The research study covers the present scenario and growth prospects of the global industrial coatings market for 2016-2020. The report provides a classification of the leading vendors based on the production of industrial coatings. It also examines the emerging trends and their influence on current and future markets.
According to Ajay Adikhari, a lead research analyst at Technavio for paints, coatings, and pigments research, “APAC is expected to be the fastest growing region in the global industrial coatings market due to rapid industrialization and the demand for industrial coatings from the flourishing automotive industry, especially in countries such as China and India.”
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Technavio chemicals and materials analysts highlight the following four factors that are contributing to the growth of the global industrial coatings market:
- Increase in demand for coatings with functional benefits
- Demand for automobile plastics-specific coatings
- Increased focus on R&D
- Increase in urbanization and infrastructure investment
Increase in demand for coatings with functional benefits
There is an increasing demand for coatings that can protect buildings from the harshness of weather, dampness, corrosion, fungi, and other destructive or unhealthy influences. There exists a high demand for paints with functional benefits that can address such problems. In addition, vendors are offering paints and coatings that reflect heat rays away from buildings. Effective application of these weather-shield paints enhances the comfort and lifestyle of people using the buildings.
Demand for automobile plastics-specific coatings
Many countries are enforcing regulations to improve efficiency and reduce carbon emissions of vehicles. For instance, the US Fuel Economy Regulations have asked automakers to improve fuel economy from the current 38 miles per gallon to 54.52 miles per gallon by 2025. In addition, the European Fuel Economy Regulations aim at reducing carbon dioxide emission to 95 grams per kilometer by 2020. This is driving the development of lightweight automobiles and has increased the use of plastics in automobiles to reduce weight.
Established vendors, including Axalta Coating Systems, offer a range of automotive coatings for plastics. These products meet three major performance parameters such as unique coating formulations for plastics that match the rest of the vehicle, durability, and adequate flow and leveling of the plastic-coated automotive part that does not result in imperfections such as air bubbles. Other key characteristics of these products include aesthetic color effects, superior adhesion, and low baking temperature for heat-sensitive plastics.
Increased focus on R&D
Advances in automotive refinish coatings technology are a major driver for the growth of the global industrial coatings market. Established vendors in the market have increased their R&D expenditure to enhance their product portfolio. For instance, BASF (a leading chemical company based in Germany) and PPG Industries (an American provider of paints and coatings, optical products, specialty materials, and glass and fiber glass products) are focusing on R&D for the development of efficient refinish coatings that reduce cycle time in automotive body shops and reduce operational costs. In addition, vendors such as AkzoNobel (a Dutch manufacturer of paints and chemicals) are focusing on the development of smart, self-healing automotive refinish coatings.
Increase in urbanization and infrastructure investment
Industrial coatings are used for various applications in building and infrastructure sector. For instance, industrial coatings are used for steel and concrete protection in bridges, turbines, buildings, and pipelines. Industrial wood coatings are used for furniture, joinery, and floorings. Industrial coatings are also used in material handling equipment, repair and maintenance, and other construction equipment. These coatings also find application in precoated metal sheets that are used construction and metal furniture. “Thus, with an increase in infrastructure and construction activities, the demand for industrial coatings will increase during the forecast period,” says Ajay.
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