The global industrial coatings market was valued at US$ 39,104.0 million in 2019, according to Industrial Coatings Market Report, by Category (Water-borne, Solvent-borne, Powder, E-coat, and Others), by Resin Type (Polyurethanes, Epoxy, Acrylic, Fluorpolymers, and Others), by Application (General Industrial Equipment, Automotive Coatings, Coil & Extrusion, Energy & Power, Packaging, Marine, Aerospace, Rail, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global industrial coatings market is expected to surpass US$ 46,916.5 million by 2027, exhibiting a CAGR of 5.5% during the forecast period (2020-2027). The growth of the industrial coatings market is expected to be driven by increasing demand for environment friendly coatings. Industrial coatings such as powder coatings include no hazardous waste, less carbon dioxide emissions, and is considered as non-toxic in nature. For instance, according to the Powder Coating Institute (PCI), a non-profit organization in North America, powder coating causes negligible VOCs and is hazardous air pollutants free, reusable overspray, and is a clean process. Regulatory agencies such as the United States Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) are supporting the use of powder coatings as compared to other convectional coatings. Increasing demand for environment friendly coatings is expected to drive demand for industrial coatings over the forecast period.
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Browse 64 market data tables* and 59 figures* on "Industrial Coatings Market” - Global Forecast to 2027.
Key Trends and Analysis of the Industrial Coatings Market:
- Among regions, Asia Pacific accounted for a significant market share in 2019. Asia Pacific is the fastest growing region in the infrastructure sector across the world. Major players are focusing on various growth strategies such as mergers & acquisitions, in order to strengthen their market position in this region. For instance, in 2019, Berger Paints India Ltd, an India-based paint company in Kolkata, acquired Shalimar Tar Products Ltd. (STPL), a manufacturer and supplier of construction chemicals, concrete admixtures, and waterproofing chemicals, with an objective to expand their product portfolio of waterproofing and protective coatings.
- Most of the solvent-based coatings evaporate volatile organic compounds (VOCs) into the environment. Hence, local, state, and national governments often regulate VOC emission. For instance, Environmental Protection Agency (EPA) has set national rule for VOCs. The regulations under development include National Emission Standards for Hazardous Air Pollutants (NESHAP) under section 112 of the Clean Air Act and for some of the categories, National Volatile Organic Compound (VOC) rules or Control Technique Guidelines (CTG) under Section 183(e) of the Act. In 2004, EPA promulgated the NESHAP for miscellaneous metal parts and product surface coatings (40 CFR 63, subpart MMMM) and for plastic parts and product surface coatings (40 CFR 63, subpart PPPP).
Key Takeaways of the Market:
- Among resin type, polyurethane segment held largest revenue share of 39.6% in the global industrial coatings market in 2019. Polyurethane resins are used in coating formulations, owing to their low temperatures and fast curing properties, and these do not contain VOCs (volatile organic compounds). In the coatings industry, polyurethane resins are available as two component systems, comprising a polyisocyanate and a polyol or polyamine which is mixed prior to application & curing by direct cross-linking at room temperature; and single package system that cure when exposed as a film to oxygen, heat or moisture.
- Major players operating in the global industrial coatings market include Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company.
Global Industrial Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
- COVID-19 has drastically impacted the industrial coatings industry due to a decline in demand for coating products across the The industrial coatings market include polyurethanes, epoxy, acrylic, and fluoropolymers resin type industrial coatings. The industrial coatings market is likely to witness drop in demand caused by the effect of lockdowns across the globe to slow the spread of COVID-19. The demand for industrial coatings depends on various end-use industries such as electrical & electronics appliances, furniture, and automotive industries. For instance, according to the European Automobile Manufacturers’ Association (ACEA), in the European Union (EU), the total sales of new vehicles in the first two months of 2020 were 7.4% less than the same period in the previous year. The major countries in the EU, which faced a decline in demand for automotive in 2020 include Germany, France, Italy, and Spain.