Industrial Coatings Market
The Industrial Coating Market is projected to grow at a robust CAGR during the forecast period (2020-2027).
The factors driving the growth of Industrial Coating Market includes rising demand from end-use industries such as Oil & Gas and packaging, increasing investments on infrastructure projects such as railway stations and bridges and growing consciousness about paint protection. As per the report published by KPMG, the Government of India has increased the capital expenditure on infrastructure to INR 10 lakh crore during the Budget 2022-23, which is expected to increase the application of Industrial Coatings in India. Moreover, the growing adoption of greener coatings and increasing application of industrial coatings in the Automotive industry, are some of the additional factors supplementing the Global Industrial Coatings Market. According to Bloomberg, the Global Commercial Vehicles Market is predicted to reach USD 1.82 trillion by the end of 2028, growing a vigorous CAGR of 5.2% over the forecast period (2021-2028).
However, the growth of Industrial Coating Market is hindered due to high maintenance and raw materials cost.
The major players operating in the market are Axalta Coatings System LLC., Jotun, TIKKURILA OYJ Kansai Paint Co., Ltd., Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, RPM International Inc., Hempel A/S and Nippon Paint Holdings Co., Ltd. among others.
Type – Segment Analysis
Based on type, the epoxy coating segment is projected to capture the largest market share during the forecast period because epoxy coatings are increasingly used at manufacturing plants, commercial stores, hospitals, car garage and airplane hangars
Application – Segment Analysis
Based on application, the paints and coatings segment is predicted to lead the market over the forecast because industrial coating provides corrosion resistance, aesthetic appeal at workplace and reduces the energy cost
Regional – Segment Analysis
Based on the region, the Asia-Pacific region is anticipated to capture the highest market share during the forecast period. The increasing investments by Government on infrastructure projects, expansion of construction sector, rapid urbanization and rising disposable incomes, are some of the important factors augmenting the Industrial Coatings Market Size in the Asia-Pacific region.
Global Industrial coatings Market by Type
- Epoxy Coatings
- Polyurethane Coatings
- Polysiloxane Coatings
Global Industrial coatings Market by Application
- Metal and Plastic
- Protective and Marine
- Coil and Packaging
Global Industrial coatings Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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