Industrial Coatings Market Size, Share, growth, Trends and Regional Forecast 2026

The global industrial coatings market size is poised to grow at a considerable rate on account of robust progress of the world maritime industry. According to the Global Marine Trends 2030 published by Lloyd’s Register, Strathclyde University, and QinetiQ, seaborne trade volume will be somewhere between 19 billion and 24 billion tons by 2030. Developing economies led by China will primarily drive these trends in the next few decades, with India and Brazil expected to register the largest growth in terms of percentage.

Industrial coatings are vital in protecting steel and glass structures from corroding. Since corrosion from water is high possibility in ships, the demand for these coatings likely to spike in the near future. Moreover, Statistics released by the World Steel Association show that global steel demand rose by 1.4% in 2019 from 2018 levels. Thus, stable growth in steel production worldwide will also augment the industrial coatings market revenue.

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Top Players Profiled in the Industrial Coatings Market Report by Fortune Business Insights™:
• Hempel A/S
• Teknos Group
• The Sherwin-Williams Company
• PPG Industries, Inc.
• The Chemours Company
• RPM International Inc.
• Nippon Paint Holdings Co. Ltd.
• Axalta Coating Systems
• WEILBURGER Coatings GmbH
• NOROO Paint & Coatings Co. Ltd.
• Jotun A/S

The above information is provided by Fortune Business Insights™ in its report, titled “Industrial Coatings Market Size, Share & Industry Analysis, By Resin Type (Epoxy, Alkyd, Acrylic, Polyurethane, Polyester), By Technology (Water based, Solvent based, Powder, High Solids, Others) By End-Use Industry (Packaging, Automotive, Industrial wood, Aerospace, Marine, Rail, Others) and Regional Forecast, 2019-2026”. Additionally, the report shares the following:

• A detailed analysis of the various factors, trends, and dynamics that will influence the size and share of this market;
• A bird’s eye-view understanding of the overall industry outlook that will shape the growth of the market;
• A careful segmentation of the market to bring about a more holistic understanding of its different aspects; and
• A thorough research into the regional dynamics and competitive landscape of this market.

Consistently High Demand for Epoxy Resins in Building & Construction Industry to Feed Growth
Epoxies belong to a group of thermoset or cured plastics produced through the reaction of two or more industrial compounds.

Epoxy resins are an important cog in the building and construction machine as they are used to manufacture paints, coatings, adhesives, primers, and sealers, among other things. This is expected to be one of the chief industrial coatings market trends, which will be further bolstered by the meteoric rise of the construction industry.

According to the Global Construction 2030 report published jointly by Oxford Economics and Global Construction Perspectives, the output value of construction will skyrocket to hit USD 15.5 trillion in 2030, soaring at an astronomical rate of 85%. Around 57% of this rise will be contributed by the US, India, and China. These numbers will also make epoxy resins the leading industrial coatings market segments in the forecast period.

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Abundance of Raw Materials to Propel the Market in Asia-Pacific

Asia-Pacific is projected to dominate the industrial coatings market share owing to the natural wealth of raw materials in the region. Furthermore, the market will be driven by the rising demand for industrial coatings from the expanding automotive industry and development in the manufacturing, particularly in India and China. Increasing adoption of environment-friendly coatings will accelerate the growth of the market in North America and Europe. In South America and the Middle East & Africa, the major factor fueling the market growth is the rising popularity of different coatings from the wood and aerospace industries.

Product and Service Diversification Activities to Characterize the Competition

Major players are adopting different strategies to consolidate their position in the market. One of the most preferred strategies is the development new and innovative products to widen offerings to consumers. A few companies are also partnering with other competitors to expand their reach in this market.

Key Industry Developments:

• September 2019: Hempel introduced its new fouling defense system called Hempaguard MaX. It is a three-coat system that provides seafaring vessels with a smoother hull. The uniqueness of the product lies in the fact that it reduces drag and brings down fuel consumption of the ship substantially.

• July 2019: Axalta, a leading liquid and powder coating supplier, entered into a strategic collaboration with Farrell-Calhoun Paint to broaden their industrial wood coatings business horizons in North America.

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