May 4, 2021   SOURCE: BusinessWire

Global Industrial Coatings Market to Reach US$ 46,916.5 Million by 2027, Says Coherent Market Insights (CMI)

The global industrial coatings market was valued at US$ 39,104.0 million in 2019 and is expected to exhibit a CAGR of 5.5% during the forecast period (2020-2027).

Key Trends and Analysis of the Global Industrial Coatings Market:

Product portfolio expansion with low curing temperature is the key market trend, which is expected to shape the industry in the near future. For instance, in 2019, AkzoNoble, one of the leading players in powder coatings market, launched a range of coating products, Interpon Low-E products that offer customers with numerous environmental benefits, considering it a more sustainable option. These products are specially engineered for curing at temperatures lower than the current standard of 180-190°C. The products include tri glycidyl isocyanurate (TGIC), a free polyester that saves energy and helps customers to improve operating efficiency. Interpon 610 Low-E is ideal for interior and exterior environments, and are easy to apply, offering light and weather resistance.

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Key Market Takeaways:

The global industrial coatings market is expected to exhibit a CAGR of 5.5% over the forecast period (2020-2027). VOC emissions have a detrimental effect on the environment. This has influenced various government agencies across the globe to implement various stringent environmental regulations on use of VOC free coatings. Nowadays, manufacturers are focusing on the production of coatings, which have less or no VOC content in them. This is a major factor that is expected to drive growth of the global industrial coatings market during the forecast period. Moreover, increasing use of water-based and solvent-less coatings, which eliminate the emission of VOCs as compared to other conventional solvent-based coatings is driving demand for industrial coatings.

Key players are focusing on adopting various strategies such as mergers, acquisitions, and new product development, among others for strengthening their position in the global market. For instance, in March 2020, PPG Industries, Inc. acquired Alpha Coating Technologies, LLC, a U.S.-based manufacturer of powder coatings for light industrial applications and heat sensitive substrates. The acquisition will help PPG to expand its product portfolio.

Manufacturers are involved in developing industrial coatings with low curing temperatures and ecological coatings that enhance product design and provide long-term functional protection. For instance, in 2018, DSM launched Uralacone shot matte (OSM) powder coating HAA system that can be cured for 10 minutes at 180°C, enabling a lower manufacturing carbon footprint. Furthermore, in 2017, IGP Pulvertechnik AG, a manufacturer of powder coatings, introduced IGP-RAPID powder coatings based on new materials combined with IGP technology, enabling a revolution in low temperature powder coatings.

The demand for green coatings is also gaining traction. Green coatings are eco-friendly paint coatings with low volatile organic compound (VOC) content. Emission of volatile organic compounds release pollutants in the surrounding air causing health problems such as dizziness, headache, kidney damage, and also harms the ozone layer. The development of sustainable products has gained importance over the past few decades due to which manufacturers are focused on introducing eco-friendly products in the market. Manufacturers are aiming to produce high-performance coatings that have zero or low VOC with good durability.

Competitive Landscape:

Major players operating in the global industrial coatings market include Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company.

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Market Segmentation:

  • By Category:
    • Water-borne
    • Solvent-borne
    • Powder
    • E-coat
    • Others
  • By Resin Type:
    • Polyurethanes
    • Epoxy
    • Acrylic
    • Fluoropolymer
    • Others
  • By Application:
    • General Industrial Equipment
      • Agriculture Equipment
      • Construction Equipment
      • Other Industrial Equipment
    • Automotive Coatings
    • Coil & Extrusion
    • Energy & Power
    • Packaging
    • Marine
    • Aerospace
    • Rail
    • Others
  • By Region:
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Italy
      • France
      • Germany
      • Spain
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • ASEAN
      • Australia
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • Middle East
      • Africa

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.