Market Forecast and Overview:
The Industrial Coatings Market in 2016 was USD 24.2 billion and is expected to reach USD 31.4 billion by the end of 2022, growing at the CAGR of 3.9% from 2016 to 2022.
Global Industrial Coatings Market witnesses a strong growth due to demand of steel from the residential and infrastructure sector owing to its characteristics which includes corrosion resistance, enhanced service life and improve product aesthetic. Suppliers in these segments are looking out for technological innovations so that maximum durable products can be generated and there is less replacement cost for manufacturers. Government is spending on infrastructure along with this increase in FDI policy is boosting the demand for industrial coating in end user industries. Strict guidelines of government regarding emission of Volatile Organic Compound (VOC) and manufacturing of other petrochemical products which will affect in the environment negatively can hamper the market in the coming years.
In terms of volume, global industrial coatings market is used for protecting products from corrosion as well as protecting them from getting exposed to other chemicals. Industrial coatings are broadly classified into solvent based, powder based and water based coatings. Water based coatings has taken the maximum market share owing to ease in handling, low VOC content and low emission of carbon. Powder based coatings are less volatile so they are used for enhancing the visual appeal of an object. These coatings are majorly used in household appliances, automobiles and industrial coatings.
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. Therefore, automotive OEMs has the maximum share in the global industrial coatings market and it is expected to increase further in the forecasted period due to growing need for safety requirements. Other application like coil coatings which are applied on metal sheets, electric coils and strips which are used in electrical components are sold to OEMs will fuel the demand for industrial coatings market in future.
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, Malaysia are increase trade which is supporting industries through tax subsidies, regulations and incentives.
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Global Industrial Coatings Market Players:
The major participants of this market are: AkzoNobel N.V, BASF SE, PPG Industries Inc., Valspar (U.S.), Sherwin-Williams Co. Ltd, DuPont Co, NOROO Paints & Coatings, Asian Paints, Burke Industrial Coatings, Industrial Nanotech, Inc. and others.
The global industrial coatings market is majorly segmented on the basis of types and application. Based on types of industrial coatings the market is segmented into water based coatings, powder coatings, solvent based coatings. Similarly, on the basis of application the market is classified into automotive OEMs, marine coatings, protective & maintenance coatings, coil coatings, packaging coatings, wood coatings and others.
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Key Chapters Covered in Report:
1 Executive Summary
2 Scope of the Report
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.2 Value Chain/Supply Chain of Global Industrial Coatings Market
5 Industry Overview of Global Industrial Coatings Market
5.2 Growth Drivers
6 Market Trends
7. Global Industrial Coatings Market by Region
8. Global Industrial Coatings Market by Types
9. Global Industrial Coatings Market by Application
10. Company Profiles
10.1 AkzoNobel N.V
10.2 BASF SE
10.3 PPG Industries Inc
10.5 Sherwin-Williams Co. Ltd
10.6 DuPont Co
10.7 NOROO Paints & Coatings
10.8 Asian Paints
10.9 Burke Industrial Coatings
10.10 Industrial Nanotech Inc.
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