Pune, India -- (SBWIRE) -- 06/13/2018 -- Industrial Coating Market – Overview
The Global Protective Coating Market is estimated reach the mark of USD 25 billion by the end of 2023, which is estimated to expand at over 9.5% of CAGR. This is more likely to favor growth of the market during the forecast period. Rapid industrialization in emerging economies such as India, South Korea, Brazil, and China is expected to drive demand for the product during the years to follow. In addition to this, increasing demand for solvent free coatings over issue of harmful VOC's and steadily growing demand from marine, oil & gas, and automotive industry is anticipated to provide impetus to the Global Industrial Coatings Market. Among other applications, automotive refinish and automotive OEMs are dominating the market due to increasing need to provide safety against wear and tear.
Industrial Coating Market - Competitive Landscape
The Global Industrial Coatings is a mature market, which is mainly driven by major end use industries such as automotive OEMs, marine coatings, protective & maintenance coatings, coil coatings, packaging coatings, along with the growing demand from transportation sector. The market has significant presence of tier 1 companies, yet majority of the market shares are held by AkzoNobel N.V, BASF SE, PPG Industries Inc., Asian Paints, and Axalta Coatings Systems are the substantial manufacturers in this market. Almost all of these key market players are adopting the merger & acquisition and regional expansion of their business as a main growth tactics to strengthen their market position and acquire significant share in the global market.
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Industry/ Innovation/ Related News:
November 27, 2018- AkzoNobel, a Dutch multinational company which engages in development and production of paints and performance coatings and also specialty chemicals, has gave their nod to acquire the business of V.Powdertech Co., Ltd. the business of V.Powdertech Co., Ltd. is the leading powder coatings manufacturers based in Thailand. This move by AkzoNobel came after anticipated growth of industrial market in Thailand. The new technologies and services of V.Powdertech Co., Ltd complemented the global technology portfolio and business of AkzoNobel such as Industrial and automotive coatings.
August 4, 2017- Chinese subsidiary of PPG Industries, PPG Zhangjiagang has announced expansion of its industrial, automotive and packaging coatings production lines. This development is most likely to make the world's largest coating production line. At present the largest coating production base is PPG Paints, another subsidy located in Tianjin, China.
June 6, 2017- The U.S. based leading industrial coatings company Axalta Coating Systems has acquired the Spencer Coatings Group, which is a leading manufacturer of high performance industrial coatings for heavy-duty equipment, general industrial, oil and gas, and glass coatings segments. This has added into Axalta's portfolio of Performance Coatings for industrial customers. According to Axalta, they will utilize Spencer's products and people to serve existing customers in the U.K. and expand into new geographies.
February 1, 2017- The U.S. based leading global supplier of liquid and powder coatings Axalta Coatings Systems entered into an acquisition agreement with Century Industrial Coatings. One of the leading manufacturer of high performance industrial coatings fo steel, rail cars, and oil & gas Century Industrial Coatings is based in the U.S, which is renowned for its performance and environmental compliance.
December 15, 2016- TheDutch paints and coatings, and specialty chemicals company, AkzoNobel has successfully acquired the global industrial chemicals business of BASF SE. This business unit of BASF SE comprised of domestic appliances, construction, commercial transport, and wind energy. According to the terms of an agreement the transaction includes patents and trademarks, relevant technologies, as well as two manufacturing plants in the United Kingdom and South Africa.This acquisition has added into strength of AkzoNobel in the global industrial coatings market.
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