Industrial Coatings Market is anticipated to grow at a CAGR of ~3.0% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Industrial Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030.” According to the report, the global industrial coatings market accounted for over US$ 80.0 billion in 2019. It is anticipated to grow at a CAGR of ~3.0% from 2020 to 2030.
Industrial coatings are paints or chemicals that are applied partially or fully to protect a surface, which is usually referred to as the substrate. They protect surfaces, such as iron, aluminum, steel, plastic, glass, and wood, among others, from wear & tear. The demand for various kinds of industrial coatings is on the rise owing to their protective & functional properties including abrasion, corrosion, fire, chemical, & UV-resistance. Furthermore, they enhance the aesthetics of the surface to which they are applied; however, protecting the surface is the primary goal of applying an industrial coating to a surface.
The applications of industrial coatings in a broad spectrum of applications, such as general industrial, automotive & transportation, aerospace, marine, wood, and packaging, is one of the primary factors that is driving the market growth of industrial coatings. The growing demand for environment-friendly coatings owing to stringent Volatile Organic Compound (VOC) norms in different countries will also play a significant role in boosting the overall market growth. Similarly, the high demands for nano-coatings, self-cleaning coatings, and self-healing coatings during recent times will fuel the market growth notably during the forecast period. Moreover, high demand from the Asia Pacific region will also be a key growth contributor. The ever-increasing need for industrial coatings with better durability and improved aesthetics will present new growth opportunities to new & established market players.
On the downside, stringent VOC regulations are enforced by regulatory authorities such as the Occupational Safety and Health Administration (OSHA), the Environmental Protection Agency (EPA), and the California Air Resource Board (CARB). These regulations curtail the manufacture of industrial coatings that contribute extensively to the formation of ozone. Furthermore, there are technological challenges involved when it comes to meeting the customers’ exact demands. These are some of the primary factors that are curbing market growth to a certain extent.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/industrial-coatings-market/393
The ongoing COVID-19 pandemic has been impacting both the automotive and the general industrial sector. Labor shortages and restrictions imposed during lockdowns in various parts of the world will affect the industrial coatings market adversely. However, the market will start recovering in 2021.
The Asia Pacific region, led by India and China, accounted for the largest share in 2019 followed by Europe. It is also expected to grow at the highest CAGR during the forecast period. Cost-efficient labor, easy availability of raw materials, and favorable policies of governments in this region are the primary factors responsible for the regional market growth. The emergence of new industries in the region will also drive market growth considerably.
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.
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