Market Research Future (MRFR) Announces the Publication of its Research Report – Global Industrial Coatings Market 2016-2022.
Market Research Future (MRFR) recognizes the following companies as the key players in the global Industrial Coatings market: 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.
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “The market for industrial coatings is growing rapidly due to rise in demand from end user industries such as construction, automobile, medical & health care, marine and oil & gas. Suppliers from industrial coating market are looking for innovation and are focusing more on eco-friendly products. Hence, with enhanced characteristics such as more service life, corrosion resistance and technology innovation focused on bio-based products will boost the industrial coatings market in the coming years. Increasing demand for durable industrial coatings which are technologically advanced will drive the industrial coatings market in the forecasted period.
Industrial coatings are special coatings which are used for preventing the material from corrosion, fire along with these providing aesthetic features. Industrial coatings enhance the product shelf life leading to low replacement cost thus benefiting manufacturers. Hence, it is highly preferable in end user industries.
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Based on their formulation, industrial coatings can be segmented into water based, solvent based and powder based coatings. Solvent based coatings are also known as oil based which is highly preferable in automotive OEMs, agriculture equipment and construction activities. Due to possessing nature of getting evaporated through chemical reaction with oxygen, solvent based industrial coating is demanded less compared to water based coatings.
Water based industrial coatings contains low Volatile Organic Compound (VOC). These are non-hazardous, non-flammable and non-toxic which are widely used in industries and household activities. Possessing such dynamic nature, demand for water based industrial coatings is expected to grow in future.
Based on application, industrial coatings are segmented into automotive OEMs, marine coatings, protective & maintenance coatings, coil coatings, packaging coatings, wood coatings and others. Out of these, prominent application is of automotive OEMs owing to providing better safety along with providing wear protection which is required in the automobile industry. Increasing infrastructure and construction activities in developing countries will ultimately increase the demand for wood coatings and corrosion resistant coatings in the forecasted period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
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The market is classified and analyzed on the basis of various geographic segmentation which includes; Americas, Europe, Asia-Pacific, Middle East and Africa. Out of these, APAC accounts for the largest share owing to technological advancement in manufacturing industries particularly in country like China and Japan. China is the leading producer in the industrial coatings market due to its growing population, development in infrastructure and increase in consumer spending. Paints & coatings market is growing rapidly in China due to increase in government expenditure in infrastructure and the blooming automotive industry. North America and Europe are expanding their business in the industrial coatings market. Europe showed a steady flow due to restrains from government in using chemicals on a large scale. Countries like Indonesia, Thailand and Brazil are the growing market for industrial coatings due to favorable government regulations and tax subsidies here.
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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