The manufacturing process of industrial coatings releases volatile organic compounds (VOCs) that must be eliminated effectively. These organic chemicals turn to gases once they are kept at room temperature. VOC is the main cause of ground-level air pollution. Hence, nowadays several manufacturers are rapidly inclining towards powder-based or water-borne coatings to maintain sustainability. This factor is set to propel the industrial coatings industry growth in the coming years. However, these coatings are prone to drying quickly, which, in turn, may hamper growth.
The industry is highly fragmented in nature backed by the presence of multiple prominent domestic and international companies. Most of them are focusing on launching state-of-the-art products to cater to the high demand from various end-use industries.
Rising Environmental Concerns to Bolster Growth
The global industrial coatings market is set to impetus from the increasing focus of manufacturers towards developing greener processes. The research analysis further states that this industry size was USD 86.81 billion in 2019 and is projected to reach USD 119.54 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period. These processes would help in creating fewer emissions and wastes, as well as use lesser energy. This information is given industry in a new research analysis, titled, “Industrial Coatings Industry Size, Share & COVID-19 Impact Analysis, By Resin (Acrylic, Alkyd, Epoxy, Polyester, and Others), By Technology (Solvent-borne, Water-borne, and Others), By End-use (General Industrial, Powder, Automotive OEM, Automotive Refinish, Protective, Wood, Marine, Coil, Packaging, and Others), and Regional Forecast, 2020-2027.”
Acrylic Segment to Hold Major Share Backed by High Demand from Biomedicine Industry
Based on resin, the acrylic segment held the major industrial coatings industry share in 2019. This growth is attributable to the increasing demand for ceramic from the biomedicine industry. Binders or resins are capable of holding every component of coatings together. The alky segment would showcase considerable growth in the near future because of its cost-effective and versatile nature.
Worldwide Industry Players in 2022
A list of all the manufacturers operating in the global industry include Akzo Nobel N.V. (Netherlands), Axalta Coating Systems, LLC (U.S.), Industrial Coatings Ltd. (Finland), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Nippon Paint Holdings Co., Ltd. (Japan), Kansai Paint Co., Ltd. (Japan), RPM International Inc. (U.S.), BASF SE (Germany), PPG Asian Paints Pvt Ltd (India), Hempel A/S (Denmark), The Chemours Company FC, LLC. (U.S.), Jotun A/S (Norway), Other Key Players.
Asia Pacific to Remain at the Forefront Fueled by Rising Production of Automotive
Geographically, Asia Pacific procured USD 36.5 billion in terms of revenue in 2019. The region is set to retain its dominant position in the industry throughout the forthcoming years. This growth is attributable to increasing consumer spending and rising automotive production. Additionally, the rising government subsidies, interest rates, general industrial production, and construction activities in this region would spur demand.
Europe, on the other hand, is expected to show significant growth stoked by the ongoing developments in the oil & gas sector. At the same time, the rising usage of powder coatings owing to the rapid technological advancements in this sector would drive growth.
This Research analysis Answers the Following Questions:
- How will the organizations surge sales of industrial coatings amid COVID-19?
- Which region and segment would lead the industry in the near future?
- What are the industry drivers, hindrances, challenges, and opportunities?
- What are the historical, estimated, and current sizes of the global industry?
Key Players Focus on Launching Novel Industrial Coatings to Strengthen Their Positions
The industry is highly fragmented in nature backed by the presence of multiple prominent domestic and international companies. Most of them are focusing on launching state-of-the-art products to cater to the high demand from various end-use industries. Below are the two latest industry developments:
- August 2020: Sherwin-Williams Protective & Marine unveiled its latest rapid curing technology for lowering the labor costs and application time for structural steel protection.
- July 2020: Nippon Paint India launched an innovative line of industrial paints under its Protec brand. This would help the company to expand its footprint in the industrial coatings segment.