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Report Overview: Industrial Coatings MarketThe global industrial coatings market size was estimated at USD 79.4 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 2.9% from 2021 to 2027. Rising demand from the general industry is significantly driving the market. Industrial coating is widely used in various end users including general industrial, automotive and vehicle refinish, electronics, aerospace, oil and gas, mining, marine, and power generation. Properties such as chemical resistance, water resistance, flexibility, impact resistance, abrasion resistance, and UV light resistance are fueling the demand of industrial coatings in various applications such as concrete, steel, floor, wall, roofs, and other industrial materials. In addition, rising demand for environmentally friendly coatings owing to the rising environmental concern and strict VOC norms are driving the demand for water and powder-based industrial coatings. The U.S. is the largest market for industrial coatings in North America. Improved living standards and infrastructural growth in the country is driving the growth of the general industry in the country. The general industry requires several types of coatings to meet the requirements of various application. Coil, can, wood, high temperature, water-resistant, corrosion and chemical resistant, thermal insulation, and protective coatings are some of the commonly used industrial coatings in the general industry. Industrial coatings are also applied to different applications in the general industry including construction and agriculture equipment and furniture to ensure resistance to anti-corrosion, wear and tear, durability, and operational efficiency. However, environmental and health hazards associated with volatile organic compounds are majorly affecting the market growth. As VOCs highly contribute to the formation of ozone, various environmental and safety regulations such as The Occupational Safety and Health Administration (OSHA), The Environmental Protection Agency (EPA), and California Air Resource Board (CARB) are being implemented by governments globally to limit the harmful effects of these compounds on human health and environment.
Technology Insights: Industrial Coatings MarketThe solvent-borne technology segment lead the market 2019 with more than 36.0% of total revenue share. Solvent-borne industrial coating is widely used in the general industry, automotive, oil and gas, and marine application. Stringent regulations regarding VOC emissions especially in North America and Europe are anticipated to hinder the growth of the segment. Solvent-borne coatings are anticipated to witness a growth in demand in emerging countries such as China, India, Brazil, and Russia owing to the rapid infrastructure development and growing general industrial sector. Other technology segments include waterborne, powder-based, and others.
General industrial was the largest end-use segment, accounting for over 44.0% of the revenue share in 2019. Industrial coatings are used in general industry to protect the structure from corrosion, UV radiation, wear and tear, and enhance its efficiency. Industrial coatings also help to improve impact and abrasion resistances. Rapid industrialization, especially in Asia Pacific coupled with a strong impetus of government on infrastructural development and increasing public-private partnership, are fueling the growth of the general industrial sector. This in turn is anticipated to create lucrative opportunities for the industrial coatings market over the forecast period 2021-2027.
End-use Insights: Industrial Coatings Market
Product Insights: Industrial Coatings MarketAcrylic was the largest product segment accounting for more than 35.0% of the total revenue share in 2019. Acrylic coatings are widely used in construction equipment, structural steel, industrial site, pipes, heavy casting, metal coating, automotive, consumer appliances and other applications. Properties such as abrasion resistance, fire resistance, vapor permeability, UV light resistance, high weathering resistance, and gloss retention are fueling its demand among above-mentioned applications. Furthermore, these coatings are used in various formulation including solvent-borne, waterborne, and powder-based. Other product segments include alkyd, polyurethane, epoxy, polyester, and others.
Regional Insights: Industrial Coatings MarketAsia Pacific was the dominant regional segment occupying over 45.0% of the revenue share in 2019 and is anticipated to maintain its dominance over the forecast period. The region is projected to account for a significant share of the overall market over the forecast period on account of ascending product demand from end-users such as general industrial, automotive and vehicle refinish, power generation, mining, oil and gas. China led the market in terms of both volume and revenue in Asia Pacific. Factors such as presence of numerous end-users, rapid industrialization, and urbanization especially in India and China are anticipated to boost the demand for industrial coatings in the region. However, recent outbreak of COVID-19 is severely affecting the global industrial sector. Production and operation, infrastructural development activities, have slowed down globally aimed to limit the spread of coronavirus, which is further anticipated to impact the demand of industrial coatings. Currently, Italy, Spain, France, U.K., U.S. have a huge number of corona virus-positive cases.
Key Companies & Market Share Insights: Industrial Coatings MarketThe market is fragmented in nature with the presence of various key players and some small and medium global and regional players across the world. Companies in the market compete on the basis of product quality offered and technology used for the production of industrial coatings. Major players are involved in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural development, investing in research and development facilities, and seeking opportunities to vertically integrate across the value chain. Some of the prominent players in the industrial coatings market include:
Key companies Profiled: Industrial Coatings Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global industrial coatings market report on the basis of product, technology, end use, and region:
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Nippon Paint Holdings Co., Ltd.
- Hempel A/S
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Solvent Borne
- Powder Based
End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- General Industrial
- Automotive & Vehicle Refinish
- Oil & Gas
- Power Generation
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visuali | read more...