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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