The Global Industrial Coatings Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Industrial Coatings market is segmented by Resin type (Acrylic, Polyester, Alkyd, Polyurethane, Epoxy and Others); Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings and Others); Application (General Industries, Automotive OEM and Refinish, Electronics, Oil and Gas, Marine and Others); Geography (APAC, North America, Europe and ROW).
Introduction
Industrial Coatings refers to paint, coatings or coverings applied to protect metal or concrete from corrosion, general wear and tear, growth of algal blooms, and other. Though the prime function of the industrial coatings is to provide protection to metals from corrosion and wear and tear, it provides aesthetic value to the surface on which it is to be applied.
They are widely across various end-user industries is due to its properties such as chemical resistance, water resistance, durability, impact resistance, abrasion resistance, and UV light resistance..
Despite the current pandemic situation, the introduction of various innovative manufacturing processes and technologies have helped companies to instantly mitigate to numerous potential negative impacts and maximize their opportunities
Table of Contents
Market Overview
The Global industrial coatings market is expected to have incremental growth of $18.6 billion during 2020-2025
Growth momentum is expected to accelerate during the forecast period with 4.02% CAGR
The market is expected to recover from 2021 onwards with industrial and transportation activities getting back on track and functioning with full capacities.
Innovative formulation technologies have significantly facilitated to cater to numerous new and diverse consumer demands
APAC is forecasted to remain as largest consumer for this market
Key Trends
Innovative formulation technologies have significantly facilitated to cater to numerous new and diverse consumer demands. Some of them are Anticorrosive protection, low-VOC content coats, and nano coatings.
Continuous demand for extended product lifetime and reduced maintenance is expected to drive the market growth in future
Key Market Players
Some of the key players in the market are The Sherwin Williams Company, Akzo Nobel, BASF, RPM International, PPG Industries, Henkel AG & Company
The key players are rigorously competing and offering custom solutions for high-performance low-cost industrial coating requirements.
Major players focus on mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investments in R&D facilities, and are seeking opportunities to vertically integrate across the value chain.
Growth Drivers and Challenges
Rising demand from the general industry is significantly driving the market.
Need for efficient process and durable coatings with better aesthetics is driving the growth of the industrial coatings market
Increasing demand for protective coatings and growing usage of corrosion coatings are augmenting the growth of the market.
Stringent and regulatory policies is hindering the market growth
Environmental challenges with respect to wastewater discharge
Difficulty in obtaining thin films in powder coating is challenging the market players