Industrial Coatings Market – Analysis and Forecast To 2024
An industrial coating is a coating or paint that is defined by its protective properties. The common use of these coating is for corrosion control of concrete or steel. These coatings are used in various industries such as aerospace, automotive, plastics, marine, and various others. The industrial coatings market is growing at a good rate and anticipated to register a decent growth during the forecast period, on account of its superior properties which includes durability, corrosion resistance, excellent fire protection coating solutions, and others. The market is gaining momentum due to the high exposure of metals to wear and tear coupled with continual degradation.
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Based on technology, the industrial coatings market is classified into water-based, solvent-based, high solids, and powder. Solvent-based category dominates the market, owing to the growing applications of these coating in tank interiors, trenches, flooring systems, containment lining, and others. However, during the forecast period, the water-based coatings are anticipated to witness the fastest growth in the market, owing to the growing environmental concerns across the world. Along with that, the growing legislations to limit the volatile organic content emission are also adding up to the growth of water-based coatings.
Automotive industry is the largest consumer of these coatings, owing to the increasing safety and wear protection in automotive industry. These coatings are applied to vans, cars, lorries, and others and are applied during the manufacturing of vehicles and also they are applied as vehicle refinish coating in bodyshops while accidental repairs. All these factors driving the industrial coatings market in the automotive industry.
The demand of these coatings in the automotive industry is mainly driven by environmental and economic factors. The increasing vehicle demand, environmental concerns, ageing vehicles, and increased infrastructure are among the major forces driving the industrial coatings market.
Considering that crude oil prices are highly volatility which can directly impacts the industrial coatings market. Along with that, environmental concern and fluctuating raw material prices may restraint the market growth during the forecast period. For instance, fluctuation in prices of resins, pigments, titanium oxides and additives can potentially hinder the market growth.
Industrial coatings market is fragmented with the presence of major manufacturer from North American region and few from other regions, particularly, Asia-Pacific. Various major players in the market are adopting different strategies such as acquisitions, expansion, partnerships, and new technology development to acquire competitive advantage.
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Along with that, BASF SE, AkzoNobel N.V., Valspar Corporation, Nippon Paint Holdings, PPG Industries, The Sherwin-Williams Co. Ltd., DowDuPont Inc., Axalta Coating Systems, Kansai Paint Co. Ltd., and RPM International Inc. among others are some of the major players operating in the global industrial coatings market.