The global industrial coatings market is highly competitive and fragmented due to presence of large pool of players. However, a few international payers do have a strong hold than the rest of the companies in the market, thanks to their widespread presence across the globe. The prominent companies in the global market for industrial coatings are trying to stay ahead of their rivals by keeping their manufacturing facilities near to the demand. Some of key companies in the global market for industrial coatings include names such as PPG Industries, Inc., AkzoNobel N.V., RPM International Inc., Nippon Paint Holdings Co., The Sherwin-Williams Company, The Valspar Corporation, Kansai Paint Co., Ltd, Axalta Coating Systems, LLC, BASF, NOROO Paint & Coatings Co., Ltd., Jotun A/S, Roto Polymers And Chemicals, Weilburger Coatings GmbH, The Chemours Company, Milliken & Company, and Whitford Corporation. The companies in the market are indulging into strategic business activities such as mergers, takeovers, product innovations, and focus on efficient use of advanced technologies for coating to enhance their overall presence in the global market.
The global market for industrial coatings stood at an overall valuation of US$31.478 bn in the year 2017. This valuation of the market is expected to reach a figure worth US$41.682 bn by the end of 2022. This growth of the global market for industrial coatings is expected to be achieved with the help of an impressive CAGR of 5.8% over the course of the given forecast period of 2017 to 2022. Based on type of resin, the global market for industrial coatings attracts maximum demand for epoxy resins, which accounted for 32.4% of the overall demand in 2017. The segment was valued at US$10.979 bn in 2017. The segment is expected to reach an overall valuation of US$14.641 bn by the end of 2022. This growth of the segment is expected to be achieved with the help of an impressive CAGR of 5.9% over the course of the given forecast period of 2017 to 2022. In terms of geographical region, the global market for industrial coatings is expected to be dominated by North America in coming years with estimated valuation of US$8.180 bn by 2022.
Swift Infrastructural Development to Drive Market Growth
The development of the global market for industrial coatings is driven by multiple factors. One of the biggest factors for the growth of the market is the rapid urbanization and growth of infrastructure in several emerging economies. These coatings find intensive application in the construction industry, serving as a corrosion resistant and protective agent for metal and plastic structures. These coatings are also used to make concrete and steel less vulnerable to fire and other hazards. Apart from the construction sector, automotive sector is also helping in driving the growth of the global market. Numerous companies in the global market for industrial coatings are now concentrating on research and development activities that is also helping in driving the growth of the market in the coming years.
Fluctuations in Prices of Raw Materials to Impede Market Growth
However, strict regulations policies against solvent based coatings, issues regarding getting thin films in powder coatings, constant fluctuations in the prices of raw materials, and lengthy wait for the outbreak of powder coatings in the Western Europe market are some of the key factors that may impede the growth of the market in the coming years of the forecast period.
This review is based on the research report by Transparency Market Research titled, “Industrial Coatings Market (Resin - Polyurethane, Acrylic, Polyester, and Epoxy; Technology - Water-based, Solvent-based, Powder, and Pre-treatment; End-use – General Finishes, Wood, Heavy Duty Equipment, Automotive Parts, Coil and Extrusion, Appliance, Consumer Electronics, and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”
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