Industrial Coatings Market Overview, Demand, Global Industry Share, COVID-19 Analysis and Growth 2023
Industrial Coatings Market Overview
Industrial coatings can be made specifically keeping in mind its particular
usage. The product has better traction in providing protection against
wear-resistance, corrosion, and improve the aesthetic appearance. It is often a
thin film that can be applied on various surfaces like steel, concrete, and
other industrial materials. These films are derived from epoxy, polyurethane,
alkyds, acrylic, and polyester. The coating makes the surface washable and
durable. In various industries like oil-rig towers, aircraft, offshore
structures, power plants, and conveyors, this product finds significant
traction.
The report, as published by Market Research Future (MRFR), finds
the market having a growth by 5.8% CAGR to achieve a valuation of USD 119
billion by 2025. The report considers the time between 2019 and 2025 as the
forecast period. The rapid urbanization and industrial reformation can impact
the growth of the market. Also, the manufacturing of home appliances and
electronic gadgets creates a significant opportunity for market growth.
Industrial Coatings Market Segmentation
The global market for industrial coatings has a better
segmentation that includes resin, type, and end-use industries.
These Industrial Coatings market segments are loaded with data about
how the market should form themselves in the coming years.
By material, the global industrial coatings
industry can be segmented into acrylic, polyurethane, epoxy, alkyd,
fluoropolymers, polyester, and others.
By type, the global market report covering industrial coatings can
be segmented into powder, high solids, solvent, and water. Water is finding
better traction as a medium to ensure that the progress remains eco-friendly.
By end use industry, the global report covers the industrial
coatings market segment by having it
segmented on the basis of construction, automotive OEM, marine, packaging,
general industrial, wood, aerospace, and others.
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Industrial Coatings Market Regional Analysis
The global market report consists regions like the Asia Pacific as
a major contributor and has assessed various moves to get hold of the
demographic challenges it has and dynamics that can improve the market
performance. The market had the highest revenue share in 2018. The industry is
gaining significant traction in various ends user industries like automotive,
general engineering, and construction industry. China has a claim to dominate
the market. However, India is not far behind. With the growing rail industry,
the growth of industrial coatings would be substantial. Also, a lot of
Industrial Coatings companies are operating from the region, which along with
Industrial Coatings contractors, can communicate better growth opportunities.
The market in the Middle East & Africa can also make
significant contributions with several industries finding growth opportunities.
The industrial coatings industry is going to capitalize on these opportunities.
In South America, the growth can depend largely on Brazil and Argentina, who
are expanding their operational scope to ensure better traction.
The markets in regions like Europe and North America have better
provisions for growth where they can contribute significantly. The regional
rigidity regarding VOC emission is driving the market towards innovation, which
can help the market in having better growth. Countries like France, Germany,
and others may have a significant impact on the market.
Industrial Coatings Market Competitive Landscape
A lot of companies have already made a name by contributing
strongly to the growth of the COVID-19 analysis on industrial
coatings market. These companies have been noted
well by MRFR for a better understanding of how companies are planning to
reshape the market in the coming years. These companies are PPG Industries,
Inc. (the US), Akzo Nobel N.V. (Netherlands), Kansai Paint Co. Ltd. (Japan),
RPM International Inc. (US), The Sherwin-Williams Company (US), Nippon Paint
Holdings Co. Ltd. (Japan), The Chemours Company (US), Axalta Coating Systems
(US), NOROO Paint & Coatings Co Ltd (South Korea), Valspar (U.S.),
Burke Industrial Coatings (US), Asian Paints (India), BASF SE (Germany),
Industrial Nanotech, Inc. (US), and Hempel A/S (Demark).
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