Industrial Coatings Market Size and Growth Analysis-2021
Industrial Coatings Market: Growing awareness of theharmful effects of coatings among consumers have escalated the call foreco-friendly coatings around the world
Industrial Coatings Market overview:
The industrialcoatings market is predicted to raise from a value of USD 85.5billion in the year 2020 to USD 103.8 billion by the end of year 2025, with acurrent CAGR of 3.7 % throughout the foreseen period. Industrial Coatingsprovide coatings for aluminum, wood, steel, and plastic surfaces designed tomeet industry standards. Most industrial coatings are solvent based and arecoated with relative technology depending on the end use. The industrialcoating not only protects against corrosion, but also gives the product anaesthetic appearance, non-stick performance, and chemical protection. Thecoating is mainly external but can sometimes be applied internally. Industrialcoatings are coatings explained by their protective and functional features, insteadof their aesthetic features. They are mainly used to prevent corrosion ofmetals and concrete. Industrial coatings are compatible with a variety ofsubstrates, including steel, iron, and aluminum, as well as glass, plastic, andwood surfaces. They have various applications and are available in variousspecifications depending on the requirements and desired functions.
Impact of Covid 19 on the IndustrialCoatings Market:
COVID-19 has exposed many challenges for the industrialcoatings market impacting both the automotive sector and industry in general.The main economies in each region are affected by the pandemic and have causeda slowdown in activities in industries that use industrial coatings. Industriessuch as packaging will benefit, while others are predicted to be negativelyaffected in 2020 and 2021. The market is predicted to recover from 2021 asindustrial and transportation activities return to normal and operate at fullcapacity. capacity.
Market drivers and restraints:
Today, industrial coating products are sold with a multi-yearwarranty against corrosion, primarily through improved coating performance. Inaddition to improving performance, manufacturers continually introduce newproducts to the market that have eco-friendly characteristics. The technologiesthat are currently used to make coatings differ from the solvent-basedtechnology used previously. The introduction of new technologies rapidly escalatedthe performance of coatings. Powder coatings provide excellent flow properties,reduced edge build-up, and even distribution of raw materials in powdermixtures. They can be employed in decorative, protective and optical coatings.However, powder coatings produce a thick finish on metal products. It is veryhard to produce thin finishes utilizing the traditional powder coatings, as thethickening of the polymer can result in the formation of an uneven texture.Polyurethane resin is preferable for making thin films due to its fluidity andphysical properties and lower costs. Substrate smoothness and wetting are majorproblems found in thin film powder coating applications. It is difficult toobtain thin films similar to those formed with wet paint systems. Due togrowing concerns about environmental degradation, manufacturers have focusedmore on developing eco-friendly coatings, such as powder coatings, water-basedcoatings, and UV-curable coating technologies. In addition, strict governmentregulations and growing awareness of the harmful effects of coatings amongconsumers have escalated the call for eco-friendly coatings around the world.
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Report segmented as:
By resin:
· Polyurethane
· Epoxy
· Acrylic
· Alkyd
Bytechnology:
· Solvent-based
· Water-based
· Powder
By end userindustry:
· General industrial
· Protective
· Automotive
· Aerospace
· Wood
· Packaging
Geographical analysis:
APAC has become theleading consumer and producer of industrial coatings. The region is a hugeindustrial center that has attracted foreign investment and booming industrialsectors, mainly due to cheap labor and readily available raw materials. Europeis heavily regulated to ensure a high level of protection of the environmentand human health from the risks posed by chemicals. Furthermore, strictregulations have limited formulators and suppliers of raw materials. Theeconomic slowdown has also affected most industries in Europe; however, it isestimated that the call for industrial coatings will slowly increase withongoing recovery initiatives and safety regulations in the region. The marketsof Latin America, the Middle East and Africa experienced notable expansionduring the foreseen period. This expansion in the Latin American market isattributed to the expansion of the automotive industry in the region,particularly in Mexico and Brazil.
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