Industrial Coatings Market Overview
Industrial coatings can be made specifically keeping in mind its particular usage. The product has better traction in providing protection against wear-resistance, corrosion, and improve the aesthetic appearance. It is often a thin film that can be applied on various surfaces like steel, concrete, and other industrial materials. These films are derived from epoxy, polyurethane, alkyds, acrylic, and polyester. The coating makes the surface washable and durable. In various industries like oil-rig towers, aircraft, offshore structures, power plants, and conveyors, this product finds significant traction.
The report, as published by Market Research Future (MRFR), finds the market having a growth by 5.8% CAGR to achieve a valuation of USD 119 billion by 2025. The report considers the time between 2019 and 2025 as the forecast period. The rapid urbanization and industrial reformation can impact the growth of the market. Also, the manufacturing of home appliances and electronic gadgets creates a significant opportunity for market growth.
Industrial Coatings Market Segmentation
The global market for industrial coatings has a better segmentation that includes resin, type, and end-use industries. These Industrial Coatings market segments are loaded with data about how the market should form themselves in the coming years.
By material, the global industrial coatings industry can be segmented into acrylic, polyurethane, epoxy, alkyd, fluoropolymers, polyester, and others.
By type, the global market report covering industrial coatings can be segmented into powder, high solids, solvent, and water. Water is finding better traction as a medium to ensure that the progress remains eco-friendly.
By end use industry, the global report covers the industrial coatings market segment by having it segmented on the basis of construction, automotive OEM, marine, packaging, general industrial, wood, aerospace, and others.
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Industrial Coatings Market Regional Analysis
The global market report consists regions like the Asia Pacific as a major contributor and has assessed various moves to get hold of the demographic challenges it has and dynamics that can improve the market performance. The market had the highest revenue share in 2018. The industry is gaining significant traction in various ends user industries like automotive, general engineering, and construction industry. China has a claim to dominate the market. However, India is not far behind. With the growing rail industry, the growth of industrial coatings would be substantial. Also, a lot of Industrial Coatings companies are operating from the region, which along with Industrial Coatings contractors, can communicate better growth opportunities.
The market in the Middle East & Africa can also make significant contributions with several industries finding growth opportunities. The industrial coatings industry is going to capitalize on these opportunities. In South America, the growth can depend largely on Brazil and Argentina, who are expanding their operational scope to ensure better traction.
The markets in regions like Europe and North America have better provisions for growth where they can contribute significantly. The regional rigidity regarding VOC emission is driving the market towards innovation, which can help the market in having better growth. Countries like France, Germany, and others may have a significant impact on the market.
Industrial Coatings Market Competitive Landscape
A lot of companies have already made a name by contributing strongly to the growth of the industrial coatings market. These companies have been noted well by MRFR for a better understanding of how companies are planning to reshape the market in the coming years. These companies are PPG Industries, Inc. (the US), Akzo Nobel N.V. (Netherlands), Kansai Paint Co. Ltd. (Japan), RPM International Inc. (US), The Sherwin-Williams Company (US), Nippon Paint Holdings Co. Ltd. (Japan), The Chemours Company (US), Axalta Coating Systems (US), NOROO Paint & Coatings Co Ltd (South Korea), Valspar (U.S.), Burke Industrial Coatings (US), Asian Paints (India), BASF SE (Germany), Industrial Nanotech, Inc. (US), and Hempel A/S (Demark).
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