As per the findings of a latest intelligence study by Transparency Market Research (TMR), the global industrial coatings market is intensely competitive and distributed among a large number of players. However, a few global players do hold stronger position than the rest of the lot, owing to their widespread geographical presence. The key companies of industrial coatings market are staying ahead of the curve by keeping their production facilities nearby to the demand. The TMR report identifies 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 as some of the key companies currently operating in the global industrial coatings market.
Multi-Billion Dollar Business Prospering Steadily
As per the estimations of the report, the demand in the global industrial coatings market will increment at a considerable CAGR of 5.8% during the forecast period of 2017 to 2022, reaching a valuation of 41,682.8 mn by 2022, which is significantly up from its evaluated worth of US$31,478.5 mn in 2017. As far as the competitive landscape is concerned, most of the industrial coatings market leaders are expected to pay sustained focus on enhancing their product portfolio, indulge in mergers and acquisitions, and emphasize on efficient application of advanced coatings technologies.
Based on resin, the global industrial coatings market gains maximum demand for epoxy, which represented 32.4% of the overall demand in 2017. The market for epoxy segment was worth US$10,979.9 mn in 2017. By 2022, expanding at an above-average CAGR of 5.9% during the forecast period of 2017 to 2022, the global epoxy industrial coatings market is estimated to be worth US$14,641.7 mn, representing an absolute dollar growth of US$732.4 mn annually. Geographically, North America currently is the most lucrative region in the global industrial coatings market and is projected to be worth US$8,180.9 mn by 2022. However, Asia Pacific expect Japan (APEJ) is anticipated to increase the demand for industrial coatings at the most robust CAGR of 6.7% and emerge as highly profitable region by the end of the forecast period.
Rapid Infrastructural Development in Emerging Economies Augmenting Demand
The prosperity of the global industrial coatings market can be attributed to a number of factors, but none bigger than rapid urbanization and infrastructure development in a number of emerging economies. These coatings find extensive application in the building construction sector, serving as protective- and corrosion-resistive agent for plastic and metal structures. Industrial coatings are also used to make steel and concrete less-susceptible to fire and other hazards. Apart from the constructing industry, the automotive industry is another highly potential end user of the global industrial coatings market. Once again, developing countries such as China and India are exhibiting a healthy automotive industry, wherein these coatings are used to add robustness of various kinds to a number of automotive parts. Several players of the global industrial coatings market are focusing on the research and development of advanced coatings that minimize cycle time in body shops and thereby leads to reduced operational costs.
Fluctuations in Raw Material Prices Obstructing Market from Expanding
On the other hand, strict regulatory policies against solvent-based coatings, difficulty in obtaining thin films in powder coating, fluctuations in the cost of raw materials, and long-awaited outbreak of the powder coatings market in Western Europe are some of the factors that are challenging the true prosperity of the global industrial coatings market. Going forward, the demand for premium paints among DIY consumers is expected to increase, while the introduction of fluoropolymer topcoats, UV-curable coatings, and nanocoatings will open new opportunities for the vendors operating in the global industrial coatings market.
Increasing demand for eco-friendly coatings and prospects for powder coatings in the shipping and pipeline industries are also expected reflect positively on the growth rate of the global industrial coatings market.