DUBLIN--(BUSINESS WIRE)--The "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), & Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Industrial Coatings Market Size 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 growth of applications is increasing the consumption of industrial coatings.
The increasing demand for eco-friendly coatings, the need for efficient process & durable coatings with better aesthetics, and growing demand from the APAC region are expected to drive the industrial coatings market. However, difficulty in obtaining thin films in powder coatings and the requirement of more drying time for water-based coatings are the major restraining factors for the market.
Fluoropolymer is projected to be the fastest growing resin chemistry during the forecast period.
Fluoropolymers offer excellent thermal, chemical, and weather resistance, as well as optical properties. These characteristics make fluoropolymer-based industrial coatings suitable for industries such as chemical, oil & gas, textile, paper, and plastics. Fluoropolymer resins are used mainly in coil coatings, as they have a high resistance to high temperatures, resulting in negligible hurdles for forming a coating. In the automotive industry, fluoropolymer-based industrial coatings are used for ball bearings to reduce friction and resist corrosion. In the aerospace industry, these coatings are useful in cabin interiors, wheels, and bearings to resist fire and corrosion. Apart from these, the consumer appliances industry, including mixing blades, non-stick cookware, cutting blades, and molds, uses fluoropolymer coating.
Powder-based industrial coatings are expected to be the fastest-growing technology during the forecast period
Powder-based industrial coatings are highly efficient with over 98% powder overspray recoverability, more resistant to chipping, scratching, fading, and wearing than other finishes. This process releases negligible VOC into the environment and takes less cure time beyond the cool-down period. Powder-based industrial coatings emit low levels of VOCs, providing superior performance and cost efficiency for applications that require maximum abrasion resistance, and hardness.
Increasing consumption of industrial coatings in general industrial and automotive industries is expected to fuel the demand for industrial coatings
The general industrial and automotive segments are the largest end-user industries of industrial coatings. Population growth, improved standard of living, infrastructure growth, global GDP growth, and recovery and growth in the construction industry are driving the growth of the general industries. Automotive OEM is an integral part of automotive manufacturing. Coatings offer excellent quality and durability to automotive equipment. Industrial coatings possess superior mechanical properties that protect automobiles from scratches, environment, and chemical exposure. Interior automotive coatings improve the surface area. Increasing automobile production in some parts of the world is expected to drive the demand for industrial coatings.
APAC is expected to register the highest growth during the forecast period.
APAC has emerged as the leading consumer and producer of industrial coatings due to the growing manufacturing sector in all major economies of the region. Also, the presence of many large, as well as small industrial coatings producers, is driving the market in the region. The demand for industrial coatings in APAC is driven majorly by consumption in China. Other APAC countries such as Vietnam and India are also witnessing significant investments in the automotive and marine sectors to cater to the demand.
- Increasing Demand for Environmentally-Friendly Coatings
- Need for Efficient Process and Durable Coatings With Better Aesthetics
- Growing Demand From APAC
- Difficulty in Obtaining Thin Films in Powder Coatings
- Requirement of More Drying Time for Water-Based Coatings
- Attractive Prospects for Powder Coatings in Shipbuilding and Pipeline Sectors
- Increasing Use of Nano-Coatings
- Continuous Demand for Extended Product Lifetime and Reduced Maintenance
- Stringent Regulatory Policies
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- BASF SE
- Hempel A/S
- Jotun A/S
- Kansai Paint Co, Ltd.
- Nippon Paint Holdings Co, Ltd.
- Noroo Paint & Coatings Co, Ltd.
- PPG Industries Inc.
- RPM International Inc.
- Teknos Group
- The Chemours Company
- The Sherwin-Williams Company
- Tikkurila OYJ
- Weilburger Coatings
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