According to BlueWeaves Consulting, Global Industrial Coating
Market size is expected
to reach USD 104.22 Billion by 2026 from USD 85.61 Billion in 2019 at a CAGR of
3.12% over the projection period 2020-2026. Enhanced living standards and
infrastructural development across the globe drive growth in the demand for
industrial coating. In the projected time frame, high growth in the U.S. oil
& gas industry will boost the growth of the industrial coatings market.
Industrial coatings are typically used for providing a protective layer to
different equipment used in the exploration and oil production processes for
the oil & gas transmission pipelines. The boom in upstream operations,
growing investments in the midstream market, and the new administration's
legislative support would ultimately exacerbate the demand for industrial coatings
with the lucrative growth rate over the projected period.
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Based on Coating Type,
the market is divided into Solvent, High Solids, Powder, Water and Others
segments. The solvent-based formulations hold the largest share of the
industrial coatings market due to their advantageous and multiple applications,
followed by the High Solid category. The use of powder-coated technology, among
other technologies, is comparatively small but can it is eco-friendly and
provides higher resistance to chipping, scratching, fading and rubbing than
others.
The industrialization and
rapid economic development have led to the immense growth in all sectors such
as iron, steel, automobile, chemical, pharmaceutical, machinery, and food &
beverage. The rising manufacturing facilities in Metallurgical, Mining, Oil
& Gas increasingly use industrial coatings because of the need for the hard
surface in the treatment of various chemicals, liquids, solvents, and in
elevated temperatures. Their excellent surface-resistance, enhanced adhesion,
and high-performance primarily boost the size of the market for industrial
coatings.
The environmental and
health risks associated with volatile organic compounds coupled with
enforcement of numerous environmental and protection laws, such as the
Occupational Safety and Health Administration (OSHA), the Environmental
Protection Agency (EPA), and the California Air Resource Board (CARB) induce
the demand for ecofriendly industrial coating.
Nano-coatings have
resistance to weather and protect the coated surfaces from degradation.
Nano-coatings provide excellent properties such as resistance to high
temperatures, waterproofing, UV-stability, high resistance to abrasion and
corrosion. They are ecofriendly and non-toxic and easy to clean. They are durable
and find uses in the automotive, aerospace, electronics, food & packaging
and the marine industries due to these properties. They improve the features of
electronic device display screens and those devices to be easily washed,
disinfected, and sterilized.
Also, the advent of
bio-based and powdered industrial coatings in household appliances and
electrical components is expected to provide a lucrative opportunity for market
players.
In recent years,
the Asia-Pacific Industrial Coating Market has gained momentum mainly due to
the existence of strict health and security regulations in the general
manufacturing, automotive and finishing industries. China and India are two
leading countries in the region that are expected to generate lucrative
opportunities for growth in this market due to the sheer rapid economic
development in these regions. The primary factor driving growth in the Asia
Pacific industrial coatings market is growing income in middle-class families
supporting the growth of multiple industries. Besides, the rise in oil and gas
and rising packaging industries in developing countries is anticipated to
contribute immensely to the growth of the region-wide Industrial Coating Market.
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“The leading players” in Industrial Coating Market are Sherwin-Williams Company,
PPG Industries, Inc., Akzo Nobel N.V., Nippon Paint Holdings Co Ltd, RPM
International Inc., Axalta Coating Systems, BASF SE, The Dow Chemical Company,
and others such as Jotun Group, Kansai Paint Co., Ltd, NOROO Paint &
Coatings Co., Ltd., TIKKURILA OYJ etc. The market is competitive with the
involvement of numerous major players and some global and regional small- and
medium-sized players worldwide. Business players compete based on the given
product quality and the devices used for the manufacture of industrial
coatings.
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