According to the new market research report “Industrial Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Water, Solvent, High Solids, Powder), End-use Industry (Automotive, Aerospace, Marine, Wood, Packaging, Protective), and Region – Global Forecast to 2024″ published by MarketsandMarkets™, The industrial coatings market is expected to grow from USD 107.4 billion in 2019 to USD 139.0 billion by 2024, at a CAGR of 5% during the forecast period. The major factors driving the industrial coatings market include the increasing demand for eco-friendly coatings, need for efficient process & durable coatings with better aesthetics, and growing demand from the APAC region.
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The fluoropolymer segment is projected to register the higher CAGR in the industrial coatings market during the forecast period. Fluoropolymer resin-based industrial coatings have low permeability to oxygen, water, and chloride, offering high resistance from degradation when exposed to extreme environmental conditions and airborne pollutants. Fluoropolymers resins are in high demand in industrial coatings due to their excellent non-stick properties, reduced friction, and corrosion resistance. These resins are also preferred as they can withstand very high temperatures and do not absorb water. This combination of properties makes fluoropolymer-based coatings ideal for end-use industries such as automotive, coil, and consumer appliances.
Solvent-based industrial coatings are estimated to be the largest technology in 2019 Solvent-based industrial coatings are preferred over water-based coatings in humid environments. Solvent-based coatings cure due to a chemical reaction between oxygen in the atmosphere and their constituents, and not by the evaporation of water. Solvent-based industrial coatings achieve a higher gloss level than water-based coatings. It is applied to the surface of the material to prevent corrosion and is more flexible than water-based coatings during the curing of the coating. Solvent-based industrial coatings are used widely in numerous end-user industries such as automotive, marine, aerospace, coil, transportation, packaging, and protective, among others.
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General industrial segment to dominate the industrial coatings market during the forecast period The everyday uses of powder-based industrial coated products include lighting fixtures, antennas, and electrical components. Schools use powder-coated bleachers, soccer goals, basketball backstops, lockers, and cafeteria tables. Corporate offices utilize powder-based industrial coated file drawers, computer cabinets, laptop computers, and cell phones. In domestic homes, applications include baby strollers, cribs, playpens, car seats, toys, wagons, electronic components, gutters & downspouts, bathroom scales, mailboxes, satellite dishes, toolboxes, and fire extinguishers. The rapidly increasing demand for these products will boost the market over the next five years.
APAC is expected to account for the largest share of the industrial coatings market during the forecast period. APAC has emerged as the leading consumer and producer of industrial coatings. The easy availability of low-cost labor and raw materials are driving foreign investments, which is increasing the production of industrial coatings in the region. APAC is also the fastest-growing industrial coatings market.
Major players in the Industrial Coatings Market include Jotun A/S (Norway), Axalta Coating Systems, LLC (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), Teknos Group (Finland), PPG Industries, Inc. (US), RPM International Inc. (US), Tikkurila Oyj (Finland), Hempel A/S (Denmark), Kansai Paint Co., Ltd. (Japan), BASF SE (Germany), Nippon Paint Holdings Co., Ltd. (Japan), The Chemours Company (US), and NOROO Paint & Coatings Co Ltd (South Korea).
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