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Market Overview:
The size
of the worldwide industrial
coatings market was estimated at USD 132 billion in 2020 and is expected to
increase at a compound annual growth rate (CAGR) of 4.2% from USD 137.1 billion
in 2021 to USD 183.2 billion in 2028. The COVID-19 epidemic has had an
unparalleled and profound effect on the world, causing a decline in demand for
industrial-grade coatings in every region. Our analysis showed that in 2020,
the global market shrank by 4.2%. The market's demand and growth, which will
eventually revert to pre-pandemic levels after the pandemic is ended, are
responsible for the abrupt increase in CAGR.
The demand
for industrial coatings is predicted to rise as a result of the increasing use
of refinish coatings for vehicle maintenance, repair, and aftermarket painting
due to its attractive look, corrosion resistance, and surface protection. While
rising construction activity drives product demand in the wood industry, these
coatings' excellent CO2 retention qualities to preserve freshness, as well as
their high flexibility and stickiness, are driving their demand in the
packaging business.
Market Growth:
Market
Segmentation: The market is divided by factors like:
Challenges:
The market faces potential headwinds like raw material price fluctuations,
supply chain disruptions, and stricter environmental regulations that may
increase production costs.
Future
Trends: The demand for eco-friendly coatings with lower VOCs and
sustainable materials is expected to rise. Additionally, advancements in
self-healing, anti-corrosive, and fire-resistant coatings are creating exciting
possibilities.
Market Driver:
The industrial coatings market is
propelled by a confluence of factors:
·
Booming End-Use Industries: Growth in automotive,
construction, and packaging industries drives demand for industrial coatings
for aesthetics, protection, and extended product life.
·
Infrastructure Development: Rising urbanization and government
investments in infrastructure like bridges and buildings fuel the need for
industrial coatings in these projects.
·
Environmental Regulations: Increasing regulations on VOC
(volatile organic compound) emissions are pushing the demand for eco-friendly,
water-borne coatings.
·
Asia Pacific as a Growth Engine: This region's expanding
population, low production costs, and booming construction sector make it a
major driver of the global industrial coatings market.
Regional Analysis:
Asia Pacific dominated the industrial coatings market, accounting for
USD 55.7 billion, and is expected to hold this position during the forecast
period. Government subsidies, rising automobile production, building
activities, general industrial output, low interest rates, and high consumer
spending, all major components of GDP, are anticipated to drive market growth.
Source: https://www.fortunebusinessinsights.com/industry-reports/industrial-coatings-market-101741
Key Development:
Rapid
curing technique was developed by Sherwin-Williams Company Protective &
Marine to drastically cut down on labor expenses and time required to protect
structural steels. Compared to a conventional two-pack coating system, the
company's Envirolastic 2500 system may be applied as a single or multi-coat
system and has comparable color and gloss retention to a polyurethane topcoat,
resulting in faster shop throughput.
LIST OF KEY COMPANIES PROFILED IN
INDUSTRIAL COATINGS MARKET:
·
Akzo
Nobel N.V. (Netherlands)
·
Axalta
Coating Systems, LLC (U.S.)
·
Industrial
Coatings Ltd. (Finland)
·
PPG
Industries, Inc. (U.S.)
·
The
Sherwin-Williams Company (U.S.)
·
Nippon
Paint Holdings Co., Ltd. (Japan)
·
Kansai
Paint Co., Ltd. (Japan)
·
RPM
International Inc. (U.S.)
·
BASF
SE (Germany)
·
PPG
Asian Paints Pvt Ltd. (India)
·
Hempel
A/S (Denmark)
Market Overview:
The size
of the worldwide industrial
coatings market was estimated at USD 132 billion in 2020 and is expected to
increase at a compound annual growth rate (CAGR) of 4.2% from USD 137.1 billion
in 2021 to USD 183.2 billion in 2028. The COVID-19 epidemic has had an
unparalleled and profound effect on the world, causing a decline in demand for
industrial-grade coatings in every region. Our analysis showed that in 2020,
the global market shrank by 4.2%. The market's demand and growth, which will
eventually revert to pre-pandemic levels after the pandemic is ended, are
responsible for the abrupt increase in CAGR.
The demand
for industrial coatings is predicted to rise as a result of the increasing use
of refinish coatings for vehicle maintenance, repair, and aftermarket painting
due to its attractive look, corrosion resistance, and surface protection. While
rising construction activity drives product demand in the wood industry, these
coatings' excellent CO2 retention qualities to preserve freshness, as well as
their high flexibility and stickiness, are driving their demand in the
packaging business.
Market Growth:
Market
Segmentation: The market is divided by factors like:
Challenges:
The market faces potential headwinds like raw material price fluctuations,
supply chain disruptions, and stricter environmental regulations that may
increase production costs.
Future
Trends: The demand for eco-friendly coatings with lower VOCs and
sustainable materials is expected to rise. Additionally, advancements in
self-healing, anti-corrosive, and fire-resistant coatings are creating exciting
possibilities.
Market Driver:
The industrial coatings market is
propelled by a confluence of factors:
·
Booming End-Use Industries: Growth in automotive,
construction, and packaging industries drives demand for industrial coatings
for aesthetics, protection, and extended product life.
·
Infrastructure Development: Rising urbanization and government
investments in infrastructure like bridges and buildings fuel the need for
industrial coatings in these projects.
·
Environmental Regulations: Increasing regulations on VOC
(volatile organic compound) emissions are pushing the demand for eco-friendly,
water-borne coatings.
·
Asia Pacific as a Growth Engine: This region's expanding
population, low production costs, and booming construction sector make it a
major driver of the global industrial coatings market.
Regional Analysis:
Asia Pacific dominated the industrial coatings market, accounting for
USD 55.7 billion, and is expected to hold this position during the forecast
period. Government subsidies, rising automobile production, building
activities, general industrial output, low interest rates, and high consumer
spending, all major components of GDP, are anticipated to drive market growth.
Source: https://www.fortunebusinessinsights.com/industry-reports/industrial-coatings-market-101741
Key Development:
Rapid
curing technique was developed by Sherwin-Williams Company Protective &
Marine to drastically cut down on labor expenses and time required to protect
structural steels. Compared to a conventional two-pack coating system, the
company's Envirolastic 2500 system may be applied as a single or multi-coat
system and has comparable color and gloss retention to a polyurethane topcoat,
resulting in faster shop throughput.
LIST OF KEY COMPANIES PROFILED IN
INDUSTRIAL COATINGS MARKET:
·
Akzo
Nobel N.V. (Netherlands)
·
Axalta
Coating Systems, LLC (U.S.)
·
Industrial
Coatings Ltd. (Finland)
·
PPG
Industries, Inc. (U.S.)
·
The
Sherwin-Williams Company (U.S.)
·
Nippon
Paint Holdings Co., Ltd. (Japan)
·
Kansai
Paint Co., Ltd. (Japan)
·
RPM
International Inc. (U.S.)
·
BASF
SE (Germany)
·
PPG
Asian Paints Pvt Ltd. (India)
·
Hempel
A/S (Denmark)
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