Industrial Coatings Market Overview:
Industrial Coatings Market was valued to be USD 24.2 Billion in 2017 and is expected to reach USD 31.4 Billion by the end of 2022, growing at the CAGR of 3.9 % from 2018 to 2022.
Varied usage of industrial coating in diverse applications has increased the demand that market is currently experiencing. Market focused reports associated with the chemicals and materials industry amid others recently have been made available by Market Research Future which issues reports on this industry.
Industrial Coatings are special coatings which are used for preventing the material from corrosion, fire along with these providing aesthetic features. Industrial coatings enhance the product shelf life leading to low replacement cost thus benefiting manufacturers. Hence, it is highly preferable in end user industries.
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Industrial Coatings Market Key Players:
Industrial Coatings Market are: Akzo Nobel N.V, BASF SE, PPG Industries Inc., Valspar, Sherwin-Williams Co. Ltd, DuPont Co, NOROO Paints & Coatings, Asian Paints, Burke Industrial Coatings, Industrial Nanotech Inc., and others.
Industrial Coatings Market Segments:
Industrial Coating Market is segmented on the basis of applications, types, and regions. The type-based segmentation of the market comprises of powder coatings, water-based coatings, and solvent based coatings. Liquid or water-based coatings accounts for major market portion due to low Volatile Organic Compound (VOC) content which will lead to a reduced amount of emission of carbon in the environment.
The application segment of the market includes marine coatings, automotive OEMS, coil coatings, protective & maintenance coatings, wood coatings packaging coatings, among others. The upsurge in demand for corrosion resistant and fire-resistant coatings from the building & construction sector is likely to increase the demand of industrial coating in the forecasted period. The regions that are included in the industrial coatings market are APAC, North America, Europe and Rest of the World.
Industrial Coatings Market Application:
Industrial Coatings Industry is witnessing significant growth because of its properties such as excellent fire protection coating solution, corrosion resistance and durability. Industrial Coatings produced based on technology are water borne and solvent borne. Solvent borne technology is projected to account for largest market share but in years to come this scenario might change due to environment hazards. Development in water borne industrial coatings has replaced the solvent borne coatings owing to environmental concern and legislations to limit volatile organic content (VOC) emission.
Industrial Coatings is growing rapidly due to rise in demand from end user industries such as construction, automobile, medical & health care, marine and oil & gas. Suppliers from industrial coating market are looking for innovation and are focusing more on eco-friendly products. Hence, with enhanced characteristics such as more service life, corrosion resistance and technology innovation focused on bio-based products will boost the industrial coatings market in the coming years. Increasing demand for durable industrial coatings which are technologically advanced will drive the industrial coatings market in the forecasted period.
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Industrial Coatings Market Regional Analysis:
Industrial Coating Market owing to rapid industrialization, growing infrastructure activities to meet population demand and easy availability resources. Favourable government regulations such as FDI flow in building and construction industry in countries such as China, India, Japan and Indonesia are anticipated to augment industrial coating in this region. Furthermore, economic development of countries like South Africa, Brazil and France and increasing industrial activities are estimated to further facilitate industrial coating demand. Upcoming events like FIFA world cup in 2018 in Russia would provide new opportunities to industrial coating manufacturer.
Asia Pacific accounts for largest share of global industrial coatings market. China being a largest producer of paints & coatings demand for industrial coatings on a large scale. Rapid industrializations, favorable government regulations and increase in consumer spending will significantly grow the industrial coatings market in emerging economies such as China, India and Japan. This market in North America is witnessing a constant growth due to stable marine activities, currency fluctuations as a result of uncertainties and lowering price of oil crude. Government of counties like Indonesia, Thailand and Malaysia are increase trade which is supporting industries through tax subsidies, regulations and incentives.
Industrial Coatings Market Competitive Analysis:
Industrial Coatings Market is fragmented with major manufacturer from North America and some few from Asia Pacific region. Major players in market are adopting strategies such as acquisitions, partnerships, expansion and new technology development. Key market participants are acquiring small players in the market in order to tap large market share. Additionally, manufacturer is collaborating with distributors to increase their presence and meet the global demand. Manufacturers are focusing more on high performance coatings by lowering of greenhouse gases along with development of bio-based coatings. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality.
Industrial Coatings Market Table of Content to be Continue…...,
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