Global Industrial Coatings Market Information-by Types (water based coatings, powder coatings, solvent based coatings), by Application (automotive OEMs, marine coatings, protective & maintenance coatings, coil coatings, packaging coatings, wood coatings a
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.
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.
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The global industrial coatings market in 2015 was USD 24.2 billion and is expected to grow at CAGR of 3.9% between 2016 to 2022.
Global industrial coatings market witnesses a strong growth due to demand of steel from the residential and infrastructure sector owing to its characteristics which includes corrosion resistance, enhanced service life and improve product aesthetic. Suppliers in these segments are looking out for technological innovations so that maximum durable products can be generated and there is less replacement cost for manufacturers. Government is spending on infrastructure along with this increase in FDI policy is boosting the demand for industrial coating in end user industries. Strict guidelines of government regarding emission of Volatile Organic Compound (VOC) and manufacturing of other petrochemical products which will affect in the environment negatively can hamper the market in the coming years.
In terms of volume, global industrial coatings market is used for protecting products from corrosion as well as protecting them from getting exposed to other chemicals. Industrial coatings are broadly classified into solvent based, powder based and water based coatings. Water based coatings has taken the maximum market share owing to ease in handling, low VOC content and low emission of carbon. Powder based coatings are less volatile so they are used for enhancing the visual appeal of an object. These coatings are majorly used in household appliances, automobiles and industrial coatings.
Industrial coatings are segmented on basis of application such as automotive OEMs, marine coatings, protective & maintenance coatings, coil coatings, packaging coatings, wood coatings and others. The prominent application of industrial coating is in automotive OEMs due to development of the aerospace industry and increasing in demand for safety requirement that is followed in this industry.
Global Industrial Coatings Market Players:
BASF SE, PPG Industries Inc.,
Sherwin-Williams Co. Ltd,
NOROO Paints & Coatings,
Burke Industrial Coatings,
Industrial Nanotech, Inc.
The global industrial coatings market is majorly segmented on the basis of types and application. Based on types of industrial coatings the market is segmented into water based coatings, powder coatings, solvent based coatings. Similarly, on the basis of application the market is classified into automotive OEMs, marine coatings, protective & maintenance coatings, coil coatings, packaging coatings, wood coatings and others.
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