Industrial Coatings Market (Resin - Polyurethane, Acrylic, Polyester, and Epoxy; Technology - Water-based, Solvent-based, Powder, and Pre-treatment; End-use - General Finishes, Wood, Heavy Duty Equipment, Automotive Parts, Coil and Extrusion, Appliance, Consumer Electronics, and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022
Albany,NY, November 22, 2017 (Newswire.com) - A recent intelligence study by Transparency Market Research (TMR) has discovered that the shares in the global industrial coatings market is divided among a large chunk of players and the competitive landscape will remain fragmented in the near future too with the arrival of several new entrants. That being said, the report has also highlights a few players who are ahead of the curve in this market, such as AkzoNobel N.V., PPG Industries, Inc., RPM International Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co., The Valspar Corporation, Axalta Coating Systems, LLC, Kansai Paint Co., Ltd, BASF, NOROO Paint & Coatings Co., Ltd., Roto Polymers And Chemicals, Jotun A/S, Weilburger Coatings GmbH, Milliken & Company, The Chemours Company, and Whitford Corporation.
As per the projections of the TMR report, the demand in the global industrial coatings market will increment at a CAGR of 5.8% during the forecast period of 2017 to 2022. By the end of the forecast period, 2022, the revenue in this market is estimated to reach a valuation of US$41,682.8 mn, considerably up from its evaluated worth of US$31,478.5 mn in 2017. In the near future, the intensely competitive landscape is anticipated to sustain, with the prominent players focusing on expanding their geographical presence and improve on their production facilities. In addition to that, expansion of product portfolio and mergers and acquisitions are some of the other key strategies adopted by these leading players. For instance, PPG Industries and BASF have recently introduced UV-cure products such as clearcoats that can offer resistance from mar and scratch.
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Based on type of resin, the global industrial coatings market has been segmented into polyurethane, polyester, acrylic, epoxy, and others. In 2017, the epoxy segment served the maximum, 32.4%, of the total demand in the global industrial coatings market, which was a reflection of its extensive usage in the building and construction industry, owing to its durability and high gloss that makes it ideal for concrete floor. As the construction industry continues to gain momentum in APAC region, the epoxy industrial coatings market is projected to reach a valuation of US$14,641.7 by 2022, expanding at an above-average CAGR of 5.9% during the forecast period of 2017 to 2022. Technology-wise, the market has been bifurcated into solvent-based, water-based, powder, pre-treatment, and others, whereas end-use categories have been made into general finishes, heavy duty equipment, wood, automotive parts, appliances, coil and extrusion, transportation, and consumer electronics.
Geographically, the TMR report picks out North America are most lucrative region, promising a revenue of US$8,180.9 mn by the end of 2022, although its growth rate is significantly lower than that of the region of Asia Pacific excluding Japan (APEJ), which is projected to increment the demand at an above-average CAGR of 6.7% during the said forecast period. This strengthening demand from APEJ is a reflection of improving infrastructure and favorable government initiatives in emerging economies such as China, India, and Japan.
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Growing Popularity of Ecofriendly Coatings Driving Demand
Some of the key factors augmenting the demand in the global industrial coatings market are: growing need for efficient process and durable coatings with better aesthetics, increasing demand for eco-friendly coatings, and growing demand from the emerging economies in the region of APAC. On the other hand, need for more drying time for water-based coatings, strict government policies, and difficulty in obtaining thin films in powder coatings are a few obstructions mitigating the prosperity of the global industrial coatings market. Nevertheless, the vendors operating in this market are expected to gain new opportunities from the increasing usage of nano-coatings and healthy prospects of powder coatings in shipbuilding and pipeline industries.
The information presented in this review is based on a Transparency Market Research report, titled, “Industrial Coatings Market (Resin - Polyurethane, Acrylic, Polyester, and Epoxy; Technology - Water-based, Solvent-based, Powder, and Pre-treatment; End-use – General Finishes, Wood, Heavy Duty Equipment, Automotive Parts, Coil and Extrusion, Appliance, Consumer Electronics, and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
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Source: Transparency Market Research