Albany, NY -- (SBWIRE) -- 09/14/2018 -- Global Industrial Coatings Market: Snapshot
The industrial coatings market is healthy, and the foreseeable future looks bright, with the demand projected to increment at a CAGR of 5.8% during the forecast period of 2017 to 2022. Some of the key factors reflecting positively on the global industrial coatings market are: rapid constructional activities for infrastructural development in emerging economies, prosperity of the automotive industry as a result of increasing disposable income among the urban populations, increasing demand for premium paints among do-it-yourself (DIY) consumers, and recent advents of fluoropolymer topcoats, UV-curable coatings, and nanocoatings.
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Evaluated at US$31,478.5 mn in 2017 and projected to reach a valuation of US$41,682.8 mn by 2022, the global industrial coatings market is gaining maximum traction in the APEJ region. While strict regulatory for the usage and disposal of petrochemicals continues to hinder the growth rate, vendors of the global industrial coatings market will continue to gain new opportunities by focusing on the research and development of eco-friendly products.
Demand for Epoxy Segment Incrementing at Above-Average CAGR
On the basis of resin, the global industrial coatings market has been segmented into polyurethane, acrylic, polyester, and epoxy. Among these, the epoxy segment constituted 32.4% of the overall demand in 2017, and is estimated to be worth US$14,641.7 mn by 2022, exhibiting at CAGR of 5.9% during the forecast period of 2017 to 2022. In the building and construction industry, industrial epoxy are primarily used for concrete floor as it offers durability and high gloss. This segment is growing at US$732.4 mn annually, and its absolute growth is larger than any other resin-segment.
Technology-wise, the global market for industrial coatings has been bifurcated into water-based, solvent-based, powder, and pre-treatment, whereas based on end-use, the market has been categorized into general finishes, wood, heavy duty equipment, automotive, coil and extrusion, appliances, consumer electronics, and transportation. Some of the everyday usage of powder coated products include electrical components such as lighting fixtures and antennas, corporate offices utensils such as powder-coated file drawers, laptop computers, and computer cabinets, and home utilities such as powder-coated baby strollers, cribs, car seats, playpens, toys, mailboxes, wagons, bathroom scales, satellite dishes, fire extinguishers, and toolboxes.
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Fragmented Competitive Landscape Heading towards Eco-friendly Products and Practices
Environmental concerns are escalating and the world leaders have taken a note of it. As the industrial coatings market deals with petrochemical products that are losing favor, the vendors of this market are actively researching for products that are eco-friendly. Some of the key companies currently operating in the global industrial coatings market are: AkzoNobel N.V., BASF, PPG Industries, Inc., Nippon Paint Holdings Co., RPM International Inc., The Sherwin-Williams Company, Kansai Paint Co., Ltd, The Valspar Corporation, Axalta Coating Systems, LLC, Jotun A/S, Roto Polymers And Chemicals, NOROO Paint & Coatings Co., Ltd., Weilburger Coatings GmbH, The Chemours Company, Milliken & Company, and Whitford Corporation.