The report “Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Alkyd), Technology (Solvent-based, Water-based, Powder), End-Use Industry (General Industrial, Protective, Automotive, Aerospace, Wood, Packaging) and Region – Global Forecast to 2026”, is projected to grow from USD 102.0 billion in 2021 to USD 116.0 billion in 2026, at a CAGR of 2.5%. Growing demand for Industrial Coatings due to the increasing demand of environment-friendly coatings.
Some of the prominent key players are:
· AkzoNobel N.V. (Netherlands)
· PPG Industries (US)
· Sherwin-Williams (US)
· Axalta coating systems, LLC (US),
· Nippon Paint (Japan)
Recent Developments
• In July 2021, AkzoNobel N.V. and Mercedes-Benz extended their partnership agreement for another four years. This means the company will continue to provide vehicle refinish products including the automotive and specialty coatings, and services in China and a preferred partner in Indonesia.
• In March 2021, AkzoNobel N.V. has invested in Qlayers coating technology which offers a fully automated solution to safer, more consistent, and faster than manual the manual coating processes used now in the industry. By eliminating overspray, it’s sustainable solution that saves cost. This technology is helping the customers in applying the anti-corrosive coating systems and others.
General Industrial end-use industry is the fastest-growing segment of the overall Industrial Coatings market.
The general industrial coatings market has diverse end users and is tied to multiple industries. The drivers of the general industrial coatings market are population growth, improved standard of living, infrastructure growth, global GDP growth, and growth in the construction industry. Lighting fixtures, antennas, and electrical components are some of the powder-coated products used daily. Schools use powder-coated bleachers, soccer goals, basketball backstops, lockers, and cafeteria tables. In Corporate offices, powder-coated file drawers, computer cabinets, laptop computers, and cell phones are widely used. In residential houses, powder-coated baby strollers, cribs, playpens, car seats, toys, wagons, electronic components, gutters & downspouts, bathroom scales, mailboxes, satellite dishes, toolboxes, and fire extinguishers are used.
Asia Pacific is the largest Industrial Coatings market during the forecast period.
Asia Pacific encompasses a diverse range of economies with different levels of economic development and multiple industries. The development of the market is mainly attributed to the high economic growth rate followed by heavy investment across industries, such as automotive, consumer goods & appliances, and furniture. Key players are expanding their industrial coatings production in Asia Pacific , especially in China and India. The advantages of shifting production to the region are the low cost of production and the ability to better cater to the emerging local markets.
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