Industrial Coatings Market Revenue to Reach USD 80 Billion by 2027 at 3.5 % CAGR| Expanding Construction Sector Worldwide to Boost Industry Growth, Says Market Research Future (MRFR)
Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — Industrial Coatings Market Overview:
Market Research Future (MRFR) reports that the Global Industrial Coatings Market is anticipated to list a CAGR of 3.5% to earn around USD 80 Billion by the end of the forecast in 2027.
The demand for industrial coatings is poised to increase in the years ahead due to the popularity of industrial coatings in diverse end-use industries like automotive and construction, marine protective, and packaging. Environmental issues have driven manufacturers to research environmentally-friendly coatings such as powder coating, waterborne coating, and UV cure coating technologies. The increasing consumer and industrial usage in the Asia Pacific region would contribute to the development in the architectural and industrial coatings industry trends. The advanced nanocoating innovations that are more sustainable are expected to have a promising effect on industrial coatings supply.
The production of efficient thin films in powder coating applications has not occurred in the coatings industry, which slows industrial market growth.
COVID-19 Analysis:
The COVID-19 pandemic has greatly decreased customer demand for industrial coatings in recent months, thereby limiting the scale of the industrial coatings industry. The rural and semi-urban markets are healthy markets that will reduce the effects of the poor urban revenues. While rural demand is expected to increase due to strong farm yields and increasing wages, urban consumers benefit from getting better painters than rural consumers. For new projects, the market for decorative paints is expected to decrease due to safety issues, social alienation, and decreased real estate value.
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Segmental Analysis:
According to MRFR analysis, the global industrial coatings market has been segmented based on resin, technology, end use, and region.
The global automotive coatings industry has been segmented into many distinct forms of resins. The acrylic resin had over 30% of the market share in the world market in 2019. The segment is projected to see a rise of 3 percent this year in its growth rate owing to its reasonably-priced and unique assets. The polyester resin segment is expected to experience modest growth in the next decade, with an approximate growth rate of 3.5 percent annual growth rate.
Based on technology, e-paper has a global business niche that includes solvent-based, water-based, powder, and others. The water-based segment of the industrial coating industry holds the highest share. The top market share is largely attributed to the rise in the demand for low-VOC or VOC-free coatings and government recommendations for reduction in VOC emissions. The segment is expected to expand by a compounded annual growth rate of 4% over the forecast period and attain a market capitalization of USD 40 billion by 2027.
Based on end use, the global market is segmented into general manufacturing applications, automobile & transportation applications, marine defensive applications, industrial wood applications, packaging applications, and others. The general industrial segment slated for the largest share of over 35% in 2019 in the global industrial coatings market segment and is anticipated to record a CAGR of about 3% in the coming period. Packaging is anticipated to be the fastest growing segment of canned goods and packaged foods during the forecast period due to the rising demand for canned products.
Key Players Locking Horns:
Affluent vendors in the Global Industrial Coatings Market are:
- PPG Industries, Inc. (US)
- Nippon Paint Holdings Co., Ltd. (Japan)
- The Sherwin-Williams Company (US)
- Asian Paints PPG Pvt. Limited (India)
- Akzo Nobel N.V. (Netherlands)
- Jotun (Norway)
- Kansai Paint Co., Ltd. (Japan)
- Beckers Group (Germany)
- RPM International, Inc. (US)
- KCC CORPORATION (South Korea)
- Hempel A/S (Denmark),
- NOROO Paint & Coatings Co., Ltd. (South Korea)
- Sika AG (Switzerland)
- Axalta Coating Systems Ltd. (US)
- and Wacker Chemie AG (Germany)
Browse In-depth Market Research Report (449 Pages) on Industrial Coatings : https://www.marketresearchfuture.com/reports/industrial-coatings-market-2136
Regional Status:
North America Leads with Established Sectors while APAC to Rise Substantially
The Asia Pacific industrial coating industry reported for about 50% in 2019 in the global market due to the increasing demand for industrial coatings in emerging economies such as India, Japan, and China that are the leading producer and buyer of industrial coatings in the Asia Pacific market and are responsible for 60% market share. The Asia Pacific market is estimated at over USD 30 billion and is forecast to grow at a CAGR of over 4.5 percent.
In 2018, the European market in the global automotive coatings market had the largest share at about 25% owing to major producers in that country. And government regulations are certain to fuel the region’s industrial coatings market’s growth over the next few years. The European market will expand over the forecast period with a CAGR of about 2%. It is estimated that the market size of the sector will hit close to USD 17.2 billion by the end of 2027.
North America is predicted to account for about 20% of the global share over the projected period, recording a CAGR of 2%. The development in the region is due to elevated demand for environmentally friendly coatings and the presence of emerging technology. North American industry size is projected to rise to USD 14.5 billion by 2022.
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Industry Updates
February 2021: PPG signed a deal to purchase a manufacturer of coatings for vehicles and heavy machinery. Wörwag specializes in sustainable liquid, powder, and film coatings, and will provide greater product diversity within PPG’s existing operations.
December 2020: Axalta introduced a new cathodic tin-free electrocoat primer to its Automotive Coatings range. AquaEC 3500 EP is made with Axalta ZeroFormz technology and is tin-free. It was designed with the specific needs of its customers in mind, with specific application areas such as agriculture, automotive parts and accessories, construction and earthmoving equipment (ACE), general industry, and industrial job coaters.
December 2020: DURA Chemicals Inc. announced the launch of Durablock, an advanced odor eliminating technology that can be combined directly to architectural and industrial coatings such as paint and primers in one, renovation coatings, and multi-purpose primers. Durablock can be added to both water- and solvent-based coatings. Durablock effectively binds to and neutralizes common household and institutional smells such as smoke, pets, fuel, asphalt, solvents, and petrochemicals.
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