The global industrialcoatings market is set to impetus from theincreasing focus of manufacturers towards developing greener processes. Theseprocesses would help in creating fewer emissions and wastes, as well as uselesser energy. This information is given by Fortune Business Insights™ in a new report, titled, “Industrial Coatings Market Size, Share& Industry Analysis, By Resin (Acrylic, Alkyd, Polyurethane, Epoxy,Polyester, and Others), By Technology (Solvent-borne, Water-borne, Powder, andOthers), By End-use (General Industrial, Powder, Automotive OEM, AutomotiveRefinish, Protective, Wood, Marine, Coil, Packaging, and Others), and GeographyForecast, 2020-2027.” The report further states that the industrialcoatings market size was USD 86.81 billionin 2019 and is projected to reach USD119.54 billion by 2027, exhibiting a CAGR of 4.4% during the forecastperiod.
COVID-19: Shortage of Workforce & Supply ChainDisruptions to Obstruct Growth
Theoutbreak of the COVID-19 pandemic has declined the demand for industrialcoatings worldwide. Also, disruptions of supply chains in this industry, aswell as the shortage of workforce have created immense financial losses for alarge number of manufacturers. We are therefore delivering highly authentic researchreports to help you generate more sales and regain business confidence.
To get to know more about the short-term and long-term impactof COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/industrial-coatings-market-101741
This Report Answers the Following Questions:
· How will the organizations surgesales of industrial coatings amid COVID-19?
· Which region and segment would leadthe market in the near future?
· What are the market drivers, hindrances,challenges, and opportunities?
· What are the historical, estimated,and current sizes of the global market?
Drivers & Restraints-
Rising Environmental Concerns to Bolster Growth
Themanufacturing process of industrial coatings releases volatile organiccompounds (VOCs) that must be eliminated effectively. These organic chemicalsturn to gases once they are kept at room temperature. VOC is the main cause of ground-levelair pollution. Hence, nowadays several manufacturers are rapidly incliningtowards powder-based or water-borne coatings to maintain sustainability. Thisfactor is set to propel the industrial coatings market growth in the comingyears. However, these coatings are prone to drying quickly, which, in turn, mayhamper growth.
Acrylic Segment to Hold Major Share Backed by High Demandfrom Biomedicine Industry
Based on resin,the acrylic segment held the major industrial coatings market share in 2019. Thisgrowth is attributable to the increasing demand for ceramic from the biomedicineindustry. Binders or resins are capable of holding every component of coatingstogether. The alky segment would showcase considerable growth in the nearfuture because of its cost-effective and versatile nature.
Asia Pacific to Remain at the Forefront Fueled by RisingProduction of Automotive
Geographically,Asia Pacific procured USD 36.5 billion in terms of revenue in 2019. The regionis set to retain its dominant position in the market throughout the forthcomingyears. This growth is attributable to increasing consumer spending and rising automotiveproduction. Additionally, the rising government subsidies, interest rates, generalindustrial production, and construction activities in this region would spurdemand.
Europe, onthe other hand, is expected to show significant growth stoked by the ongoingdevelopments in the oil & gas sector. At the same time, the rising usage ofpowder coatings owing to the rapid technological advancements in this sectorwould drive growth.
Key Players Focus on Launching Novel Industrial Coatings to StrengthenTheir Positions
The marketfor industrial coatings is highly fragmented in nature backed by the presenceof multiple prominent domestic and international companies. Most of them arefocusing on launching state-of-the-art products to cater to the high demandfrom various end-use industries. Below are the two latest industrydevelopments:
· August2020: Sherwin-WilliamsProtective & Marine unveiled its latest rapid curing technology forlowering the labor costs and application time for structural steel protection.
· July2020: Nippon Paint India launched an innovative line of industrialpaints under its Protec brand. This would help the company to expand itsfootprint in the industrial coatings segment.
A list of all the industrial coatings manufacturers operatingin the global market:
· Akzo Nobel N.V. (Netherlands)
· Axalta Coating Systems, LLC (U.S.)
· Industrial Coatings Ltd. (Finland)
· PPG Industries, Inc. (U.S.)
· The Sherwin-Williams Company (U.S.)
· Nippon Paint Holdings Co., Ltd.(Japan)
· Kansai Paint Co., Ltd. (Japan)
· RPM International Inc. (U.S.)
· BASF SE (Germany)
· PPG Asian Paints Pvt Ltd (India)
· Hempel A/S (Denmark)
· The Chemours Company FC, LLC.(U.S.)
· Jotun A/S (Norway)
· Other Key Players