INDUSTRIAL COATINGS MARKET TO REACH USD 132 BILLION BY 2027 | CAGR 4.4% — FORENCIS RESEARCH
Global Industrial Coatings Market: Key Highlights
- According to the new market research report “Industrial Coatings Market by Resin Type (Polyurethane, Epoxy, Acrylic, Polyester Alkyd, Fluoropolymer), by Technology (Powder Based, Water Based, Solvent Based, High Solid, Radiation Curable), by End-User (General Industries, Automotive & Vehicle Refinish, Marine, Aerospace, Oil & Gas, Electronics, Industrial Wood), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2020 to 2027)”, the global industrial coatings market is estimated to reach USD 132 Billion by 2027 at a CAGR of around 4.4% during the review period.
- Industrial coatings are the various type of material that used to protect or provide useful properties such as chemical resistance, water resistance, flexibility, abrasion resistance, impact resistance, and UV light resistance to many end-use industries.
- The coating prevents the material form the corrosion by acting as a barrier between the metals/alloys and the corrosive materials in contact.
- Industrial coatings are extensively used in various application including general industrial, automotive and vehicle refinish, electronics, aerospace, oil and gas, mining, marine, and power generation.
Global Industrial Coatings Market: Key Market Dynamics
- Industrial coating possesses characteristics such as chemical resistance, abrasion resistance, water resistance, flexibility, impact resistance, and UV light resistance are fueling the use of industrial coatings in various applications such as concrete, steel, floor, roofs, wall, and other industrial materials.
- Booming automotive sectors has expected to spur the industrial coating market.
- Moreover, rising demand for environmentally friendly coatings is expected to drive the industrial coatings market during the forecast period.
- However, the environmental and health hazards concern regarding VOC is expected to hamper the market growth up to a certain extent.
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Global Industrial Coatings Market: Regional Overview
Asia-Pacific region expected to dominate the industrial coating market during the review period, due to low material cost compared to other regions, low labour cost, growing automotive manufacturing. The fast GDP growth and the highly aspirational Asian consumers have been the main growth drivers for most of the emerging markets in China, India, and other developing markets in Asia. China is expected to dominate the market in the Asia-Pacific region, owing to the rising middle-class population, and new purchases and replacement of vehicles growing rapidly.
Europe is expected to second largest market for industrial coatings. Owing to the rapid growth of the automotive industry in Europe, the demand for industrial coatings is expected to increase. Moreover, many European countries have regulated to ensure a high-level human health and environmental protection from the risks posed by chemicals further help to boost the industrial coatings market in Europe.
Global Industrial Coatings Market: Key Players Overview
- Akzo Nobel N.V.:
Akzo Nobel N.V. is a Netherland based company engaged in the manufacture and sale of coating and paint products. The company majorly operates through two business segments namely, decorative paints and performance coatings. The Decorative Paints segment manufactures and supplies a range of interior and exterior decoration and protection products for professional and do-it-yourself markets. The performance coatings segment serves to automotive and aerospace and other industrial application. In March 2020, Akzo Nobel N.V. has completed the acquisition of the remaining 25% stake in Akzo Nobel Boya Sanayi ve Ticaret A.S., a leading powder coatings joint venture in Turkey.
- Axalta Coating Systems, LLC:
Axalta Coating Systems, LLC is one of the global leaders in development, manufacture and sale of liquid and powder coatings. The company serves its products to manufacturers of light and commercial vehicles, the refinish aftermarket and for many industrial applications. The company has a global reach with its services in around 130 countries. In June 2020, launched a new polyurethane wood coating product offering designed to protect and enhance the aesthetics of wood surfaces.
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