The global industrial coatings market is poised for growth, driven by manufacturers' increasing emphasis on developing environmentally friendly processes to reduce emissions, waste, and energy consumption. Fortune Business Insights™ reveals this insight in a recent report titled "Industrial Coatings Market Size, Share & COVID-19 Impact Analysis." The report indicates that the market, valued at USD 86.81 billion in 2019, is anticipated to reach USD 119.54 billion by 2027, with a projected CAGR of 4.4% during the forecast period.
Key Report Highlights:
- Strategies to Boost Industrial Coatings Sales Amid COVID-19.
- Leading Regions and Segments Poised for Market Leadership.
- Analysis of Market Drivers, Hindrances, Challenges, and Opportunities.
- Historical, Estimated, and Current Global Market Sizes.
Drivers & Restraints:
The growth of the industrial coatings market is supported by escalating environmental concerns, particularly regarding volatile organic compounds (VOCs) released during the manufacturing process. Manufacturers are increasingly adopting powder-based or water-borne coatings to mitigate sustainability issues associated with VOCs. While this shift promotes market growth, the quick drying nature of these coatings poses a potential hindrance.
Segment Analysis:
- Acrylic Segment Dominates, Fueled by Biomedicine Industry Demand: Acrylics hold a significant market share, driven by heightened demand from the biomedicine industry. The versatility and cost-effectiveness of the alkyd segment are expected to drive considerable growth in the future.
Regional Insights:
- Asia Pacific Leads with USD 36.5 Billion in Revenue: Asia Pacific maintains its dominant market position, securing USD 36.5 billion in revenue in 2019. The region's growth is fueled by increased consumer spending, rising automotive production, and government initiatives. Meanwhile, Europe is anticipated to experience significant growth, driven by developments in the oil & gas sector and the adoption of powder coatings.
Competitive Landscape:
- Key Players Focus on Innovation: The market features a highly fragmented landscape with numerous domestic and international players. Industry leaders are actively launching innovative products to meet the growing demand from various end-use industries.
- August 2020: Sherwin-Williams Protective & Marine introduced rapid curing technology to reduce labor costs and application time for structural steel protection.
- July 2020: Nippon Paint India expanded its industrial coatings segment with the introduction of an innovative line of industrial paints under its Protec brand.
A list of all the manufacturers operating in the global market:
- Akzo Nobel N.V. (Netherlands)
- Axalta Coating Systems, LLC (U.S.)
- Industrial Coatings Ltd. (Finland)
- PPG Industries, Inc. (U.S.)
- The Sherwin-Williams Company (U.S.)