Albany, NY -- (SBWire) -- 04/12/2019 --The global industrial coatings market is fairly fragmented with the presence of a copious number of players of all sizes, each of which with a potential to make an impact on the growth dynamics. Notwithstanding the marked level of fragmentation, there are a few players who continue to hold sway in the competitive landscape, finds Transparency Market Research (TMR). Players who intend to stay ahead of the competitors are focusing on geographic expansion. Under the strategy, several prominent players have shifted their production units to be in proximity to the regions that have substantial demand for industrial coatings.
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A growing number of companies are also harping on other key logistic decisions, with an aim to consolidate their shares. In addition, they are also engaged in making product innovations and bringing optimization in technologies, in order to stay ahead of their rivals, notes TMR.
Prominent players operating in the Weilburger Coatings GmbH., NOROO Paint & Coatings Co., Ltd., Roto Polymers and Chemicals, the Chemours Company, Whitford Corporation, RPM International Inc., Axalta Coating Systems, Nippon Paint Holdings Co., AkzoNobel N.V., BASF, Jotun A/S, the Sherwin-Williams Company, Kansai Paint Co., Ltd, PPG Industries, Inc., and the Valspar Corporation.
The market stood at US$31.478 billion in 2017. Rising at a promising CAGR of 5.8% from 2017 to 2022 the global market is forecast to reach a worth of US$41.682 billion by the end of this period.
The various types of resins used for industrial coatings are acrylic, epoxy, polyurethane, and polyester. Of these, the epoxy segment will rise at a higher absolute growth than all others over the assessment period. Anticipated expand at a substantial CAGR over 2017–2022, the segment will reach a worth of US$14,641.7 million by 2022 end.
Of all the regions, Asia Pacific except Japan (APEJ) is projected to rise at a rapid pace pegged at 6.7% CAGR during the forecast period. The growth of this regional market is attributed to the proliferating demand for industrial coating products in its various economies.
Seemingly Endless Applications of Industrial Coatings Accentuating Market Growth
The growth of industrial coatings rides on the back of widespread uptake of these paints in the construction industry. The extensive demand for industrial coatings can be attributed to their functional and protective properties, which makes them attractive for being used in corrosion control of the underlying base materials. The burgeoning demand for these coatings for protecting steel and concrete structures is propelling the growth of the market. The seemingly endless and wide range of applications of various types of industrial coatings is a significant factor accentuating the market over the assessment period.
The rising usage of industrial coatings for protecting the base materials from fire and other hazards is a notable factor catalyzing the growth of the market. The rapid pace with which urbanization, supported by government initiatives all over the world, is taking place around the world is a crucial trend imparting sustained impetus to the demand for industrial coatings for various applications.
Fluctuations in Prices of Raw Materials hindering Growth, Breakthroughs to lead the Way Ahead
The remarkably emerging demand for industrial coatings as a corrosion-protection paint for automobiles is a noteworthy factor fueling the growth of the market. A burgeoning automotive sector in various emerging economies world over is supporting the growth.
However, there are few factors offsetting the rapid expansion of the industrial coatings market. The growth is witnessing continual snags from various strict regulations, notably pertaining to solvent-based coatings. Constant fluctuations in the pricing structure are also acting as bottlenecks to the market growth.
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Nevertheless, substantial lucrative opportunities emerging in regions such as Asia Pacific is opening new avenues in the global market. Moreover, the market is getting a robust impetus from several breakthroughs in coating system for meeting the demands of end users. The growing number of creative industrial coating solutions augurs well for the overall market.
Industrial Coatings Market to Increment at a CAGR of 5.8% During the Forecast Period of 2017 to 2022