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Industrial Coatings Market | Grow at 3.9% CAGR, Technical Development, Market Trends, Top Vendors, Regions, Forecast 2022
Industrial Coatings Market
Industrial Coatings are gaining importance in the market owing to high exposure of metals to wear and tear along with continual degradation. These coatings are used across various industries like marine, aerospace, automotive and wood application. Rising demand of Industrial Coatings with enhanced lifespan, and improved corrosion resistance is expected to fuel the market growth.
Industrial Coatings Industry is witnessing significant growth on account of its properties such as excellent fire protection coating solution, corrosion resistance and durability. Industrial Coatings produced based on technology are water borne and solvent borne. Solvent borne technology is projected to account for largest market share but in years to come this scenario might change due to environment hazards. Development in water borne Industrial Coatings has replaced the solvent borne coatings owing to environmental concern and legislations to limit volatile organic content (VOC) emission. Additionally, growing demand of powder coatings due to solvent free is boosting the Industrial Coatings Industry. Powder coating is used for coating lightning fixtures, electrical components, laptop, computer cabinets, mobile phone, file drawer, toolboxes. Powder coated products does not release VOC which benefit environment thereby, driving Industrial Coatings demand.
Rising infrastructural activities coupled with Fire Protection Coating solutions are expected to drive industrial coating market. Increasing safety and wear protection in automotive OEMs and automotive refinish industry is anticipated to drive the industrial coatings market. Commercially, industrial coatings are manufactured from petrochemicals. Thus, volatile in crude oil prices directly impacts the Industrial Coatings Market. Environmental concern and rising raw material prices may restraint the further market growth. However, rising research & development in industrial coatings such as bio based coating solutions can stimulate immense opportunities to market players.
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Asia Pacific region dominated the industrial coating market owing to rapid industrialization, growing infrastructure activities to meet population demand and easy availability resources. Favourable government regulations such as FDI flow in building and construction industry in countries such as China, India, Japan and Indonesia are anticipated to augment industrial coating in this region. Furthermore, economic development of countries like South Africa, Brazil and France and incrarsing industrial activities are estimated to further facilitate industrial coating demand. Upcoming events like FIFA world cup in 2018 in Russia would provide new opportunities to industrial coating manufacturer.
Industrial Coatings Market – Competitive Analysis
Industrial Coatings Market is fragmented with major manufacturer from North America and some few from Asia Pacific region. Major players in market are adopting strategies such as acquisitions, partnerships, expansion and new technology development. Key market participants are acquiring small players in the market in order to tap large market share. Additionally, manufacturer is collaborating with distributors to increase their presence and meet the global demand. Manufacturers are focusing more on high performance coatings by lowering of greenhouse gases along with development of bio based coatings. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality.
Industry/ Innovation/ Related News:
September 18, 2017 – Axalta launches new polyurethane coatings in addition to its brand Tufcote. This new polyurethane topcoats provides adhesion and resistance to chip which is essential in industry maintenance. This coating materials possess properties such as fastest drying capacities and exceptional durability. Thus, benefiting the Axalta Company to extend its portfolio to meet growing demand of industrial coating.
July 03, 2017– AkzoNobel acquired Flexcrete Technologies Ltd (UK based coating company). This acquisition would strengthen companies several industrial markets including downstream oil and gas processing, water and waste water, mining and power generation. This will also benefit the AkzoNobel coating and films portfolio for aerospace and transport industry.
June 1, 2017 – Sherwin-Williams acquired Valspar Corporation, for USD 11.3 billion. This acquisition is expected to create strong foothold in EMEA regions, Asia Pacific and Europe region. The merger is helping company to become leading producer in paints and coatings. In industrial coating the combined company is global leader including coil coating and packaging coating.
January 01, 2017 – PPG industries completed acquisition from Emerging Europe Accession Fund (EEAF) of DEUTEK S.A., a leading Romanian manufacturer in paints and coating industry. The acquired company has more than 3500 retail outlets in Romania. This acquisition adds fastest growing paints and coating brands in Romania to PPG industry portfolio and helps industry to acquire its market share in EMEA region.
June 07, 2017– AkzoNobel expanded research facility of coating in Houston, Texas. This expansion would help the company to meet regulatory trends and expand the product portfolio in North America.
December 15, 2016–AkzoNobel acquired the global player BASF’s Industrial coating business. This industrial coating portfolio includes products for construction, wind energy, and transport industry. This acquisition would benefit the company to become global supplier of coil coating.
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