- 9 December 2020 23:11
Industrial Coatings Market Size, Share and Trends Analysis Report 2020 to 2027
The global industrial coatings market size surpassed USD 80.87 billion in 2019 and expected to reach over USD 107.32 billion by 2027 with register a compound annual growth rate (CAGR) of around 3.02% during period 2020 to 2027.
Need for efficient process and durable coatings with better aesthetics, increasing demand for environmentally-friendly coatings and growing demand from the APAC region are the major factors driving the industrial coatings market. Industrial coatings are thin films applied to steel, concrete, and other materials to augment specific properties such as corrosion resistance, wear resistance, conductivity, and so on. Industrial coatings are manufactured with conventional polymers such as epoxy, polyurethane, acrylic, alkyd, polyesters, and fluoropolymer. The industrial coatings market depends heavily on the performance of the end-user industries such as protective, automotive, aerospace, marine, wood, packaging, coil, rail and general industrial equipment.
The solvent-borne technology segment dominated 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.
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General industrial was the largest end-use segment, accounting for over 45% 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.
Acrylic 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.
Geographically, Asia Pacific has appeared as the prominent producer and consumer of different types of industrial coatings. This region is a gigantic manufacturing hub which has caused appealing foreign investment and the thriving industrial segments principally owing to the low-cost labor and cheap and easy obtainability of raw materials. There is an upsurge in the demand for industrial coatings due to the rising aerospace, industrial, transportation, marine, and automotive industrial sector across this region.
Europe established position of second-largest market in the global industrial coatings industry. Europe is profoundly regulated to safeguard a high level of environment and human health fortification from the hazards caused by chemicals. Additionally, severe regulations have inhibited formulators and raw material providers. The economic slowdown has also greatly affected many industries in Europe; nevertheless, the demand for industrial coatings is projected to upsurge gradually with safety guidelines and continuing recovery initiatives in the region.
- The report covers the forecast and analysis for the industrial coatings market on a global and regional level.
- The report includes the positive and the negative factors that are influencing the growth of the market.
- Future market opportunities and detailed information about the market are discussed.
- The revenue generated by the prominent industry players has been analyzed in the report.
- The market numbers have been calculated using top-down and the bottom-up approaches.
- The industrial coatings market has been analyzed using Porter’s Five Forces Analysis.
- The market is segmented on the basis of technology, product, and end users which in turn is bifurcated on a regional level as well.
- All the segments have been evaluated based on the present and the future trends.
- The report deals with the in-depth quantitative and qualitative analyses of the industrial coatings market.
- The report includes the detailed company profiles of the prominent market players.
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- Hempel A/S
- PPG Industries, Inc.
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- The Sherwin-Williams Company
- Nippon Paint Holdings Co., Ltd.
Segments Covered in the Report
- Powder Based
- Solvent Borne
- General Industrial
- Power Generation
- Automotive & Vehicle Refinish
- Oil & Gas
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Latin America