Selbyville, Delaware, June 28, 2021 (GLOBE NEWSWIRE) -- As per experts, global industrial maintenance coatings market size was worth USD 4 billion in 2020 and is projected to record a CAGR of 4% over 2021-2027, subsequently accumulating USD 5.3 billion by the end of the forecast period.
The document encompasses systematized segmental examination of this business sphere, inclusive of technology type, resin type, end use industry, and geographical ambits. It also offers insights into the factors that shape the entry barrier for newcomers and dictate the intensity of competition in this business sphere. Additionally, the report devotes a separate section for inspecting the industry value chain that offers intricate details relating to the vendors, downstream consumers, and upstream suppliers.
Surging demand for environmentally friendly coatings along with rising necessity of effective manufacturing processes and durable coatings with improved aesthetics are the key factors driving the market growth.
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For the unaware, industrial maintenance coatings are a composition of DTM primers and topcoats, which can be utilized for various mild to moderate industrial applications such as new construction, safety, equipment, and overall maintenance. When applied directly to a range of properly prepared substrates, these coatings provide an outstanding protective covering.
Manufacturers are continually releasing new coating products in the market with environmentally friendly features as well as improved performance. This trend will continue to expand the business landscape win the ensuing years.
Coatings are currently created by utilizing modern procedures other than then the traditional methods that relied on solvents. Thus, advent of new technologies in manufacturing will continue to enhance worldwide industrial maintenance coatings industry outlook.
Further, stringent regulations from regulatory bodies will play a significant role in dictating the industry dynamics. For the record, in the United States, coatings have to follow all OSHA (Occupational Safety and Health Administration) standards during the deposition process, as well as all REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) criteria because they include hazardous chemicals.
Speaking of the restraints, prolonged drying period required for water-based coatings is anticipated to hinder the overall industry remuneration over the forecast period.
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Geographical terrain summary
North America, Asia Pacific, Latin America, and Europe hold immense expansion opportunities for the businesses operating in worldwide industrial maintenance coatings market sphere. Of these, Asia Pacific dominates the overall market as both a producer and consumer, owing to availability of labor at low cost and abundance of raw material resources. This in turn is attracting international investments and supporting various industrial sectors. In particular, development of transportation, marine, industrial, automotive, and aerospace industries in the region are significantly enhancing the demand for coatings.
Global Industrial Maintenance Coatings Market by Resin Type (Value, USD Billion, 2018-2027)
- Alkyd
- Acrylic
- Epoxy
- Polyurethane
- Others
Global Industrial Maintenance Coatings Market by Technology Type (Value, USD Billion, 2018-2027)
- 100% Solids
- Powder
- Water-based
- Solvent-based
- Others
Global Industrial Maintenance Coatings Market by End Use Scope (Value, USD Billion, 2018-2027)
- Chemical
- Construction
- Metal Processing
- Transportation
- Energy & Power
- Others
Global Industrial Maintenance Coatings Market Regional Bifurcation (Value, USD Billion, 2018-2027)
North America
- U.S.
- Canada
Latin America
- Mexico
- Brazil
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Rest of Europe
Rest of the World
Global Industrial Maintenance Coatings Market (Value, USD Billion, 2018-2027)
- Kansai Paint Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Jotun A/S
- RPM International Inc.
- Tikkurila Oyj
- Hempel A/S
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Industrial maintenance coatings Market, by Region, 2019-2027 (USD Billion)
1.2.2. Industrial maintenance coatings Market, by resin Type, 2019-2027 (USD Billion)
1.2.3. Industrial maintenance coatings Market, by Technology, 2019-2027 (USD Billion)
1.2.4. Industrial maintenance coatings Market, by End use industry, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Industrial maintenance coatings Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Industrial maintenance coatings Market Dynamics
3.1. Industrial maintenance coatings Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Increasing demand for environment-friendly coatings
3.1.1.2. Need for efficient processes and durable coatings with enhanced aesthetics.
3.1.2. Market Restraint
3.1.2.1. Requirement of higher drying period for water-based coatings
3.1.3. Market Opportunities
3.1.3.1. Increasing use of nano-coatings
Chapter 4. Global Industrial maintenance coatings Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Industrial maintenance coatings Market, by resin Type
5.1. Market Snapshot
5.2. Global Industrial maintenance coatings Market by Resin Type, Performance - Potential Analysis
5.3. Global Industrial maintenance coatings Market Estimates & Forecasts by resin type 2018-2027 (USD Billion)
5.4. Industrial maintenance coatings Market, Sub Segment Analysis
5.4.1. Polyurethane
5.4.2. Epoxy
5.4.3. Acrylic
5.4.4. Alkyd
5.4.5. Others
Chapter 6. Global Industrial maintenance coatings Market, by technology
6.1. Market Snapshot
6.2. Global Industrial maintenance coatings Market by technology, Performance - Potential Analysis
6.3. Global Industrial maintenance coatings Market Estimates & Forecasts by technology 2018-2027 (USD Billion)
6.4. Industrial maintenance coatings Market, Sub Segment Analysis
6.4.1. Solvent-based
6.4.2. Water-based
6.4.3. Powder
6.4.4. 100% Solids
6.4.5. Others
Chapter 7. Global Industrial maintenance coatings Market, by End use industry
7.1. Market Snapshot
7.2. Global Industrial maintenance coatings Market by End use industry, Performance - Potential Analysis
7.3. Global Industrial maintenance coatings Market Estimates & Forecasts by end use industry 2018-2027 (USD Billion)
7.4. Industrial maintenance coatings Market, Sub Segment Analysis
7.4.1. Energy & Power
7.4.2. Transportation
7.4.3. Metal Processing
7.4.4. Construction
7.4.5. Chemical
7.4.6. Other
Chapter 8. Global Industrial maintenance coatings Market, Regional Analysis
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It is estimated that the global industrial floor coatings market size will experience notable growth in the forthcoming years, driven by the rapid industrial development and the expansion of the manufacturing sector worldwide. In terms of the product landscape, the industry is segmented into epoxy, polyurethane, polyaspartic, acrylic, methyl methacrylate, and epoxy cementitious. The consumption of acrylic floor coatings in industrial applications is slated to increase at a CAGR of over 3.8% in terms of volume through 2026. These trends can be attributed to the increasing demand for single component industrial coatings.
Acrylic floor coatings are widely preferred in industrial applications as they are reliable and effective in a number of different industrial settings. Acrylic is a popular choice for industrial flooring applications as it dries quickly. Another major advantage of the product is its ability to resist stains and scuffs. These properties make acrylic floor coatings suitable in industrial environments with heavy machinery and bulky equipment, heavy foot traffic, and warehouses where items are constantly moved across the floor.
Considering the material, the four components segment is projected to reach an annual valuation of US$3 billion by the end of 2026. The product demand will be largely driven by the growing demand for effective floor coating solutions with superior chemical and impact resistance characteristics.
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