According to a recent report from Markets and Markets, the global industrial coatings market is expected to grow from $98.30 billion in 2017 to $130.97 billion by 2022.
For the purposes of this report industrial coatings are defined as thin films applied on materials to add or enhance their specific properties such as corrosion resistance, wear resistance and conductivity.
Markets and Markets identified a number of developments in the industrial coatings market that have happened over the past few years.
• PPG Industries introduced Durastar Ultra-Cool coatings that enhance the beauty and extend the service life of metal roofing, siding, panels, and other building components.
• Axalta Coating Systems expanded to optimize manufacturing capabilities for its Alesta brand at its powder coatings production facilities in Germany to cater the growing market demand.
• AkzoNobel acquired the industrial coatings business of BASF . This strategy would help strengthen its position in the coil coatings market.
Although the Asia Pacific region has been identified as the area with the most potential for growth, North America and Western Europe are also key areas.
For Axalta Coating Systems, China is the fastest growing region in the world for Industrial coatings.
“But we have also seen very healthy growth rates in our mature markets in Europe and the U.S.,” said Dave Heflin, vice president, Global Industrial Liquid Coatings, Axalta Coating Systems.
In the past year Axalta has launched more than 80 new products across its Industrial businesses.
Hempel said it is focusing its industrial coatings activity in the North American and Western European markets.
“We have the added benefit that we are supported by our Centres of Excellence in Dallas, Texas, USA and Kampen, Netherlands,” said Michael Bredfeldt, head of Industrial Group Product Management, Product and Portfolio, Hempel. “Both sites offer holistic technical services, from product development to field technical expertise...We anticipate continuing to see gains in these regions.”