The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The market for Industrial Coatings is anticipated to register a CAGR of over 4% during the forecast period. Factors such as growing demand for high durable products and increasing application of powder coatings are expected to offer numerous opportunities for growth in the industrial coatings market.
- Increasing demand for eco-friendly coatings and growing usage of corrosion coatings are augmenting the growth of the market.
- Harmful environmental impact of solvent-borne coatings is likely to hinder the market’s growth.
- Increasing applications of powder coatings and rising demand for high durable products are projected to act as an opportunity for the market in future.
Key Market Trends
Increasing applications in automotive OEM Industry
- Automotive OEM coatings are majorly used by the vehicle manufacturers at the time of production.
- They are applied on spare parts, and other interior and exterior parts of the automotive. The various automotive coatings, which are generally used, include water-borne epoxy and polyesters-based coating.
- The automotive refinish industry has been a key sector for more than two decades. The automotive refinishing market is mainly driven by the continuous adoption of newer technologies, rising disposable income and growing consolidation of used vehicle market.
- The automotive industry is growing, thus augmenting the automotive refinish coatings market. Asia-Pacific is one the fastest growing market for automotive sector. India and China are the two fastest growing markets in Asia-Pacific.
- All the aforementioned factors are expected to drive the global market during the forecast period.
Asia- Pacific region to Dominate the Market
- Asia-Pacific region dominated the global market share. The market is majorly driven by the availability of low labor at low cost, low raw material prices, and growing urban population in the region, in addition to the large number of automotive manufacturing plants.
- China has the largest consumption and it is the leader in industrial coatings market by revenue. This could be attributed to the country being the largest producer of automotive with a growing automotive refinishes market.
- Additionally, the government policy of ’Make in India’ has led to growing FDI in the manufacturing sector in the country which has led to advancement of various industries. This in turn has boosted the market for industrial coatings in the country.
- The construction sector has also been increasing in India with faster rate supported by government investments for infrastructure development; new projects like metros, bridges and buildings are being constructed across the country.
- Furthermore, the government of China is planning to introduce more than one million electric vehicles by 2020, which is expected to drive the market for industrial coatings from the automotive industry in the country. All the aforementioned factors, in turn, boost the demand for industrial coatings in the Asia-Pacific region during the forecast period.
The global market for Industrial coatings segment is a consolidated market among the top players accounting for major share of the market. Major Players include Jotun, Akzo Nobel NV, PPG Industries, The Sherwin-Williams Company, Axalta Coating Systems and Nippon Paint Marine Coatings Co. Ltd. amongst others.
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