(EnergyIndustry.Net, April 20, 2020 ) Market Overview Global Industrial Coatings Market Expected to Reach a high CAGR of 5.80% By 2026: Industrialcoatings protect materials from surface deterioration of metals/alloys caused due to moisture, oxidation, salt spray or exposure to industrial chemicals. Industrial chemicals are used in aerospace, marine, wood, automotive and other industries.
Market Dynamics New heat-insulating coatings are used in the form of nanoparticles which increased the lifetime of the coating by 3 times. Recently, researchers found a solution to the problems faced in oil & gas pipelines. A new surface coating is developed to prevent the formation of ices that used to clog in the oil wells/pipelines. For railways vehicles, green coatings were successfully used which contains 70% of carbon is from biomass. This provides an opportunity for manufacturers to use bio-based raw materials.
Market Growth Substantial growth in major end-user industries like automotive, marine, aerospace, etc., Harsh and uneven environmental conditions, increasing pollution levels are majorly driving this market.
Market Drivers and Opportunities Technological advancements and growth in the construction industry. Increasing the use of Nano-coatings. Potential prospects for powder coating in shipbuilding and pipeline industries. Use of industrial coatings in general industrial applications.
Market Restraints and Challenges in the Market Stringent regulatory policies. Difficulty in obtaining thin films. The requirement of more drying time for water-based coatings.
Market Segmentation The market is segmented based on Resin, Technology, and End Users. By Resin, the market is further classified into Acrylics, Epoxy, Fluoropolymers, Plastisol, Polyester, Polyurethane (PU), and others. Epoxy takes a significant part in this segment with a market share of 32.4%. Rapid growth in the construction industry, where epoxy is used for the concrete floor, is primarily driving this growth. By technology, the market is classified as Powder, Solvent Borne, Water Borne, and UV Coatings. Solvent-borne coatings are leading this segment taking a significant share of the market. Relatively better performance and extensive usage in the primary industries are favoring the growth of this segment. However, due to increasingly stringent environmental regulations particularly in China and India, the users are shifting from solvent-borne to waterborne coatings. By End User, the market is segmented as Automotive, Aerospace, Transportation, Industrial, Packaging, and Others. Automotive is considered as a large segment of this market, owing to its extensive use of paints and coatings in various stages.
Geographical Analysis The report segments geographies by region into North America, South America, Europe, Asia Pacific, and RoW. Asia Pacific is leading the global market with a share of nearly 55%. Expansion of end-use verticals, industrial growth, economic growth, and low costs of production, especially in China, Brazil, and India, Vietnam are driving the demand for industrial coatings in this region.
Competitive Landscape This report covers factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles. It profiles companies like AkzoNobel N.V., Axalta Coating Systems, Jotun A/S, Kansai Paints Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries Inc, RPM International Inc., The Sherwin-Williams Company, Tikkurila OYJ, and Valspar Corporation.
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