Industrial Coatings Market – Market Overview
Industrial Coatings are used for corrosion control in steel and concrete structures, it is a paint or coating used as a protective layer and for increasing the aesthetics, another common use is to make the material less susceptible to fire or other hazards. Global Industrial Coatings Market is highly dynamic in nature owing to its varied application in several end-use industries such as automotive, buildings & construction, marine, oil & gas, metallurgy & metal forming, aerospace, mining and medical & healthcare.
Global Industrial Coating Market is driven by rapid constructional activities for infrastructural development in emerging economies such as India and china, prosperity of the automotive industry as a result of increasing disposable income among the urban population, increasing demand for premium paints among do-it-yourself (DIY) consumers, and recent advents of fluoropolymer topcoats, UV-curable coatings, and nanocoatings can be attributed towards the growing demand. Increasing demand for end-use specific coating solutions coupled with technological advancements is expected to further drive Industrial Coatings Market during the forecast period.
Buildings & construction is the fastest growing end-use industry segment and accounted for major share of the Global Industrial Coatings Market. Increasing infrastructure spending coupled with rising demand for corrosion and fire protection coating solutions is estimated to fuel market growth in this segment during the forecast period. Oil & gas and automotive industries are estimated to witness significant growth during the forecast period on account of increasing concern for safety and wear protection requirements. Presently, most of commercially available Industrial Coatings are derived from petrochemicals which are subjected to volatile crude oil prices.
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Industrial Coating usage in automobile and truck production are increasing as auto manufacturer are looking for High-Performance Coatings that catch the consumer’s eye while improving manufacturing efficiency. The general Industrial Coatings segment is the largest end-use industry segment of the Industrial Coatings Market, in terms of volume. The demand for these coatings for domestic appliances and corporate offices in the developed and developing countries is leading to the increased usage of general Industrial Coatings.
Industrial Coatings Market – Competitive Analysis
Industrial Coatings market is competitive and fragmented the major players involved in the market are adopting strategies such as product launch, capacity expansion, collaborations, and product developments. Development of low cost and High-Performance Coatings is a noted trend among the manufacturers in the Industrial Coatings Market. For instance, in 2018, Jotun launched its newly developed coat-effective and excellent cargo resistance coatings.
Industry/ Innovation/ Related News:
April 9, 2018 – Jotun launched Tankguard Flexline, a cargo tank coating, the product is built on Flexforce technology, ensuring excellent cargo resistance, quick port turnarounds and lengthy, and hence cost-effective, maintenance intervals.
July 18, 2018– Cortec, a leading manufacturer of high quality API chokes, valves and manifolds, had announced a $2.5 million expansion of Cortec’s industrial coatings facility in Port Allen, La. The expansion will allow Cortec to increase its space, equipment and capabilities from its existing operations and expand further into specialized coatings to enhance the performance and lifespan of equipment.
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