Global Industrial Coatings Market – Overview
Varied usage of Industrial Coating in diverse applications has increased the demand that market is currently experiencing. Market focused reports associated with the chemicals and materials industry amid others recently have been made available by Market Research Future which issues reports on this industry. The market is predicted to achieve revenues worth USD 31.4 billion while expanding at a CAGR of 3.9 % in the forecast period.
Oil & gas, building & construction, automotive, marine, medical & healthcare are among a few industries that are contributing heavily to the expansion of the market. Furthermore, benefits such as better corrosion resistance, improved service life, and bio based coatings are adding further impetus to the growth of the market in the duration of the forecast period. Automotive refinish and Automotive OEMs are the important sectors of these markets due to a surge in need of industrial coatings owing to safety and wear protection that it makes available.
The Industrial Coating Market is segmented on the basis of Applications, Types and Regions. The type based segmentation of the market comprises of powder coatings, water based coatings, and solvent based coatings. Liquid or water based coatings accounts for major market portion due to low Volatile Organic Compound (VOC) content which will lead to a reduced amount of emission of carbon in the environment. The application segment of the market includes marine coatings, automotive OEMS, coil coatings, protective & maintenance coatings, wood coatings packaging coatings, among others. The upsurge in demand for corrosion resistant and fire resistant coatings from the building & construction sector is likely to increase the demand of Industrial Coating in the forecasted period. The regions that are included in the Industrial Coatings Market are APAC, North America, Europe and Rest of the World.
Detailed Regional Analysis
The regional analysis of the Industrial Coatings Market states that the Asia Pacific region is responsible for a majority market share due to rapid industrialization, the surge in demand from end user industries like construction and automobile along with government initiatives to grow FDI will power the market growth. China is key revenue generating nation owing to rising demand for paints & coatings. The European & North American region is responsible for the second and third market share respectively. Other countries like Thailand, Indonesia, and Brazil are concentrating on setting up automotive OEMs to grow trade with other countries.
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Global Competitive Analysis
The chances for innovation and growth have improved at a quick pace transforming the landscape of the market. The competitors in the market have been prompted to devise strategic road-maps that exploit on the positive market cues. The momentum of the market’s growth has altered the competitive background of the market. Engaging and converting prospective opportunities is modifying the growth pace of the market considerably. The vital trends and players have set a positive tone for development. By making certain demand and supply are in balance, the contenders can unlock new opportunities for development. The important players and trends have moreover formed a positive tone for development.
The important contenders in the Industrial Coatings Market globally are BASF SE, AkzoNobel N.V, PPG Industries Inc., Burke Industrial Coatings, Valspar (U.S.), Sherwin-Williams Co. Ltd, NOROO Paints & Coatings, DuPont Co, Asian Paints, Industrial Nanotech, Inc. among others.
June 2018 The leading producer of paints and coatings globally, Akzo Nobel N.V, has officially commenced production at its new powder coatings facility in the Changzhou National Hi-Tech District. The facility is worth an investment of nearly 40 million euros and an area responsible for one fourth of AkzoNobel’s planned coatings base in Changzhou; the facility is the company’s major powder coatings plant globally with a designed yearly capacity of 46,000 tons approxiamtely. The planned Changzhou coatings base is AkzoNobel’s sole production base for an expanded range of high performance coatings, is estimated to address the needs of local customers by its robust capability in manufacturing both powder and liquid coatings.
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