The Worldwide Industrial Maintenance Coatings Industry is Expected to Reach $4.9 Billion by 2025 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Industrial Maintenance Coatings Market by Technology (Solvent-based, Water-based, Powder & Others), Resin Type (Epoxy, PU, Acrylic, Alkyd & Others), End-use Industry and Region (North America, Europe, Asia Pacific, South America & Middle East & Africa) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The industrial maintenance coatings market size is estimated at USD 4,070 million in 2020 and is projected to reach USD 4,947 million by 2025, at a CAGR of 4.0%, between 2020 and 2025.

The increasing demand for environmentally-friendly coatings, the need for efficient process and durable coatings with better mechanical properties, need to reduce maintenance and growing demand from the Asia Pacific region are expected to drive the industrial maintenance 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.

Acrylic resin-based industrial maintenance coatings have high demand, especially in the automotive industry, owing to stringent environmental regulations and the high corrosion resistance of these coatings. Apart from automotive, consumer appliances is the major end-use industry of these coatings. The coatings based on acrylic resins are also being used in wood, transportation, marine, and general industrial applications.

Powder-based industrial maintenance 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 the oil and gas industry is expected to fuel the demand for industrial coatings

The oil & gas industry, that falls under the energy & power sub-segment, is the largest end-user industry of industrial maintenance coatings. Increasing application of industrial maintenance coatings as protective coatings are used to protect the surface of materials from oil, chemicals, light, water, high-temperature fluctuations, and so on are the factors to drive the market growth over the forecast period.

Asia Pacific is expected to register the highest growth during the forecast period

Asia Pacific has emerged as the leading consumer and producer of industrial maintenance 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 maintenance coatings producers, is driving the market in the region. The demand for industrial maintenance coatings in APAC is driven majorly by consumption in China. Other Asia Pacific countries such as Vietnam and India are also witnessing significant investments in the automotive and marine sectors to cater to the demand.

Market Dynamics

Drivers

• High Demand for Extended Product Lifetime and Reduced Maintenance
• Inclination of Facility Managers in Having An Effective Coating Maintenance Plan
• Increasing Demand for Environment-Friendly Coatings
• Need for Efficient Processes and Durable Coatings with Enhanced Esthetics

Restraints

• Difficulty in Obtaining Thin Films in Powder Coatings
• Requirement of Higher Drying Period for Water-Based Coatings

Opportunities

• Attractive Opportunities for Powder Coatings in Shipbuilding and Pipeline Sectors
• Increasing Use of Nano-Coatings

Challenges

• Stringent Regulatory Policies
• Meeting Performance Standards Set by Conventional Solvent-Borne Technologies
• Susceptibility of End-users in the Adoption of New Technologies

Companies Mentioned

• Akzo Nobel N.V.
• Aremco Products Inc.
• Axalta Coating Systems, LLC
• Belzona International Ltd.
• Chemco International Ltd.
• Continental Coatings Inc.
• General Magnaplate Corporation
• Goa Paints
• Hempel A/S
• Jotun A/S
• Kansai Paint Co. Ltd.
• Monarch Industrial Products (I) Pvt. Ltd.
• Nippon Paint Holdings Co. Ltd.
• Noroo Paint & Coatings
• PPG Industries Inc.
• Rpm International Inc.
• Sika Ag
• Teknos Group
• The Chemours Company
• The Sherwin-Williams Company
• The Valspar Corporation
• Tikkurila Oyj
• Weilburger
• Whitford Corporation

For more information about this report visit https://www.researchandmarkets.com/r/d4k1yg