Industrial Coatings Market Overview:
Industrial Coatings Market was valued to be USD 24.2 Bn in 2018 and is expected to reach USD 31.4 Billion by the end of 2022, growing at the CAGR of 3.9 % from 2018 to 2022.
Industrial Coating are used for a multiple application across industries for a range of advantages it offers. Primarily for protecting the substances from various types of corrosion. Specifically, to prevent concrete or steel from corroding and to make these materials more fire resistant. Industrial Coatings are extensively used in industries like automotive, building & construction, marine, O&G, medical & healthcare.
Government legislation regarding Volatile Organic Compound (VOC) content has augmented the demand for innovative and bio-based coatings that can offer increased service life & improve corrosion resistance. This demand from the end user industries have prompted the manufacturers to develop environmentally sustainable Industrial Coating which offer similar coating properties compared to established systems. These factors are fueling the market growth of Industrial Coating globally allowing market to garner phenomenal prominence.
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Industry/ Innovation/ Related News:
September 18, 2017 – Axalta launches new polyurethane coatings in addition to its brand Tufcote. This new polyurethane topcoats provides adhesion and resistance to chip which is essential in industry maintenance. This coating materials possess properties such as fastest drying capacities and exceptional durability. Thus, benefiting the Axalta company to extend its portfolio to meet growing demand of industrial coating.
Industrial Coatings Market Key Players:
• AkzoNobel N.V,
• BASF SE,
• PPG Industries Inc.,
• Valspar,
• Sherwin-Williams Co. Ltd,
• DuPont Co,
• NOROO Paints & Coatings,
• Asian Paints,
• Burke Industrial Coatings,
• Industrial Nanotech, Inc.,
are some of the prominent players profiled in MRFR Analysis and are at the forefront of the competition in the Global Industrial Coatings Market.
Industrial Coatings Market Segments:
Industrial Coatings are segmented on basis of application such as automotive OEMs, marine coatings, protective & maintenance coatings, coil coatings, packaging coatings, wood coatings and others. The prominent application of industrial coating is in automotive OEMs due to development of the aerospace industry and increasing in demand for safety requirement that is followed in this industry. Other application like marine coatings possess properties like anti-corrosive and anti-fouling which are highly used in manufacturing vessels in cargo ships. Protective & maintenance coatings is used for steel bridges, oil rigs & equipment’s and in petroleum products for protecting from corrosion and wear & tear.
Industrial Coatings Market Regional Analysis:
Asia Pacific accounts for largest share of global industrial coatings market. China being a largest producer of paints & coatings demand for industrial coatings on a large scale. Rapid industrializations, favorable government regulations and increase in consumer spending will significantly grow the industrial coatings market in emerging economies such as China, India and Japan. This market in North America is witnessing a constant growth due to stable marine activities, currency fluctuations as a result of uncertainties and lowering price of oil crude. Government of counties like Indonesia, Thailand and Malaysia are increase trade which is supporting industries through tax subsidies, regulations and incentives.
Industrial Coatings Market Table of Content to be Continue…...,
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