Industrial Coatings Market By Resin (Acrylic, Alkyd, Epoxy, Fluoropolymer, Polyester, and Polyurethane), Technology (Powder, Solvent-Based, and Water-Based), End-Use Industry (General Industrial, Automotive & Transportation, Aerospace, Marine, Wood, and Packaging) - Global Analysis & Forecast 2020-2030
Report ID : 393 | Published Date : Sep 2020 | Pages : 180 | Region : Global | Report Code : CM-38
Industrial Coatings Market: Overview and Introduction
Industrial coatings find applications in a diverse range of end-use industries - automotive & transportation, aerospace, marine, wood, packaging, and general industrial. Hence, they are manufactured by several industry-specific requirements & functions to meet their exact demands. Also, while applying certain industrial coatings, it is crucial to control the thickness of the coating for which the utilization of sophisticated equipment becomes essential.
Industrial coatings finding applications in a wide range of industries is one of the key factors that is driving market growth. The growing demand for environment-friendly coatings owing to increasing environmental concerns will also boost the market growth. Moreover, there is an increasing demand from the Asia Pacific region (especially India) for industrial coatings with better durability. On the downside, stringent VOC regulations and technological challenges will curb the market growth to a certain extent.
The industrial coatings market has been segmented based on resin, technology, end-use industry, and region.
Based on resin, the industrial coatings market can be segmented into acrylic, alkyd, epoxy, fluoropolymer, polyester, and polyurethane. The acrylic segment dominated in 2019 and is expected to grow at the highest CAGR during the forecast period. Acrylics are primarily obtained from acrylic & methacrylic acids and they offer several advantages, such as resistance to extreme environmental conditions and quick setting times, over other types of resins. Owing to these phenomenal properties, they find applications in various industries such as automotive, electrical & electronics, and others, which will further propel their market share.
Industrial Coatings Market By Technology
Based on technology, the industrial coatings market can be segmented into powder, solvent-based, and water-based. The solvent-based segment dominated in 2019 and is expected to hold a major market share owing to extensive utilization in general industry, automotive & transportation, and marine applications. The powder segment, however, will grow at the highest CAGR owing to low VOC emissions, robust performance, and cost-effectiveness, among others.
Industrial Coatings Market By End-Use Industry
Based on the end-use industry, the industrial coatings market can be segmented into general industrial, automotive & transportation, aerospace, marine, wood, and packaging. The general industrial segment held a major market share and will continue its dominance during the forecast period owing to its use in an extensive range of applications. The automotive & transportation sector, on the other hand, will grow at the highest CAGR. The automotive & transportation industry is among the world’s most competitive industries wherein industrial coatings find applications. Moreover, automotive refinish for the maintenance & repair of vehicles as well as the advent of electric & hybrid vehicles will propel the growth of this segment.
Industrial Coatings Market By Region
Based on the region, the global industrial coatings market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is expected to account for the largest share in the global industrial coatings market. It will also grow at the highest CAGR during the forecast period. Cost-effective labor and the easy availability of raw materials are the primary factors behind the Asia Pacific being the major producer of industrial coatings. With the rise of new industries & marketplaces, this region is also attracting a lot of foreign investments, which will work in favor of the regional industrial coatings market.
Some of the prominent players in the global industrial coating market include BASF SE, Akzo Nobel N.V., Jotun A/S, Axalta Coating Systems, LLC, Nippon Paint Holdings, Hempel A/S, PPG Industries Inc., The Chemours Company FC, LLC, The Sherwin-Williams Company, and Henkel among others.