The industrial coatings market is healthy, and the foreseeable future looks bright, with the demand projected to increment at a CAGR of 5.8% during the forecast period of 2017 to 2022. Some of the key factors reflecting positively on the global industrial coatings market are: rapid constructional activities for infrastructural development in emerging economies, prosperity of the automotive industry as a result of increasing disposable income among the urban populations, increasing demand for premium paints among do-it-yourself (DIY) consumers, and recent advents of fluoropolymer topcoats, UV-curable coatings, and nanocoatings.
Evaluated at US$31,478.5 mn in 2017 and projected to reach a valuation of US$41,682.8 mn by 2022, the global industrial coatings market is gaining maximum traction in the APEJ region. While strict regulatory for the usage and disposal of petrochemicals continues to hinder the growth rate, vendors of the global industrial coatings market will continue to gain new opportunities by focusing on the research and development of eco-friendly products.
Demand for Epoxy Segment Incrementing at Above-Average CAGR
On the basis of resin, the global industrial coatings market has been segmented into polyurethane, acrylic, polyester, and epoxy. Among these, the epoxy segment constituted 32.4% of the overall demand in 2017, and is estimated to be worth US$14,641.7 mn by 2022, exhibiting at CAGR of 5.9% during the forecast period of 2017 to 2022. In the building and construction industry, industrial epoxy are primarily used for concrete floor as it offers durability and high gloss. This segment is growing at US$732.4 mn annually, and its absolute growth is larger than any other resin-segment.
Technology-wise, the global market for industrial coatings has been bifurcated into water-based, solvent-based, powder, and pre-treatment, whereas based on end-use, the market has been categorized into general finishes, wood, heavy duty equipment, automotive, coil and extrusion, appliances, consumer electronics, and transportation. Some of the everyday usage of powder coated products include electrical components such as lighting fixtures and antennas, corporate offices utensils such as powder-coated file drawers, laptop computers, and computer cabinets, and home utilities such as powder-coated baby strollers, cribs, car seats, playpens, toys, mailboxes, wagons, bathroom scales, satellite dishes, fire extinguishers, and toolboxes.
APEJ Emerging as the Most Lucrative Regional Market for Industrial Coatings
This study evaluates the potential of the industrial coatings market in the regions of Asia Pacific except Japan (APEJ), North America, Europe, Latin America, and the Middle East and Africa, and in the country of Japan. During the forecast period of 2017 to 2022, the APEJ region is projected to increment the demand at a CAGR of 6.7%, which is significantly higher than the global growth rate. Economic growth of developing nations such as China and India is the key reason behind the prosperity of the APEJ industrial coatings market. These two nations house more than a third of the world’s population and their economic growth is multiplying the number of middle-class families, who are essentially the end-consumers of the products made from industrial coatings. By the end of the 2022, APEJ industrial coatings market will be worth US$13,751.7 mn.
North America industrial coatings market is projected for a CAGR of 5.5% during the said forecast period, with the revenue projected to reach US$8,180.9 mn by 2022. European market for industrial coatings will remain at the third position by 2022, serving a demand worth of US$8,691.0 mn. Apart from China and India, Japan is picked-out as another highly profitable country-wide market for industrial coatings, exhibiting a CAGR of 6.0% over the forecast period.
Fragmented Competitive Landscape Heading towards Eco-friendly Products and Practices
Environmental concerns are escalating and the world leaders have taken a note of it. As the industrial coatings market deals with petrochemical products that are losing favor, the vendors of this market are actively researching for products that are eco-friendly. Some of the key companies currently operating in the global industrial coatings market are: AkzoNobel N.V., BASF, PPG Industries, Inc., Nippon Paint Holdings Co., RPM International Inc., The Sherwin-Williams Company, Kansai Paint Co., Ltd, The Valspar Corporation, Axalta Coating Systems, LLC, Jotun A/S, Roto Polymers And Chemicals, NOROO Paint & Coatings Co., Ltd., Weilburger Coatings GmbH, The Chemours Company, Milliken & Company, and Whitford Corporation.