Industrial Coatings Market Expected to Reach USD 101.21 billion By...

Industrial Coatings Market Expected to Reach USD 101.21 billion By 2027

Posted 2024-02-01 07:37:38

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Market Summary:

The estimated growth of the Global Industrial Coatings Market is a Compound Annual Growth Rate (CAGR) of 2.7%, projecting an increase from USD 81.42 billion in 2019 to USD 101.21 billion in 2027. The sector experiences significant growth due to heightened competition within the general industry.

Industrial Coatings Market Synopsis:

The industrial coating processes involve various end-users such as general refinish, automotive, telecommunications, aerospace, oil and gas, mining, marine, and power generation. These coatings are applied to materials like concrete, steel, flooring, building structures, roofs, and other industrial components, driven by properties like chemical resistance, water resistance, durability, impact resistance, abrasion, and UV light resistance. The market is witnessing a shift towards environmentally sustainable lacquers, with increased demand for water and powder-based industrial coatings to meet environmental regulations.

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Key Points:

United States Dominance: The United States leads the industrial coating sector in North America, driven by the growth of the general industry, enhanced living standards, and infrastructural development. Various coatings, including those for wires, wood, high temperatures, water resistance, and corrosion protection, are essential for compliance in different applications.
Environmental Concerns: The demand for environmentally sustainable lacquers is rising due to stringent regulations on Volatile Organic Compounds (VOCs). Government bodies like OSHA, EPA, and CARB are introducing regulations to address the impact of VOCs on human health and the environment.
Product Outlook: Acrylic coatings hold a significant share in the main commodity group, finding applications in construction machinery, automotive, consumer appliances, and more. Different formulations, including solvent-borne, waterborne, and powder-based coatings, contribute to the versatility of acrylic coatings. Other material types include alkyd, polyurethane, epoxy, polyester, among others.
Technology Outlook: Solvent-borne technology dominates the market, especially in applications like aerospace, oil and gas, and marine. However, strict regulations on VOC emissions pose challenges, leading to the exploration of alternative technologies like waterborne and powder-based coatings.
End-Use Outlook: The general industrial sector is the primary end-use group, utilizing industrial coatings for rust protection, UV radiation resistance, and increased durability. The automotive OEM segment is also significant, contributing to the demand for coatings that enhance performance and longevity.
Regional Outlook: Europe is the second-largest industrial coating market, with stringent regulations ensuring environmental and human safety. Asia-Pacific leads in revenue generation, driven by manufacturing, automotive, electricity generation, mining, and oil and gas industries.

Market-O-Nomics:

Key drivers include the demand for environmentally-friendly coatings, efficient and durable coatings, and increased demand from the Asia-Pacific region.
Acrylic sector is expected to show a higher CAGR during the forecast period due to excellent environmental resistance and rapid setting times.
Solvent-based industrial coatings are expected to witness the largest development despite challenges posed by VOC regulations.
General industrial sector is predicted to dominate the market, driven by increasing demand for industrial coatings.
APAC is projected to account for the largest share of the industrial coating market during the forecast period.

Companies and Innovations:

Key players include Akzo Nobel, Jotun, Axalta Coating Systems, PPG Industries, Nippon Paint, Sherwin-Williams, BASF, Hempel, and Henkel.
Strategic initiatives include capacity expansions, investments in manufacturing facilities, and introduction of new production lines.
Start-ups entering the industrial coatings industry include Apellix, Action Paint, and Qlayers, offering innovative solutions for advanced driver aid products.

Deal Landscape:

Mergers and Acquisitions play a crucial role in the industry, with major players like AkzoNobel acquiring Mauvilac Industries to expand their presence in Sub-Saharan African markets.

Expert Insights:

The industrial coatings market may face disruptions due to global economic imbalances and turbulence. The COVID-19 pandemic has impacted business strategies, prompting key players to review and adapt to changing market conditions.

Segments Covered in the Report:

Product Outlook: Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others
Technology Type Outlook: Solvent Borne, Water-Borne, Powder Based, Others
End-Use Outlook: Industrial, Marine, Automotive, Electronics, Aerospace, Oil & Gas, Others
Regional Outlook: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

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