Large-scale developments projected that are carried across the globe have widely benefited the global industrial coatings market. Building and construction industry in developing regions is considered the major factor for the growth of this market. In addition, rising automation industry has also contributed in the growth of this sector. increasing number of urban population, high demand for premium paints (especially do-it-yourself), and recent introduction of UV-curable coatings and nano coatings are few other key factors driving the growth for industrial coatings.
Based on the report published by TMR, the global industrial coatings market is expected to progress at steady 5.8% CAGR during the forecast period from 2017 to 2022. If the market rises at this rate, the market valuation might touch US$41.68 bn by the end of forecast period. In 2017, the market was valued at US$31.47 bn.
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Growth in Building and Construction Industry to Boost Demand for Industrial Coatings
Key parameter in which the global industrial coatings market is segmented includes technology, resins, and end-users. In terms of resins, the market includes epoxy, polyester, polyurethane, and acrylic. Of these, the epoxy segment held highest share in the market. Over the forecast period, this segment is expected to generate US$14.64 bn by the end of forecast period in 2022. One of the key reason behind the growth of this segment is it is high use in building and construction industry. Moreover, it is widely used in concrete floor where it provides high durability and high gloss.
Based on technology, the market is segmented into powder, solvent-based, water-based, and pre-treatment. The application of powder-coated technology is comparatively high among other technologies. The use of powder-coated technology is seen in various electrical components such as laptop computers, powder-coated file drawers, and computer cabinets. Various home utilities are also using this technology, which included products like cribs, baby strollers, playpens, car seats, wagons, mailboxes, bathroom scales, toys, fire extinguishers, satellite dishes, and toolboxes.
The key end-users in the market is divided includes wood, general finishes, automotive parts, heavy-duty equipment, coil and extrusion, consumer electronics, appliance, and transportation.
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Large Population Base in Asia Pacific Play Significant Role in Benefiting Market Growth
In geographical analysis, the global industrial coatings market includes North America, Latin America, Asia Pacific excluding Japan, Europe, and the Middle East and Africa. Of these regions, Asia Pacific excluding Japan is anticipated to hold major share in the market by progressing at 6.7% CAGR over the forecast tenure. China and India are two key countries in the region that are expected to create lucrative growth opportunity in this market due to the rapid economic development taking place in these regions. Increasing income in the middle class families who are the main consumers of this product is the major factor driving the growth in Asia Pacific industrial coatings market.
On the other hand, North America is also expected to offer promising opportunities in the industrial coatings market. This region is expected to generate US$8.18 bn by the end of 2022. Europe is also likely to show positive results and assist the growth of this market.
In the vendor landscape section, the report covers prominent players operating in the market ad provides information about the competition taking place in the market. Some of the prominent players in the global industrial coatings market are Kansai Paint Co., RPM International Inc., The Valspar Corporation, The Sherwin-Williams Company, Ltd, Axalta Coating Systems, LLC, Roto Polymers and Chemicals, Jotun A/S, and NOROO Paint & Coatings Co.
Demand for Antimicrobial Technology Opens Vast Revenue Stream for Companies in Industrial Coatings Market
Industrial coatings are formulations typically used for wide range of protection applications of variety of manufactured surfaces particularly appliances and machinery. Over the years, they have been widely utilized in providing protection against corrosion, wear and tear, and environmental decay, slowing down these processes, notably in oil and gas, building and construction, and transportation industries. Additionally, other key objectives underpinning their growing use by original equipment manufacturers in various industries are better aesthetics and mechanical strength. Key end use industries are automotive and energy sectors. The industrial coatings market has made strides on the back of the continuous advances in coloring and painting technologies and techniques. Changing regional norms pertaining to the paints and coatings industries have been propelling such product developments. A case in point is rise in research investments on acrylic water-based paints by prominent coating formulators. The growing demand for increasing the durability of equipment against environmental degradation in various industries is a key driver for opportunity in the industrial coatings market. Another emerging trend shaping the market evolution is the need for environmentally friendly formulations that are also user-friendly. The trend is becoming evident in automotive industries where OEMs are increasingly utilizing acrylic paints for protection applications.
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The Covid-19 pandemic has given rise to new normals for businesses across industries. This unlocked new prospects for some industries on one hand while triggering dramatic changes in strategic frameworks for others. For industrial coatings market, this has given rise to new avenues, the reason having to do with the rise in demand for coatings that can offer antimicrobial protection. Numerous companies are jumping in the fray to include antimicrobial industrial coatings in their product portfolio. Another promising area in the industrial coatings market has been the demand for liquid industrial coatings for automotive. The pandemic has dampened industry investments to an extent in several economies around the world. Nevertheless, various government policies have been adopted to improve the macroeconomic fundamentals, which will spur growth in the industrial coatings market.
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