Chicago, May 17, 2023 (GLOBE NEWSWIRE) -- The global Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Alkyd), Technology (Solvent-based, Water-based, Powder), End-Use Industry (General Industrial, Protective, Automotive, Aerospace, Wood, Packaging) and Region - Global Forecast to 2026", as per the recent study by MarketsandMarkets™. Industrial coatings are thin films applied on materials to add or enhance their specific properties such as corrosion resistance, wear resistance, and conductivity. Industrial coatings are manufactured with conventional polymers such as epoxy, polyurethane, acrylic, alkyd, polyesters, and fluoropolymer. Industrial coatings are used in production plants, to coat discrete parts, finished assemblies (automobiles, trucks, aircraft, and vessels), tanks, piping, metal sheet, wood panels, paper, and paperboard. The industrial coatings market depends heavily on the performance of the end-user industries such as automotive, aerospace, marine, wood, packaging, protective, coil, transportation, and general industrial equipment.
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Browse in-depth TOC on “Industrial Coatings Market”
258 - Market Data Tables
53 - Figures
308 - Pages
List of Key Players in Industrial Coatings Market:
- AkzoNobel N.V. (Netherlands)
- PPG Industries (US)
- Sherwin-Williams (US)
- Axalta coating systems
- LLC (US)
- Nippon Paint (Japan)
- Others
Drivers, Restraints, and Opportunities in Industrial Coatings Market:
- Drivers: Increasing demand for environment-friendly coatings
- Opportunities: Attractive prospects for powder coatings in shipbuilding and pipeline sectors
- Challenges: Stringent and regulatory policies
Key Findings of the Study:
- Based on resin type, polyurethane resins dominated the industrial coatings market in 2019. Polyurethane resin-based coatings have properties, such as high durability, toughness, ease of cleaning, and high gloss.
- Based on end-use industry, the general industrial segment is the largest end-use industry of industrial coatings.
- In terms of geographic coverage, the industrial coatings market has been segmented into five regions, namely, APAC, Europe, North America, the Middle East & Africa, and South America.
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These properties make them preferable in a wide range of applications. The polyurethane resin-based coatings are used where high performance is expected, such as oil-rig towers, warehouses, industrial plants, heat-resistant coatings, and bridges.
The coating technology is used for covering a substrate material with an organic film that possesses the desired protective, mechanical, optical, aging, and adhesion properties. Many technologies process and convert resins, pigments, and additives to industrial coatings, which are used in many end-use industries such as automotive, marine, aerospace, protective, industrial wood, general industrial, coil, packaging, and rail.
The two main technologies used to manufacture industrial coatings are water-based and solvent-based. Solvent-based formulations occupy the largest share of the industrial coatings market owing to their popularity as they are used in diverse coating applications due to their high performance. Solvent-based industrial coatings are mainly used in automotive coatings, general industrial coatings, and protective coatings.
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The general industrial coatings market has diverse end-users and is tied to multiple industries. The drivers of the general industrial coatings market are population growth, improving standard of living, infrastructure growth, global GDP growth, and recovery & growth in the construction industry.
APAC has emerged as the leading consumer and producer of industrial coatings with China being the largest consumer. Key players are tapping these opportunities by expanding their production capacity in the emerging economies in the Southeast Asian countries.
Moreover, major companies are focusing on strengthening their R&D facilities to provide eco-friendly products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the industrial coatings market over the next five years.
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