The global industrial coatings market is expected to be valued at USD 101.21 billion in 2027 from USD 81.42 billion in 2019, registering a CAGR of 2.7% through the forecast period. Industrial coatings are paints and coatings applied to metal or concrete to safeguard it against corrosion, wear & tear, heat, rust, and algal growth and to add aesthetic value to these surfaces. Industrial coatings are extensively used across a wide range of industries, including buildings & construction, oil & gas, automotive, aerospace, electronics, and various others.
The growth of
the global industrial coatings market is primarily attributed to the rising
demand for highly efficient and durable coatings, increasing adoption of
environmentally sustainable paints and coatings, and the growing demand for
these coatings in the construction, marine, electronics, automotive,
manufacturing, and aerospace industries. Industrial coatings are used in steel
frames, heat exchangers, concrete, containers, heavy machinery, material
handling systems, and furniture. These coatings protect industrial equipment
from abrasion, corrosion, and chemical attacks, and therefore, improve their
performance and service life. Hence, fast-paced industrialization across the
world, increasing construction activities, a boom in automotive production, and
the expanding marine and oil & gas sectors are the other vital factors
propelling the growth of the global industrial coatings market.
Key
findings of the report:
·
Of the different product types,
the alkyd sub-segment is projected to register the fastest growth rate over the
forecast period. Alkyd coatings find significant applications as industrial
metal coatings. These coatings enhance the toughness of metals used in various
structures like buildings, bridges, dams, marine vessels, and oil and petroleum
plants. Moreover, they provide them with enhanced glaze, color retention
capability, and strong corrosion resistance.
·
Based on technology, the
powder-based sub-segment is expected to emerge as the leading market segment
with the highest revenue share over the projected timeline. Powder-based
industrial coatings are more durable and eco-friendly. These coating methods
are highly effective for industrial applications and offer improved over-spray,
stronger chip resistance, scratch resistance, and reduced wear & tear
compared to various other finishes. Moreover, powder-based coatings are
commonly used in agricultural equipment, machinery components, vehicles,
mechanical parts, electrical equipment, façades, etc.
·
The Asia Pacific region, led by
China, has emerged as the most dominant regional segment in the global
industrial coatings market, accounting for a significant revenue share of
around 45.0% in 2019. The industrial coatings market in this region has gained
immense traction over the last few years due to the rising demand for
protective coatings across the automotive, oil & gas, aerospace, and
construction industries. Fast-paced industrialization, rapid urbanization, the
expanding automotive and aerospace sectors, and government regulations regarding
the use of environment-friendly coatings have further fueled the demand for
industrial coatings in this region.
·
The leading companies operating
in the global industrial coatings market include Nippon Paint Holdings Co.,
Ltd., BASF SE, The Chemours Company FC, LLC, Akzo Nobel N.V., Axalta Coating
Systems, LLC, Jotun A/S, The Sherwin-Williams Company, PPG Industries Inc.,
Hempel A/S, and Henkel.
·
In July 2020, Nippon Paint
India introduced an all-new range of industrial paints and coatings under the
Protec brand. The new products include top coats, primers, and specialized
coatings.
Read Full Report Description @ https://www.reportsanddata.com/report-detail/industrial-coatings-market
For the purpose
of this study, the global industrial coatings market has been segmented on the
basis of product type, technology, end-use industry, and region:
By Product
Type (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Acrylic
- Polyurethane
- Alkyd
- Polyester
- Epoxy
- Others
By Technology
(Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Solvent-borne
- Water-borne
- Powder-based
- Others
By End-use
Industry (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Automotive
- Aerospace
- Electronics
- Marine
- Oil & Gas
- Others
By Region
(Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
•
U.S.
•
Canada
- Europe
•
Germany
•
U.K.
•
France
•
BENELUX
•
Rest of Europe
- Asia Pacific
•
China
•
Japan
•
South Korea
•
Rest of Asia Pacific
- Latin America
•
Brazil
•
Rest of Latin America
- Middle East & Africa
•
Saudi Arabia
•
U.A.E.
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