Industrial Coatings Market is Expected at a CAGR of 5.91% 2017-2022

The industrial coatings market is projected to reach USD 130.97 billion by 2022, at a CAGR of 5.91% between 2017 and 2022. The end-use industries of industrial coatings include automotive, aerospace, marine, industrial wood, packaging, protective, general industrial, rail, coil coatings, packaging, transportation, and consumer goods & appliances. The current demand for industrial coatings in these end-use industries is driving the industrial coatings market.

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The demand for industrial coatings has increased in recent years due to their increased consumption by the growing automotive industry in the Asia Pacific region. This increased consumption can be attributed to the region’s rising population, which has, in turn, contributed to the growth of the Asia Pacific industrial coatings market.

By resin type, the fluoropolymer segment of the industrial coatings market is projected to grow at the highest CAGR during the forecast period. Acrylic resin are preferred over other resins as they offer excellent appearance, good weather resistance, high gloss and excellent color retention properties, superior abrasion resistance, good weather ability and excellent electrostatic application characteristics in products that require very high quality standards.

The Polyurethanes segment is projected to grow at the second-highest CAGR during the forecast period. Polyurethanes resins offer good adhesion, high chemical resistance, and excellent physical properties which provide excellent protection against severe corrosive environments.

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Among end-use industries, the automotive OEM segment of the industrial coatings market is projected to grow at the highest CAGR during the forecast period. Growing automotive industry is driving the global industrial coatings market during the forecast period.

India has emerged as one of the key markets for industrial coatings in the Asia Pacific region because of its growing population, increasing urbanization, economic growth, increasing industrialization, manufacturing activities, and infrastructure development.

The rising demand from end-use industries, such as automotive, industrial wood, protective, general industrial, marine, aerospace, rail, coil coatings, transportation, and consumer goods & appliances drives the growth of the country’s industrial coatings market.

China is the world’s largest automotive manufacturer and automotive market. The annual vehicle production in China accounted for nearly 30% of worldwide vehicle production in 2016. These factors are driving the industrial coatings market in the region.

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Some of the leading manufacturers of industrial coatings include AkzoNobel N.V. (Netherlands), PPG Industries Inc (US), Axalta Coatings Systems (US), BASF Coatings GmbH (Germany), The Sherwin-Williams Company (US), Kansai Paints Co., Ltd (Japan), Jotun A/S (Norway), RPM International (US), Hempel A/S (Denmark), and Nippon Paint Holdings Co., Ltd. (Japan), among others.

These companies have adopted various organic and inorganic growth strategies to enhance their businesses and increase their shares in the industrial coatings market.

Reference:
https://www.marketsandmarkets.com/Market-Reports/industrial-coatings-market-746.html?utm_source=Blog%2FML

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