Industrial coatings protect substrates from harsh conditions. The rising focus on green technologies necessitates the development of coating products that have minimal impact on the environment, yet continue to be effective and durable. The industrial coatings market in China is expected to grow at a lucrative pace from 2018 to 2023. Experts predict robust growth in demand as well as supply of industrial coating products in this country. This can be attributed to its accelerated economic growth arising out of high industrial output, large-scale capital investments, consumer consumption, and sound import & export.
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To gain from this huge market potential, many large vendors are expanding their operations in this region. Some of them include DuPont, Nippon Paint, and ICI. While Italian, German, Canadian, and American brands have entered into joint-ventures to benefit from the advanced operating lines, several manufacturers from Taiwan and Hong Kong also compete with the domestic operators. The local manufacturers lack the financial prowess and intellectual property to further their brands. Thus their inefficient marketing strategies work in favor of the global participants. Moreover, the locals are yet to reap the rewards of economies of scale. They need to cater to expanding consumer demands such as faster curing times, as well.
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The Chinese government is encouraging consolidation in the industry in an effort to increase their competitiveness at the global level. This has prompted mergers & acquisitions amongst the local medium and large businesses. The industrial coatings market in China is segmented according to resins, coating types, and end-users. Based on resins, the market is split into epoxy, acrylics, vinyl, alkyds, pigments, additives & modifiers, solvents, and other synthetic resins. Alkyds hold a dominant share of the total market revenues.
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Types of coatings comprise powder coatings, solvent-based coatings, electrodeposition coatings, high-solids & water-based coatings, radiation-curable coatings, and others. Electronics & electrical, automobiles & transport equipment, metal decorating, machinery & equipment, furniture, and others constitute the main end-use industries. Key players in the Chinese industrial coatings market are BASF Coatings, Sherwin-Williams, Akzo Nobel, DuPont, The DoW Chemical Co., BYK-Chemie, and Chemquest Group Inc. The future years will witness a trend leaning towards environmentally-sustainable products.
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