HYDERABAD, India and WILMINGTON, Delaware, August 30, 2017 /PRNewswire/ --
The report "Industrial Coatings Market: By Coatings Resin (Acrylic, Alkyd, Urethane, Epoxy, Polyester and Others); By Formulation (Water based, Solvent based, Powder based and Others); By Application (General Industrial, Automotive & Transportation, Coil & Extrusion Coatings, Heavy Duty Equipment, Wood Coatings and Others); By Geography - Forecast (2017 - 2021)" published by IndustryARC, estimates the market to reach $50.47 billion by 2021.
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Growing usage of industrial coatings in general industrial applications, as well as automotive sector is all set to escalate the industrial coatings market. Additionally, growing emphasis on renewable energy facilities also drives the usage of industrial coatings. The EU's economy is largely influenced by the dynamics of developed countries of Western Europe; however, the scenario is changing with increasing investments in Eastern Europe. Amongst the various applications served by industrial coatings, it finds its use majorly in general industrial sector. To elaborate, these general industrial coatings find use in various applications such as drums, barrels, cans, consumer goods, decorative items, ventilation and conditioning coatings, auto ancillary industry coatings, metal furniture, accessories and connections coatings, general metal industry coatings and many more.
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Based on types of coating resins available commercially, the industrial coatings market is segmented into acrylic, alkyd, epoxy, urethanes and more. Epoxy Industrial coatings derive their use in various applications pertaining to steel industry as well which include plash zones, refineries, power plants, bridges, buildings and mining equipment and more. Furthermore, epoxy paint systems also deliver advanced corrosion resistance for crucial oil and gas components and structures operating in corrosive environments. The key segmentations for industrial coatings market include coating resin type, formulation, application and by geography.
Escalating application of protective coatings in Aerospace, Automotive as well as Oil & gas industries in emerging countries is anticipated to propel the demand for Industrial Coatings
The global industrial coatings market is estimated to grow at a CAGR of 5.0% during the forecast period and will reach $50.47 billion by 2021. As the companies operating in the industrial coatings segment are striving to compete on a global scale, they require to modernize their industrial production facilities. Though solvent based coatings are one of the majorly used industrial coatings formulation, these coatings are a course of potentially hazardous emissions called VOCs which react with oxygen and damage the ozone layer. The prevailing environmental concerns are propelling a switch from solvent-based to water-based coatings. Solvent based coatings are less susceptible to environmental conditions such as temperature and humidity during the curing phase. Escalating demand for automotive & transportation is propelling the growth of industrial coatings in various geographies.
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The market of industrial coatings has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2016, APAC is the prominent region for industrial coatings market and is estimated to grow with CAGR of 6.0% during the forecast period. The growth in APAC is attributed to the increasing automotive and manufacturing activities. However, considerable industrial coatings demand in Americas along with European countries is likely to boost the overall market.
The Prominent Players in this Market Include
- PPG Industries Inc.
- AkzoNobel N.V.
- The Sherwin Williams Company
- Axalta Coating Systems Inc.
- The Valspar Corporation
Industrial coating companies through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the industrial coatings market. PPG Industries Inc has been successful in catering to industrial and manufacturing needs, but their stronghold in the automotive sector is the primary reason as to which they are amongst the leading suppliers. Monitoring their future business involvements, IndustryARC analysts expect PPG Industries to maintain its position in the market. AkzoNobel N.V. has recently acquired the industrial coatings division of BASF SE in order to strengthen its position in the market. With various product launches, mergers, acquisitions, collaborations and other strategies, these companies are obtaining industrial coatings market shares in the industry.
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