- Solvent-based industrial coatings are estimated to be the largest technology in 2019.
- General industrial segment to dominate the industrial coatings market during the forecast period.
- APAC is expected to account for the largest share of the industrial coatings market during the forecast period.
The Industrial Coatings Market is expected to grow from $89.5 billion in 2019 to $115.4 billion by 2024, at a CAGR of 5.2% during the forecast period. The major factors driving the industrial coatings market include the increasing demand for environmentally-friendly coatings, need for efficient process and durable coatings with better aesthetics, and growing demand from the APAC region.
The acrylic segment is projected to register the higher CAGR in the industrial coatings market during the forecast period
Acrylic resins are a group of thermoplastic or thermosetting plastic substances derived from acrylic acid, methacrylic acid, and other related compounds. These resins offer excellent resistance to extreme environmental conditions and enable fast-setting times in comparison to other resin systems. They find use in automotive, industrial assembly, furniture, electrical & electronics, and other end-use industries.
Solvent-based industrial coatings are estimated to be the largest technology in 2019
Solvent-based industrial coatings are preferred over water-based coatings in humid environments. Solvent-based coatings cure due to a chemical reaction between oxygen in the atmosphere and their constituents, and not by the evaporation of water. Solvent-based industrial coatings achieve a higher gloss level than water-based coatings. It is applied to the surface of the material to prevent corrosion and is more flexible than water-based coatings during the curing of the coating. Solvent-based industrial coatings are used widely in numerous end-user industries such as automotive, marine, aerospace, coil, transportation, packaging, and protective, among others.
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General industrial segment to dominate the industrial coatings market during the forecast period
The everyday uses of powder-based industrial coated products include lighting fixtures, antennas, and electrical components. Schools use powder-coated bleachers, soccer goals, basketball backstops, lockers, and cafeteria tables. Corporate offices utilize powder-based industrial coated file drawers, computer cabinets, laptop computers, and cell phones. In domestic homes, applications include baby strollers, cribs, playpens, car seats, toys, wagons, electronic components, gutters & downspouts, bathroom scales, mailboxes, satellite dishes, toolboxes, and fire extinguishers. The rapidly increasing demand for these products will boost the market over the next five years.
APAC is expected to account for the largest share of the industrial coatings market during the forecast period
APAC has emerged as the leading consumer and producer of industrial coatings. The easy availability of low-cost labor and raw materials are driving foreign investments, which is increasing the production of industrial coatings in the region. APAC is also the fastest-growing industrial coatings market.
Major players in the industrial coatings market include Jotun A/S (Norway), Axalta Coating Systems, LLC (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), Teknos Group (Finland), PPG Industries, Inc. (US), RPM International Inc. (US), Tikkurila Oyj (Finland), Hempel A/S (Denmark), Kansai Paint Co., Ltd. (Japan), Nippon Paint Holdings Co., Ltd. (Japan), The Chemours Company (US), and NOROO Paint & Coatings Co Ltd (South Korea).