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Industrial Coatings Market to Reach $119.54 Billion by 2027; Urgent Need to Improve Overall Usage of Resources will Bolster Growth

October 20, 2020 | Chemicals & Materials

The global industrial coatings market size is projected to reach USD 119.54 billion by 2027. Several manufacturers are striving to enhance the overall resource usage. At present, their main priority is to reduce the usage of energy to maintain sustainability. Therefore, they are introducing new greener processes. Fortune Business Insights™ provided this information in a new study, titled, Industrial Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), By Technology (Solvent-borne, Water-borne, Powder, and Others), By End-use (General Industrial, Powder, Automotive OEM, Automotive Refinish, Protective, Wood, Marine, Coil, Packaging, and Others), and Regional Forecast, 2020-2027.” The study further mentions that the global market stood at USD 86.81 billion in 2019. But, it is set to exhibit a CAGR of 4.4% during the forecast period between 2020 to 2027.


PPG Industries Launches its Latest PPG Surface Seal Hydrophobic Coating


In July 2020, PPG Industries, Inc., a global supplier of coatings, specialty materials, and paints based in the U.S. declared the launch of PPG Surface Seal hydrophobic coating. This innovative product is compatible with most aerospace cleaning and maintenance fluids and is ultraviolet (UV) light-resistant. It is a water and rain shedding coating system that is specifically designed for anti-static coated glass and regular glass windshields.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/industrial-coatings-market-101741


Increasing Usage on Passenger Cars & Light Commercial Vehicles to Aid Growth


Industrial coatings are extensively used on light commercial vehicles (LCVs) and passenger cars. The demand for vehicles is surging rapidly day by day across the globe backed by the increasing disposable incomes of the masses. Besides, the trend of owning vehicles having luxurious appearances would drive the industrial coatings market growth in the near future. However, the sales of vehicles are declining at a faster pace on account of the COVID-19 pandemic. This situation is set to take a toll on the demand for coatings.  


Key Players Aim to Introduce Sustainable Manufacturing Processes


The market is fragmented because of the presence of a large number of small-and-medium-sized manufacturers. Most of them are spending huge sums on research and development activities to introduce novel technologies so that the manufacturing process of these coatings becomes sustainable.


Fortune Business Insights™ lists out the names of all the renowned coatings producers present in the global market. They are as follows:



  • Akzo Nobel N.V. (Netherlands)

  • Axalta Coating Systems, LLC (U.S.)

  • Industrial Coatings Ltd. (Finland)

  • PPG Industries, Inc. (U.S.)

  • The Sherwin-Williams Company (U.S.)

  • Nippon Paint Holdings Co., Ltd. (Japan)

  • Kansai Paint Co., Ltd. (Japan)

  • RPM International Inc. (U.S.)

  • BASF SE (Germany)

  • PPG Asian Paints Pvt Ltd (India)

  • Hempel A/S (Denmark)

  • The Chemours Company FC, LLC. (U.S.)

  • Jotun A/S (Norway)

  • Other Key Players


A Notable Industry Development-



  • January 2020: Sherwin-Williams, a provider of novel paint solutions headquartered in the U.S. announced that it’s General Industrial Coatings division launched a brand new technology named Powdura ECO Hybrid Coatings. It is a blend of exceptional functional properties and aesthetic appeal that would be able to deliver more color stability, as compared to the conventional epoxies.


Further Report Findings-



  • In 2019, Asia Pacific generated USD 36.5 billion in terms of revenue. The region is expected to remain in the dominant position throughout the forecast years because of the increasing general industrial production and availability of government subsidies. Apart from that, the rising interest rates, construction activities, and automotive production would contribute to this growth.

  • In Latin America, the increasing disposable incomes of people are further surging car ownerships. Also, the rising cases of traffic accidents, as well as the presence of poor quality roads in the region would augment growth.

  • Based on end-use, the general industries segment is likely to procure the major industrial coatings market share on account of the increasing adoption of various types of these coatings in a wide range of industries. This is because such coatings are cost-effective and are resistant to corrosion.


The global market can be segmented in the following way:


















































  ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion) and Volume (Kilo Tons)



Segmentation



  Resin; Technology; End-use; and Geography



By Resin


 




  • Acrylic

  • Alkyd

  • Polyurethane

  • Epoxy

  • Polyester

  • Others



By Technology


 




  • Solvent-borne

  • Water-borne

  • Powder

  • Others



By End-use


 




  • General Industrial

  • Powder

  • Automotive OEM

  • Automotive Refinish

  • Protective

  • Wood

  • Marine

  • Coil

  • Packaging

  • Others



By Geography


 




  • North America

    • By Resin

    • By Technology

    • By End-use

    • By Country

      • U.S.

        • By End-use



      • Canada

        • By End-use







  • Europe

    • By Resin

    • By Technology

    • By End-use

    • By Country

      • Germany

        • By End-use



      • UK

        • By End-use



      • France

        • By End-use



      • Italy

        • By End-use



      • Spain

        • By End-use



      • Russia & CIS

        • By End-use



      • Rest of Europe

        • By End-use







  • Asia Pacific

    • By Resin

    • By Technology

    • By End-use

    • By Country

      • China

        • By End-use



      • Japan

        • By End-use



      • India

        • By End-use



      • South Korea

        • By End-use



      • ASEAN

        • By End-use



      • Rest of Asia Pacific

        • By End-use







  • Latin America

    • By Resin

    • By Technology

    • By End-use

    • By Country

      • Brazil

        • By End-use



      • Mexico

        • By End-use



      • Rest of Latin America

        • By End-use







  • Middle East & Africa

    • By Resin

    • By Technology

    • By End-use

    • By Country

      • GCC

        • By End-use



      • South Africa

        • By End-use



      • Rest of Middle East & Africa

      • By End-use






Global Industrial Coatings Market
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  • 2016-2018
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