As Demand Rises Across Industries, Global Industrial Coatings Market Thrives

January 02, 2019

WELLESLEY, Mass., Jan. 02, 2019– The demand for improved durability, higher functionality and ease-of-application in multiple end-use industries is fueling growth in the industrial coatings market across the globe, according to the report “Industrial Coatings: Technologies, Applications and Global Markets.”

According to BCC Research, the global market for industrial coatings was valued at $64.9 billion in 2018 and is expected to reach nearly $82.7 billion by 2023 at a compound annual growth rate (CAGR) of 5.0%.

Key players in the industry include: RPM International Inc., (RPM), Jotun A/S, PPG Industries Inc. (PPG), The Sherwin-Williams Co. (SHW), Axalta Coating Systems (AXTA), Hempel A/S and AkzoNobel NV (AKZOY).

Research Highlights:

• Epoxy accounted for the largest share of the industrial coatings market, in terms of value. Epoxy coating is used for its attractive properties and strong adhesion to metal substrates compared to other materials.
• Based on technology, the solvent-borne coatings segment is expected to dominate the global industrial coatings market due to its versatility.
• There has been a major shift in global industrial coatings production. These processes are moving away from developed regions, such as Europe and the U.S., to developing regions, such as China and India.

“Rapid urbanization and infrastructure development have led the Asia-Pacific region to emerge as the largest market for industrial coatings,” the report states. “In addition, increasing demand from vehicle coatings, coil coatings and wood coatings also plays a vital role in driving the industrial coatings market in the region. Asia-Pacific is also the fastest-growing industrial coatings market due to the large number of manufacturers opening their facilities in the region.”

Factors Restraining Market Growth

Within the global industrial coatings market, fluctuating raw material prices may limit growth as the industry is raw-material intensive. Raw materials account for about 61% of the total manufacturing cost of industrial coatings. Additionally, the prolonged drying time associated with waterborne industrial coatings is another factor limiting growth in the market.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Industrial Coatings: Technologies, Applications and Global Markets( CHM070B )
Publish Date: Nov 2018    

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