CHICAGO, Sept. 15, 2021 /PRNewswire/ -- Digitalization is leading the innovation for almost all major industries and this trend is currently having a large impact on the chemical industry. The adoption of digital technology is helping chemical companies increase the profitability of their operations and is improving supply chain management. Manufacturers are scaling up their operations, allowing them to gain end-to-end financial visibility by building digitally enabled intelligent chemicals plants. This digital integration creates reduced risk, better waste management, optimization of the production network, and most of all better workforce safety.
Arizton has a dedicated product vertical that focuses on the chemical and materials market across geographies. These market research reports cover detailed analysis of the COVID-19-induced supply chain disruptions, innovations in technology, equipment financing, economic impact, and detailed study of the competitive landscape. Arizton's approach includes the key highlights of the market such as trends and driver analysis, market share analysis, growth opportunities, and the impact of government initiatives in the chemical industry.
Due to the arrival of new products and various technological advancements such as electrification, autonomous vehicles, additive manufacturing, and connectivity the demand of vehicles is increasing. This will in turn increase the demand of industrial coatings market. Customers are prioritizing products that are environment friendly. In the industrial coatings market, sustainability is the key enabler to adapt to the constantly changing environmental regulations. Stricter environmental regulations are in place owing to increasing awareness amongst consumers about the harmful effects of VOC. Thus, the demand for coatings with lower VOC, solvent-based coatings, and water-based coatings is increasing.
The growth of end-user industries such as automotive, construction, and aerospace and defense is driving the growth of the global polyester coatings market.
APAC is the largest market for water-borne coatings and accounted for 46.7% of the global market share in 2020 and is expected to grow at a CAGR of 4.88%.
APAC is the fastest growing industrial coatings market and has several large manufacturers.
Price volatility of raw materials is a major challenge to the growth of the global industrial coatings market.
Acrylic is a widely used resin type in industrial coatings due to their advantages such weatherability, brilliant resistance to yellowing, fast drying, gloss retention, better resistance to alkaline conditions, and excellent adhesion.
The consumer electronics and appliance sector are estimated to witness steady growth in the coming years and therefore poses great growth opportunities for the vendors operating in the coatings industry.
The industrial coatings market report includes segments by resin type (epoxy, polyurethane, alkyd, polyester, acrylic, and others), technology (water borne, solvent borne, powder based, and others), and end-users (general industry, automotive, construction, electronics, oil & gas, marine, aerospace, and others).
The key vendors in industrial coatings market are AkzoNobel, Axalta Coating Systems, BASF, Nippon Paint, PPG Industries, and Sherwin-Williams etc.
Powder Coatings Market - Global Outlook and Forecast 2021-2026
Powder coatings market size will reach USD 13.5 billion by 2026, growing at a CAGR of 5.97% during the period 2021-2026.
The demand for powder-based coatings has increased owing to their superior durability and enhanced efficiency. Powder-based coatings are most resistant to scratches, chipping, fading, and wearing and are widely used in the construction and automotive industries. In 2019, global automotive production was recorded at 91.70 billion and is likely to grow in the coming years. With to the increasing number of vehicles, the demand for powder-based coatings will also increase.
Stringent regulations set by the authorities of various regions to control VOC levels will lead to an increased adoption of powder-based coatings across the globe.
The appliances industry is the largest contributor to the powder coatings market contributing a share of 23.83% in 2020.
Thermoset resins are a widely used resin in powder coatings, contributing 94.57% to the powder coatings market.
In thermoset resins, epoxy polyester hybrid resins are the most widely used, contributing a 45.10% share of overall thermoset resins used in powder coatings.
APAC is the largest geographical market for powder coatings, owing to the increasing demand from infrastructure, construction, and automotive industries.
The powder coatings market includes segments by resin type (thermoset resin (epoxy, epoxy polyester, polyester, polyurethane, & others) and thermoplastic resin) and end-user industry (appliances/ consumer goods, automotive, general industrial, furniture, architectural & others).
The key vendors in the powder coatings market are AkzoNobel, PPG Industries, Sherwin-Williams, RPM International, and Axalta Coating Systems.
The factors that will drive the water-borne coatings market are stringent government regulations toward low VOC content and characteristics such as environment-friendliness and ease of handling. Apart from these, the growing middle-class population and rising standards of living are also aiding the demand for decorative coatings which, in turn, will drive the market for water-borne coatings.
Acrylic resins held a 22.44% market share in 2020. They are widely used in the manufacturing of water-borne coatings industry due to their excellent properties of UV and weather resistance.
The APAC region accounted for the largest market, contributing 39.40% to the global water-borne coatings market, followed by Europe and North America.
Rising foreign investments in APAC are expected to boost many industries, which will drive the market for water-borne coatings.
The highly competitive environment is likely to intensify further with the increase in product approvals, technological innovations, and strategic acquisitions.
Key vendors in the water-borne coatings market include AkzoNobel, PPG Industries Inc., Sherwin Williams, RPM International Inc., and Axalta Coating Systems.
The water-borne coatings market report includes segments by resin type (epoxy, polyester, acrylic, polyurethane, alkyd, and others) and end-user (automotive, general industrial, architectural, wood industry, packaging, and others).
The demand for coating additives is increasing at a rapid rate in every region. These coatings are widely used to protect the surface from scratches, dust, yellowing, UV rays, stain, general wear, and tear and offer durability and conductivity. Coating additives play a significant role in heightening the aesthetic appeal of the exterior surface of buildings, vehicles, aerospace, furniture, among others, thus making it appealing for the customer. The major change happening in the coating industry is the continuous adoption of coating technologies with the motive of offering better products every time. These new coating technologies include water-borne coatings, powder-borne coatings, high solids coating, two-component systems, and radiation-curable coatings.
The rise in living standards, growing disposable income, rapid urbanization, and substantial investment by the government are contributing to the rapid growth of the construction industry, which is driving the market for coating additives.
Water-borne formulation holds 48.62% of the market share and is expected to grow at a CAGR of 6.38% between 2020 and 2026.
The fluoropolymer coating additives are expected to witness rapid growth during the forecast period because they provide excellent protection against chemicals, abrasion, temperature, non-stick and toxic, electrical resistance, and corrosion properties.
The construction industry accounts for 32.58% of the market share in 2020, the highest among all the end-users.
In 2020, APAC was the leading market for coating additives, accounting for 40.70% of the global market. This is due to the growing population, substantial investments in the construction industry and demand from automotive, marine, furniture, and paper industries.
Owing to several government regulations, the demand for the water-borne formulation is increasing. Thus, companies should focus on developing sustainable and environment-friendly coating additives products.
The coating additives market includes segments by formulation (solvent-borne, water-borne, and powder-borne), function (rheology modification, defoamer, biocides impact modification, wetting & dispersion, and others), type (acrylic, fluoropolymers, epoxy, urethanes, and others), and end-use industries (automotive, furniture, construction, industrial, aerospace, and others)
Key vendors include AkzoNobel NV, BASF, BYK, Evonik Industries, and Arkema SA.
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