The Global Industrial Coatings market is anticipated to reach USD 101.21 billion by 2027, according to a new report by Reports and Data. The growth of market growth is expected to be driven by rising product demand in general, car and refineries, gas and oil, marine, manufacturing, electrical, electronic, and aerospace sectors.
In general industrial applications such as heat exchangers, steel frames, containers, concrete, furniture, machinery, and material handling systems, industrial coatings are commonly used in shielding them against heat and humidity. It helps protect equipment against corrosion, abrasion, and chemical attacks and thus improves the performance of the device.
As a result of rapid industrialization, rising economies are expected to bring new business opportunities. There are also proposals that the existence of a large number of manufacturers would increase demand for industrial coatings for general industrial applications. The outbreak of COVID-19 has, however, led to the lockouts of major cities, which are likely to impede demand development in the coming years, and a sharp decline in the manufacturing industries.
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The alkyd segment is expected to see substantial growth over the forecast period. Alkyd coatings are primarily used for metal coatings in an industrial climate. The shine, color retention, and resistance to corrosion are fine. They also improve the toughness of metals, which are used for the glazing of diverse structures such as bridges, buildings, gas, and petroleum plants, car parts, and marine vessels.
During the forecast period, the powder-based segment is expected to rise considerably. Similar to its parents, it is more durable and environmentally friendly. Due to lack of solvents, powder-based coatings have negligible VOC content, thereby meeting the Environmental Protection (EP) regulations more effectively and economically. They are commonly used for the purpose of avoiding corrosion and thicker burning in agricultural equipment, vehicles, machinery components, mechanical parts, façades, and electrical equipment. The segment is expected to drive by increased demand for agriculture equipment such as tractors in Brazil, India, and China.
The pandemic COVID-19 is expected to affect business growth. Due to reduced demand and supply chain bottlenecks and the safeguarding of their workers during the COVID 19 pandemic, major companies have announced a production suspension. By2020, the market for solutions will likely decrease. Farmers are expected to adjust demand in order to avoid bottlenecks. Tier 1 players agree that production is unlikely to re-start in the near future as a result of the severe pandemic in the remaining quarters of 2020, especially in the United States and major European countries.
Outsourcing, exports, and imports were affected by COVID-19, with the demand for the sector falling sharply. The largest businesses work on the market to clean up their inventory and retain cash flow. There is likely to be a decrease in real disposable income for consumers, as manufacturers look for new goods that satisfy market demand at a much lower cost.
Key participants include Akzo Nobel N.V., Jotun A/S, Axalta Coating Systems, LLC, The Chemours Company FC, LLC, PPG Industries Inc., Nippon Paint Holdings Co., Ltd., The Sherwin-Williams Company, BASF SE, Hempel A/S, and Henkel, among others.
Further key findings from the report suggest
- There are several growth opportunities expected to develop on the industrial coating market in factors such as rising demand for high-durability products and the increasing application of powder coatings.
- Increased demand for safe lacquering and increased use of corrosion lacquer are increasing market growth.
- Powder-based industrial coating methods are highly effective technologies with the recoverability of more than 98 percent powder over-spray, greater chip resistance, scratch, scratching, and tear compared to other finishes. This cycle clears the air of minimal VOCs and takes less time to treat after cool-down.
- Automotive OEM is a portion of the automotive output. Coatings deliver outstanding automotive equipment efficiency and longevity. Increasing vehicle output in the APAC region, mainly in the forecast era, is expected to increase the demand for automotive coating.
- As the leading customer and producer of industrial coatings, APAC emerged. The area is a large production hub that has drawn international investments and booming industries, mainly because of the low-cost labor and raw materials that can be easily accessed.
- In July 2019, the new Amarium Pre-Catalyzed Lacquers technology from Axalta Coatings Systems, LLC, for wood burning was demonstrated. Modern technology is used to shield the surface from ultraviolet radiation for various applications, including wooden furniture, cabinets, and other wood interior surfaces.
For the purpose of this study, Reports and Data have segmented the Industrial Coatings market on the basis of Product, Technology, End-Use, and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Technology Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Solvent Borne
- Powder Based
End-Use Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Oil & Gas
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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