Pune India, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Industrial coatings market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Industrial coatings market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, resin, end user and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Industrial coatings market are PPG Industries, Inc,Akzo Nobel N., The Sherwin-Williams Company, Axalta Coating Systems, LLC, Jotun, BASF SE, Henkel AG & Company, KGaA among others. To achieve a substantial market share in the worldwide Industrial coatings market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Industrial coatings are made from polymer ingredients to offer chemical protection, abrasion resistance, non-stick properties, and corrosion resistance. Excellent resistance to acids, bases, and chemical solvents is provided by the product's polymers. These coatings also offer superior aesthetic appeal, durability, and environmental compliance. After adding a primer, these solutions are sealed up. The material is mostly used to stop concrete or metals from rusting. These coatings come in powder, water-based, and electrocoating (or E-coating) types, and they strengthen the fire or water resistance of materials. Building materials, autos, boats, transportation equipment, outdoor structures and equipment, sporting products, and agricultural and construction machinery are just a few of the objects that use industrial coatings. Acrylic materials are often used in automotive and architectural applications because they provide a high gloss and excellent corrosion resistance. Numerous zinc-based coatings are applied to steel objects. Zinc offers a polymeric and galvanic barrier that offers high corrosion resistance. Outstanding corrosion, abrasion, and weathering properties are provided by epoxy. These solutions are also robust to very high temperatures. Acrylic resin is the most widely used type in the industrial coatings industry. The key metal derivative utilised in acrylic resin to boost the performance of industrial coatings.
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Scope of Industrial coatings market report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Resin, End-user and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | PPG Industries, Inc, Akzo Nobel N., The Sherwin-Williams Company, Axalta Coating Systems, LLC, Jotun, BASF SE, Henkel AG & Company, KGaA among others |
Segmentation Analysis
The powder segment is expected to be the fastest-growing segment in 2021.
The type segment includes High Solids, Solvent, Powder, and Water. The powder segment is expected to witness the highest growth rate during the forecast period. As part of the dry finishing procedure known as powder coating, electrostatically charged pigment and resin particles are finely ground and sprayed onto electrically grounded components. For applications requiring the highest levels of abrasion resistance and hardness, powder-based industrial coatings offer reduced VOC emission, improved performance, and cost effectiveness. These are the main elements that will drive the powder type segment's growth in the global market over the course of the forecast period.
The acrylic segment is expected to be the fastest-growing segment in 2021.
The Resin segment includes Polyurethane, Fluoropolymers, Polyester, Acrylic, Alkyd, Epoxy, and Others. The acrylic segment is expected to witness the highest growth rate during the forecast period. Acrylic coatings are well known and utilised in many different applications, such as on structural steel, pipelines, building equipment, industrial sites, heavy casting, consumer items, and automobiles. A number of end customers are using it for coating finished products due to its high weathering durability, high gloss retention, fire resistance, abrasion resistance, UV radiation resistance, vapour permeability, and other properties. These coatings are also used in several formulations, such as powder-based, solvent-borne, and waterborne divisions. Over the forecast period, these are the primary benefits that will drive the segment's growth in the global market.
The automotive OEM segment is expected to be the fastest-growing segment in 2021.
The end user segment includes Automotive OEM, General Industrial, Construction, Marine, Aerospace, Wood, Packaging, and Others. The automotive OEM segment is expected to witness the highest growth rate during the forecast period. Original equipment producer, or OEM, is an important part of the automotive industry. Automotive equipment benefits from coatings because of their superior quality and longevity. Automobile OEM Coatings are protected against chemicals, the environment, and scratches thanks to their superior mechanical qualities. Coatings applied to internal parts enhance the surface area of an automobile's body. These are the major benefits driving the global expansion of the Automotive OEM market sector throughout the forecast period.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the industrial coatings include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. Rapid industrialization and increased product demand from the automotive and vehicle refinish sectors in countries like India, Japan, and South Korea are expected to boost the market during the forecasted period. As a result of factors like the less strict laws regarding VOC emissions in the Asia Pacific compared to Europe and North America and the simple availability of raw materials, large-scale opportunities for the use of industrial coatings in various end-use sectors, including the marine, automotive, vehicle refinish, and general industry, are anticipated.
Country Analysis
- Germany
Japan Industrial Coatings market size was valued at USD 4.11 billion in 2021 and is expected to reach USD 10.17 billion by 2029, at a CAGR of 12% from 2022 to 2029. There aren't many businesses that make paint. Approximately 200 businesses are active in Germany. The strong, export-based economy of Japan is well-known. This obviously also applies to the coatings industry. The amount of coatings that the country exports is two times greater than what it imports. Because the country only exports high-class coatings and only imports cheap, low-quality items, the value differences are much more obvious.
- China
China’s Industrial Coatings’ market size was valued at USD 3.77 billion in 2021 and is expected to reach USD 8.68 billion by 2029, at a CAGR of 11% from 2022 to 2029. Two significant factors are the maritime transportation sector's rapid growth and China's growing navy. They help to avoid biofouling organisms with their booster biocides and self-polishing resins, which contain biocides such cuprous oxide. Anti-fouling coatings are predicted to dominate the marine coatings market overall. because seagoing boats require a lot of foul-resistant coatings.
- India
India's Industrial Coatings market size was valued at USD 3.08 billion in 2021 and is expected to reach USD 6.13 billion by 2029, at a CAGR of 9% from 2022 to 2029. Due to the significant contribution of automotive coating to the industrial coatings market in India, the expansion of the automotive industry and the growth of industrial paints are favourably associated.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by increasing development in construction projects that are demanding efficient coating for concrete or steel.
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