The market for industrial coatings is estimated to grow from USD 85.2 billion in 2020 to USD 107.2 billion by 2027, at a CAGR of 3.9 % during the forecast period. Rising demand from the general industry is significantly driving the market. Industrial coating is widely used in various end users including general industrial, automotive and vehicle refinish, electronics, aerospace, oil and gas, mining, marine, and power generation. Properties such as chemical resistance, water resistance, flexibility, impact resistance, abrasion resistance, and UV light resistance are fueling the demand of industrial coatings in various technologies such as concrete, steel, floor, wall, roofs, and other industrial materials. In addition, rising demand for environmentally friendly coatings owing to the rising environmental concern and strict VOC norms are driving the demand for water and powder-based industrial coatings.
Powder coatings offer excellent flow properties, reduced edge build-ups, and consistent distribution of the raw materials throughout the powder mixtures. They can be used in decorative, protective, and optical coatings. However, powder coatings produce a thick finish on metal products. It is difficult to produce thin finishes using conventional powder coatings as the thickening of the polymer can lead to the formation of an uneven texture. A successful thin-film technology involves the correlation between color and opacity of pigmentation of powder coatings. Polyurethane resin is preferable for obtaining thin films because of its flow and physical properties and lower costs.
Substrate smoothness and wetting are important issues faced in the thin-film powder coating technology. It is difficult to obtain thin films similar to the ones formed using wet paint systems.
Nano-coatings provide weather resistance to protect coated surfaces from getting degraded. Nano-coatings offer excellent properties, such as high-temperature resistance, water proofness, UV-stability, high-abrasion resistance, and corrosion resistance. They are also environmentally-friendly and non-toxic and are easy to clean. They are considered as sustainable protective coatings. Owing to these properties, nano-coatings find technology in automotive, aerospace, electronics, food & packaging, and marine industries. Nano-coatings also enhance the properties of display screens of electronic devices and extend their useful life. They enable easy cleaning, disinfection, and sterilization of these devices.
PPG Industries, Inc. (US), Axalta Coating Systems Ltd. (US), Nippon Paint Holdings Co., Ltd. (Japan), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Asian Paints PPG Pvt. Limited (India), Jotun (Norway), Kansai Paint Co., Ltd. (Japan), Beckers Group (Germany), RPM International, Inc. (US), Hempel A/S (Denmark), KCC CORPORATION (South Korea), NOROO Paint & Coatings Co., Ltd. (South Korea), Sika AG (Switzerland), and Wacker Chemie AG (Germany) have been recognized by MRFR as the prominent players in the global market.
Asia Pacific was the dominant regional segment occupying a major part of the revenue share in 2019 and is anticipated to maintain its dominance over the forecast period. The region is projected to account for a significant share of the overall market over the forecast period on account of ascending product demand from end-users such as general industrial, automotive and vehicle refinish, power generation, mining, oil and gas.
China led the market in terms of both volume and revenue in Asia Pacific. Factors such as presence of numerous end-users, rapid industrialization, and urbanization especially in India and China are anticipated to boost the demand for industrial coatings in the region. However, recent outbreak of COVID-19 is severely affecting the global industrial sector. Production and operation, infrastructural development activities, have slowed down globally aimed to limit the spread of corona virus, which is further anticipated to impact the demand of industrial coatings. Currently, Italy, Spain, France, U.K., U.S. have a huge number of corona virus-positive cases.
Report : Industrial Coatings Market - By Resin (Acrylic, Polyurethane, Epoxy, Polyester Fluoropolymers, Others) By Technology (Solvent-Based, Water-Based, Powder Coating, Others) By End Use (General Industrial, Automotive & Transportation, Industrial Woods, Marine Protective, Packaging, Others) By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).