Industrial Coatings Market Size is Expected to Grow From USD 107.4 Billion in 2019 to USD 139.0 Billion by 2024 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Industrial
Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane,
Polyester), Technology (Water, Solvent, High Solids, Powder), End-use
Industry (Automotive, Aerospace, Marine, Wood, Packaging, Protective), &
Region – Global Forecast to 2024”
report has been added to ResearchAndMarkets.com’s
offering.

The Industrial Coatings Market Size is Expected to Grow From USD 107.4
Billion in 2019 to USD 139.0 Billion by 2024, at a CAGR of 5% During the
Forecast Period.

The growth of applications is increasing the consumption of
industrial coatings.

The increasing demand for eco-friendly coatings, the need for efficient
process & durable coatings with better aesthetics, and growing demand
from the APAC region are expected to drive the industrial coatings
market. However, difficulty in obtaining thin films in powder coatings
and the requirement of more drying time for water-based coatings are the
major restraining factors for the market.

Fluoropolymer is projected to be the fastest growing resin chemistry
during the forecast period.

Fluoropolymers offer excellent thermal, chemical, and weather
resistance, as well as optical properties. These characteristics make
fluoropolymer-based industrial coatings suitable for industries such as
chemical, oil & gas, textile, paper, and plastics. Fluoropolymer resins
are used mainly in coil coatings, as they have a high resistance to high
temperatures, resulting in negligible hurdles for forming a coating. In
the automotive industry, fluoropolymer-based industrial coatings are
used for ball bearings to reduce friction and resist corrosion. In the
aerospace industry, these coatings are useful in cabin interiors,
wheels, and bearings to resist fire and corrosion. Apart from these, the
consumer appliances industry, including mixing blades, non-stick
cookware, cutting blades, and molds, uses fluoropolymer coating.

Powder-based industrial coatings are expected to be the
fastest-growing technology during the forecast period

Powder-based industrial coatings are highly efficient with over 98%
powder overspray recoverability, more resistant to chipping, scratching,
fading, and wearing than other finishes. This process releases
negligible VOC into the environment and takes less cure time beyond the
cool-down period. Powder-based industrial coatings emit low levels of
VOCs, providing superior performance and cost efficiency for
applications that require maximum abrasion resistance, and hardness.

Increasing consumption of industrial coatings in general
industrial and automotive industries is expected to fuel the demand for
industrial coatings

The general industrial and automotive segments are the largest end-user
industries of industrial coatings. Population growth, improved standard
of living, infrastructure growth, global GDP growth, and recovery and
growth in the construction industry are driving the growth of the
general industries. Automotive OEM is an integral part of automotive
manufacturing. Coatings offer excellent quality and durability to
automotive equipment. Industrial coatings possess superior mechanical
properties that protect automobiles from scratches, environment, and
chemical exposure. Interior automotive coatings improve the surface
area. Increasing automobile production in some parts of the world is
expected to drive the demand for industrial coatings.

APAC is expected to register the highest growth during the
forecast period.

APAC has emerged as the leading consumer and producer of industrial
coatings due to the growing manufacturing sector in all major economies
of the region. Also, the presence of many large, as well as small
industrial coatings producers, is driving the market in the region. The
demand for industrial coatings in APAC is driven majorly by consumption
in China. Other APAC countries such as Vietnam and India are also
witnessing significant investments in the automotive and marine sectors
to cater to the demand.

Market Dynamics

Drivers

  • Increasing Demand for Environmentally-Friendly Coatings
  • Need for Efficient Process and Durable Coatings With Better Aesthetics
  • Growing Demand From APAC

Restraints

  • Difficulty in Obtaining Thin Films in Powder Coatings
  • Requirement of More Drying Time for Water-Based Coatings

Opportunities

  • Attractive Prospects for Powder Coatings in Shipbuilding and Pipeline
    Sectors
  • Increasing Use of Nano-Coatings
  • Continuous Demand for Extended Product Lifetime and Reduced Maintenance

Challenges

  • Stringent Regulatory Policies

Companies Mentioned

  • Akzo Nobel N.V.
  • Axalta Coating Systems, LLC
  • BASF SE
  • Hempel A/S
  • Jotun A/S
  • Kansai Paint Co, Ltd.
  • Nippon Paint Holdings Co, Ltd.
  • Noroo Paint & Coatings Co, Ltd.
  • PPG Industries Inc.
  • RPM International Inc.
  • Teknos Group
  • The Chemours Company
  • The Sherwin-Williams Company
  • Tikkurila OYJ
  • Weilburger Coatings

For more information about this report visit https://www.researchandmarkets.com/r/t3x957

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Related
Topics: Paints
and Coatings