Global Industrial Coatings Market to be worth $41.68M by 2022
As per the projections of the TMR report, the demand in the global industrial coatings market will increment at a CAGR of 5.8 percent during the forecast period of 2017 to 2022. By the end of the forecast period, 2022, the revenue in this market is estimated to reach a valuation of $41.68 million, considerably up from its evaluated worth of $31.47 million in 2017. In the near future, the intensely competitive landscape is anticipated to sustain, with the prominent players focusing on expanding their geographical presence and improve on their production facilities. In addition to that, expansion of product portfolio and mergers and acquisitions are some of the other key strategies adopted by these leading players. For instance, PPG Industries and BASF have recently introduced UV-cure products such as clearcoats that can offer resistance from mar and scratch.
Based on type of resin, the global industrial coatings market has been segmented into polyurethane, polyester, acrylic, epoxy, and others. In 2017, the epoxy segment served the maximum, 32.4 percent, of the total demand in the global industrial coatings market, which was a reflection of its extensive usage in the building and construction industry, owing to its durability and high gloss that makes it ideal for concrete floor. As the construction industry continues to gain momentum in APAC region, the epoxy industrial coatings market is projected to reach a valuation of $14.64 million by 2022, expanding at an above-average CAGR of 5.9% during the forecast period of 2017 to 2022. Technology-wise, the market has been bifurcated into solvent-based, water-based, powder, pre-treatment, and others, whereas end-use categories have been made into general finishes, heavy duty equipment, wood, automotive parts, appliances, coil and extrusion, transportation, and consumer electronics.
Geographically, the TMR report picks out North America are most lucrative region, promising a revenue of $8.18 million by the end of 2022, although its growth rate is significantly lower than that of the region of Asia Pacific excluding Japan (APEJ), which is projected to increment the demand at an above-average CAGR of 6.7 percent during the said forecast period. This strengthening demand from APEJ is a reflection of improving infrastructure and favorable government initiatives in emerging economies such as China, India, and Japan.
Some of the key factors augmenting the demand in the global industrial coatings market are: growing need for efficient process and durable coatings with better aesthetics, increasing demand for eco-friendly coatings, and growing demand from the emerging economies in the region of APAC. On the other hand, need for more drying time for water-based coatings, strict government policies, and difficulty in obtaining thin films in powder coatings are a few obstructions mitigating the prosperity of the global industrial coatings market. Nevertheless, the vendors operating in this market are expected to gain new opportunities from the increasing usage of nano-coatings and healthy prospects of powder coatings in shipbuilding and pipeline industries.
The information presented in this review is based on a Transparency Market Research report, titled, “Industrial Coatings Market (Resin - Polyurethane, Acrylic, Polyester, and Epoxy; Technology - Water-based, Solvent-based, Powder, and Pre-treatment; End-use – General Finishes, Wood, Heavy Duty Equipment, Automotive Parts, Coil and Extrusion, Appliance, Consumer Electronics, and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
Research Report Reference: https://www.transparencymarketresearch.com/industrial-coatings-market.html