As per the findings of a latest intelligence study
by Transparency Market Research (TMR), the global industrial coatings
market is intensely competitive and distributed among a large number
of players. However, a few global players do hold stronger position
than the rest of the lot, owing to their widespread geographical
presence. The key companies of industrial coatings market are staying
ahead of the curve by keeping their production facilities nearby to
the demand. The TMR report identifies PPG Industries, Inc., AkzoNobel
N.V., RPM International Inc., Nippon Paint Holdings Co., The
Sherwin-Williams Company, The Valspar Corporation, Kansai Paint Co.,
Ltd, Axalta Coating Systems, LLC, BASF, NOROO Paint & Coatings
Co., Ltd., Jotun A/S, Roto Polymers And Chemicals, Weilburger
Coatings GmbH, The Chemours Company, Milliken & Company, and
Whitford Corporation as some of the key companies currently operating
in the global industrial coatings market.
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Multi-Billion Dollar Business Prospering
Steadily
As per the estimations of the report, the demand
in the global industrial coatings market will increment at a
considerable CAGR of 5.8% during the forecast period of 2017 to 2022,
reaching a valuation of 41,682.8 mn by 2022, which is significantly
up from its evaluated worth of US$31,478.5 mn in 2017. As far as the
competitive landscape is concerned, most of the industrial coatings
market leaders are expected to pay sustained focus on enhancing their
product portfolio, indulge in mergers and acquisitions, and emphasize
on efficient application of advanced coatings technologies.
Based on resin, the global industrial coatings
market gains maximum demand for epoxy, which represented 32.4% of the
overall demand in 2017. The market for epoxy segment was worth
US$10,979.9 mn in 2017. By 2022, expanding at an above-average CAGR
of 5.9% during the forecast period of 2017 to 2022, the global epoxy
industrial coatings market is estimated to be worth US$14,641.7 mn,
representing an absolute dollar growth of US$732.4 mn annually.
Geographically, North America currently is the most lucrative region
in the global industrial coatings market and is projected to be worth
US$8,180.9 mn by 2022. However, Asia Pacific expect Japan (APEJ) is
anticipated to increase the demand for industrial coatings at the
most robust CAGR of 6.7% and emerge as highly profitable region by
the end of the forecast period.
Rapid Infrastructural Development in Emerging
Economies Augmenting Demand
The prosperity of the global industrial coatings
market can be attributed to a number of factors, but none bigger than
rapid urbanization and infrastructure development in a number of
emerging economies. These coatings find extensive application in the
building construction sector, serving as protective- and
corrosion-resistive agent for plastic and metal structures.
Industrial coatings are also used to make steel and concrete
less-susceptible to fire and other hazards. Apart from the
constructing industry, the automotive industry is another highly
potential end user of the global industrial coatings market. Once
again, developing countries such as China and India are exhibiting a
healthy automotive industry, wherein these coatings are used to add
robustness of various kinds to a number of automotive parts. Several
players of the global industrial coatings market are focusing on the
research and development of advanced coatings that minimize cycle
time in body shops and thereby leads to reduced operational costs.
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Fluctuations in Raw Material Prices Obstructing
Market from Expanding
On the other hand, strict regulatory policies
against solvent-based coatings, difficulty in obtaining thin films in
powder coating, fluctuations in the cost of raw materials, and
long-awaited outbreak of the powder coatings market in Western Europe
are some of the factors that are challenging the true prosperity of
the global industrial coatings market. Going forward, the demand for
premium paints among DIY consumers is expected to increase, while the
introduction of fluoropolymer topcoats, UV-curable coatings, and
nanocoatings will open new opportunities for the vendors operating in
the global industrial coatings market.
Increasing demand for eco-friendly coatings and
prospects for powder coatings in the shipping and pipeline industries
are also expected reflect positively on the growth rate of the global
industrial coatings market.
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