Industrial Coatings Market
Industrial Coatings Market Overview:
Industrial Coatings Market was valued to be USD 24.2 billion in 2016 and is expected to reach USD 31.4 billion by the end of 2022, growing at the CAGR of 3.9 % from 2016 to 2022.
Industrial Coatings is growing rapidly due to rise in demand from end user industries such as construction, automobile, medical & health care, marine and oil & gas. Suppliers from industrial coating market are looking for innovation and are focusing more on eco-friendly products. Hence, with enhanced characteristics such as more service life, corrosion resistance and technology innovation focused on bio-based products will boost the industrial coatings market in the coming years. Increasing demand for durable industrial coatings which are technologically advanced will drive the industrial coatings market in the forecasted period.
Industrial Coatings are special coatings which are used for preventing the material from corrosion, fire along with these providing aesthetic features. Industrial coatings enhance the product shelf life leading to low replacement cost thus benefiting manufacturers. Hence, it is highly preferable in end user industries.
Industrial Coatings are gaining importance in the market owing to high exposure of metals to wear and tear along with continual degradation. These coatings are used across various industries like marine, aerospace, automotive and wood application. Rising demand of industrial coatings with enhanced lifespan, and improved corrosion resistance is expected to fuel the market growth.
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Industrial Coatings Market Application:
Industrial Coatings are segmented on basis of application such as automotive OEMs, marine coatings, protective & maintenance coatings, coil coatings, packaging coatings, wood coatings and others. The prominent application of industrial coating is in automotive OEMs due to development of the aerospace industry and increasing in demand for safety requirement that is followed in this industry. Other application like marine coatings possess properties like anti-corrosive and anti-fouling which are highly used in manufacturing vessels in cargo ships. Protective & maintenance coatings is used for steel bridges, oil rigs & equipment’s and in petroleum products for protecting from corrosion and wear & tear. Therefore, automotive OEMs has the maximum share in the global industrial coatings market and it is expected to increase further in the forecasted period due to growing need for safety requirements. Other application like coil coatings which are applied on metal sheets, electric coils and strips which are used in electrical components are sold to OEMs will fuel the demand for industrial coatings market in future.
Industrial Coatings Industry is witnessing significant growth on account of its properties such as excellent fire protection coating solution, corrosion resistance and durability. Industrial Coatings produced based on technology are water borne and solvent borne. Solvent borne technology is projected to account for largest market share but in years to come this scenario might change due to environment hazards. Development in water borne industrial coatings has replaced the solvent borne coatings owing to environmental concern and legislations to limit volatile organic content (VOC) emission. Additionally, growing demand of powder coatings due to solvent free is boosting the industrial coatings industry. Powder coating is used for coating lightning fixtures, electrical components, laptop, computer cabinets, mobile phone, file drawer, toolboxes. Powder coated products does not release VOC which benefit environment thereby, driving industrial coatings demand.
Industrial Coatings Market is used for protecting products from corrosion as well as protecting them from getting exposed to other chemicals. Industrial coatings are broadly classified into solvent based, powder based and water based coatings. Water based coatings has taken the maximum market share owing to ease in handling, low VOC content and low emission of carbon. Powder based coatings are less volatile so they are used for enhancing the visual appeal of an object. These coatings are majorly used in household appliances, automobiles and industrial coatings.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
Industrial Coatings Market Key Players:
Industrial Coatings Market are AkzoNobel N.V, BASF SE, PPG Industries Inc., Valspar (U.S.), and Sherwin-Williams Co. Ltd, DuPont Co, NOROO Paints & Coatings, Asian Paints, Burke Industrial Coatings, Industrial Nanotech, Inc. and others.
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Industrial Coatings Market Competitive Analysis:
Industrial Coatings Market is fragmented with major manufacturer from North America and some few from Asia Pacific region. Major players in market are adopting strategies such as acquisitions, partnerships, expansion and new technology development. Key market participants are acquiring small players in the market in order to tap large market share. Additionally, manufacturer is collaborating with distributors to increase their presence and meet the global demand. Manufacturers are focusing more on high performance coatings by lowering of greenhouse gases along with development of bio based coatings. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality.
Industrial Coatings Market Regional Analysis:
Industrial Coating Market owing to rapid industrialization, growing infrastructure activities to meet population demand and easy availability resources. Favourable government regulations such as FDI flow in building and construction industry in countries such as China, India, Japan and Indonesia are anticipated to augment industrial coating in this region. Furthermore, economic development of countries like South Africa, Brazil and France and increasing industrial activities are estimated to further facilitate industrial coating demand. Upcoming events like FIFA world cup in 2018 in Russia would provide new opportunities to industrial coating manufacturer.
Asia Pacific accounts for largest share of global industrial coatings market. China being a largest producer of paints & coatings demand for industrial coatings on a large scale. Rapid industrializations, favorable government regulations and increase in consumer spending will significantly grow the industrial coatings market in emerging economies such as China, India and Japan. This market in North America is witnessing a constant growth due to stable marine activities, currency fluctuations as a result of uncertainties and lowering price of oil crude. Government of counties like Indonesia, Thailand and Malaysia are increase trade which is supporting industries through tax subsidies, regulations and incentives.
Industrial Coatings Market Segmentation:
Industrial Coatings Market is majorly segmented on the basis of types and application. Based on types of industrial coatings the market is segmented into water based coatings, powder coatings, solvent based coatings. Similarly, on the basis of application the market is classified into automotive OEMs, marine coatings, protective & maintenance coatings, coil coatings, packaging coatings, wood coatings and others.
Industrial Coatings Market Table of Content:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain of Global Industrial Coatings Market
Industrial Coatings Market Table of Content to be Continue……,
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