The global industrial coatings market accounted for a value of USD 80.9 billion in 2019. Industrial coatings market projected to register growth at a CAGR of 3.1% during forecast period.
COVID-19 has impacted the industrial market as all the manufacturing facilities for general and automotive sector have to shut due to lockdown. The supply chain of raw materials and finished products is disrupted due to travel restriction. The demand for industrial coating has been slowdown due to decline in growth of various end-users such as packaging, automotive etc. The market is estimated to foresee growth from 2021.
For more details, visit: Global Industrial Coatings Market By Product Type (Polyester, Polyurethane, Others), By Technology (Solvent-Based, Water-Based, Others.), By End-Users (Industrial Wood, Coil, Others) By Region, Forecast & Opportunities to 2026
The industrial coatings are consumed by various end-users industries. Industrial coatings are adopted due to various benefits such as multi-year corrosion resistance guarantee, protection from dust and microbes and prevention from external damage. This increases demand for industrial coatings and drives growth in industrial coating market during forecast period.
On the basis of technology, the industrial coatings market is segmented into solvent-based, water-based, powder-based, high solids and others. The solvent-based technology segment accounted for largest market share 36.0% in 2019. This technology is used in automotive, oil & gas and marine industries.
On the basis of product type, the industrial coatings market is segmented into polyester, epoxy, polyurethane, alkyd, acrylic and others. Acrylic product type segment accounted for a maximum share of 35.0% in 2019. It is estimated to grow at a CAGR of 3.5% during forecast period. It widely adopted in structural steel, construction equipment, pipes, heavy castings and automotive etc. It has various properties such as gloss retention, weathering resistance, UV light resistance, fire resistance and abrasion resistance which are highly in demand in the market. This drives growth in acrylic product type during forecast period.
On the basis of end-users, the industrial coatings market is segmented into general industries, protective, automotive refinish, industrial wood, automotive OEM, coil, packaging, marine, aerospace, rail. The automotive OEM segment is estimated to be fastest growing segment during forecast period. Coatings provide durability to automotive parts and it protects parts from scratches, chemical exposures and external environment. The production of automotive sector is increasingly rapidly around various regions and the adoption of coatings is increasing for various parts and this drives growth in automotive OEM segment during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. This region is largest consumer as well as producer of industrial coatings. This region is hub for various manufacturing industries and it is attracting foreign direct investment due to easily availability of raw material and cheap labor cost. The growth in various end-user industries is likely to drive growth in industrial coating market in Asia-Pacific region during forecast period.
The key market players in industrial coatings are Akzo Nobel N.V., Axal TA Coating Systems, Jotun AS, PPG Industries, The Sherwin Williams, Nippon Paint Holdings, Kansai Paint, RPM International, Tikkurila OYJ, Hempel AS, Teknos Group, Noroo Paints & Coatings, Weilburger Coatings and The Chemours Company.
- What are the expected industry trends over the next three to five years?
- Which of the industrial coatings technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?