Global Industrial Coatings Market is estimated to be valued at US$ 36450.00Million in 2021, according to the Global Industrial Coatings Market Report, by Category (Water-borne, Solvent-borne, Powder, E-coat, and Others), by Resin Type (Polyurethanes, Epoxy, Acrylic, Fluoropolymers, 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.

Global industrial coatings market was valued at US$ 36450.00 Million in 2021. Industrial coatings market is expected to register a CAGR of 4.51 % over the forecast period (2022–2030), to reach US$ 54168.11 Million by 2030.

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 U.S. Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) are supporting the use of powder coatings as compared to other conventional coatings. Increasing demand for environment-friendly coatings is expected to drive demand for industrial coatings over the forecast period.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/industrial-coatings-market-4437

Key Trends and Analysis of the Global Industrial Coatings Market:

  • Among regions, Asia Pacific accounted for a significant market share in 2021. 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 2021,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 solvent-based coatings evaporate volatile organic compounds (VOCs) into the environment. Hence, local, state, and national governments often regulate VOC emissions. For instance, the Environmental Protection Agency (EPA) has set national rules 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 Global Industrial Coatings Market:

  • Among resin type, the polyurethane segment held the largest revenue share of 39.6% in the global industrial coatings market in 2021. 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.
  • New product launches, mergers & acquisitions, strategic partnership expansion, and research & development activities for industrial coatings are key strategies adopted by players in the global industrial coatings market. For instance, besides solvent-based coatings, various other coatings are available in the market including water-based, solvent less, and UV-cured coatings among others. The introduction and adoption of new production technologies have gradually increased the performance of industrial coatings. Industrial coatings offer several benefits such as high flexibility, ability to prevent cracks, resistant to chemicals, and weatherproofing & waterproofing. Due to these properties, industrial coatings are effectively used to protect floors, roofs, and walls against heavy strong wind and heavy rainfall.

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