the largest share, attributed to its growing use in various applications in different end-user industries such as industrial wood, transportation, automotive, and general industrial applications.

During the forecast period, the water-based coatings are anticipated to witness the fastest growth in the market, owing to the growing environmental concerns across the world. Along with that, the growing legislation to limit the volatile organic content emission are also adding up to the growth of water-based coatings.

The industrial coatings market is classified into water-based, solvent-based, high solids, and powder. The solvent-based category dominates the market, owing to the growing applications of these coating in-tank interiors, trenches, flooring systems, containment lining, and others.

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The industrial coatings market is categorized into automotive, aerospace, wood, packaging, marine, protective, and others. The automotive industry is the largest consumer of these coatings, owing to the increasing safety and wear protection in the automotive industry.

These coatings are applied to vans, cars, lorries, and others and are applied during the manufacturing of vehicles and also they are applied as vehicle refinish coating in body shops while accidental repairs. All these factors driving the industrial coatings market in the automotive industry.

Industrial coatings are manufactured from petrochemicals commercially. Considering that crude oil prices are high volatility which can directly impact the industrial coatings market.

Along with that, environmental concerns and fluctuating raw material prices may restraint the market growth during the forecast period. For instance, fluctuation in prices of resins, pigments, titanium oxides, and additives can potentially hinder market growth.

The industrial coatings market is fragmented with the presence of major manufacturers from the North American region and few from other regions, particularly, Asia-Pacific. Various major players in the market are adopting different strategies such as acquisitions, expansion, partnerships, and new technology development to acquire a competitive advantage.

Along with that, BASF SE, AkzoNobel N.V., Valspar Corporation, Nippon Paint Holdings, PPG Industries, The Sherwin-Williams Co. Ltd., DowDuPont Inc., Axalta Coating Systems, Kansai Paint Co. Ltd., and RPM International Inc. among others are some of the major players operating in the global industrial coatings market.

Source: VynZ Research