Global Industrial Coatings Market – Overview
Market Research Future (MRFR) studied the Global Industrial Coatings Market 2020 for the analysis period. The industrial coating market can rise at 3.9% CAGR by 2027. On the conclusion of the review period, the industrial coating market can value at USD 85.2 Billion by 2027.
The industrial coatings market is mainly driven by the growing demand from the marine, automotive, and general industrial sectors, according to the MRFR report. The report presents a comprehensive overview of the global industrial coatings market by profiling the market’s leading drivers and restraints, key players, and major trends affecting the market. The impact of the COVID-19 pandemic on the global industrial coatings market is also studied in the report. The industrial coatings global market expansion can be attribute to the diverse industrial coatings solutions across end-use industries, such as automotive and transportation. Other major sectors that widely use industrial coating are packaging and marine protective, which can contribute to the expansion of the market in the analysis period. The increase in the demand for coatings that are eco-friendly, such as UV cure coatings, powder coatings, and water-borne coatings can promote the expansion of the market in the analysis period. The rise in the demand for industrial coating market segment and the intervention of modern technologies that offer better coating solutions can support the global market.
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BASF SE (Germany),Evonik Industries AG (Germany),Lanxess (Germany),Arkema (France),DuPont (US),EMS-CHEMIE HOLDING AG (Switzerland),Mitsui Chemicals, Inc (Japan),Toray Industries Inc (Japan),KOLON PLASTIC INC (South Korea),AdvanSix Inc (US).
Industrial coatings are coatings designed for their protective abilities rather than aesthetic abilities. Industrial coatings impart strong resistance against environmental factors such as moisture and oxygen, as well as heat. Due to this, industrial coatings are widely used in a range of industrial applications for protective purposes. The growing automotive industry is likely to be a major driver for the global industrial coatings market over the forecast period. As the industry has grown, the demand for longer-lasting automotive components has increased. Consumers now demand higher product standards from the automotive industry, leading to a growing demand for solutions that can prolong the life of automotive components and protect them from environmental corrosive agents. The growing demand for longer-lasting passenger as well as commercial vehicles is likely to be a major driver for the global industrial coatings market over the forecast period. The growing insistence on product innovation and research and development in the automotive industry is also likely to be a major driver for the global industrial coatings market over the forecast period, as this is likely to lead to the creation of new industrial coating formulations that provide high-quality performance.
The increasing demand for environment-friendly industrial coatings is likely to remain a major trend within the global industrial coatings market over the forecast period. Environment-friendly industrial coatings do not contain VOCs (volatile organic compounds), which reduces the emission of environmentally harmful gases from the coatings and makes them more environmentally viable. This is likely to remain a major trend in the global industrial coatings market, as governments all over the world have given their support to the development of VOC-free industrial coatings through incentives to the use of VOC-free coatings or bans on the use of VOC-containing industrial coatings. Companies that develop effective industrial coatings without VOCs are likely to prosper in the market over the forecast period.
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Industrial Coatings Market – Segments:
The global industrial coatings market is segmented on the basis of resin, technology, end use, and region.
By resin, the global industrial coatings market is segmented into acrylic, polyurethane, epoxy, polyester, fluoropolymers, and others. The acrylic segment holds the largest share in the global industrial coatings market and is likely to remain the leading revenue generator over the forecast period.
By technology, the global industrial coatings market is segmented into solvent-based, water-based, powder coatings, and others. Water-based coatings are likely to remain the dominant segment in the global industrial coatings market and exhibit growth at the highest growth rate over the forecast period.
By end use, the global industrial coatings market is segmented into general industrial, automotive and transportation, industrial woods, marine protective, packaging, and others. The general industrial segment accounted for the largest share in the industrial coatings market in 2020.
Global Industrial Coatings Market -Regional Analysis
The global market for Industrial Coatings has better coverage of regions like Asia Pacific, North America, and Europe as major market contributors. Whereas, the analyses of the Middle East & Africa and South America had been conducted thoroughly, which results in a revelation of a moderate growth scale.
The Asia Pacific market can outdo others as the regional market is witnessing a hike in growth in myriad industries like electrical & electronics, automotive, consumer appliances, packaging, and others. This region would understand growth with better disposable income and participation from countries like Japan, China, and India.
North America’s growth would be bolstered by contributions made by the US and Canada as the regional infrastructural superiority is depending much on the structure of these two regions. These two countries are known for their robust automotive setup, industrial transformation, and better wire & cable. This growth would further receive traction from increasing applications in various end user industries.
In Europe, the growth would be similar to that of North America. The regional market players are contributing much in the growth by constantly developing innovations and creating scope for the easy percolation of the market. It is further becoming easier with countries like Germany, France, and the UK showing extensive growth in the automotive and textile industry.
Industrial Coatings surging use in the automotive sector for filter pads, interior & exterior parts, and others can be seen as a positive influence on the South American market.
In August 2019, PPG Industries, a leading coatings company, acquired Dexmet Corporation, a manufacturer of specialty materials for aerospace, automotive, and industrial applications.
In March 2019, PPG Industries acquired Whitford Worldwide Company, a global manufacturer that specializes in offering low-friction and non-stick coatings for applications in industrial and consumer products.
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