Global Industrial Coatings Market
The global industrial coatings market is estimated to be USD 74,913.34 million currently in 2016. The market is projected to reach USD 91,330.00 million by 2021, at an estimated CAGR of 4.04%, during the forecast period, from 2016 - 2022.
The major driver for industrial coatings industry is the growing demand for industrial coatings from the automotive sector. This increase in demand can be attributed to the increased production of automotive, as well as the increasing usage of automotive refinish coatings in the emerging countries. Furthermore, the increasing usage of corrosion coatings in various industries and accelerating demand for eco-friendly coatings is expected to drive the market. The harmful environmental impacts due to VOC emissions from traditional coatings is a major drawback for this market. Factors such as increasing applications of powder coatings and increasing demand for high durable products are anticipated to provide numerous opportunities for the market in the near future.
The market is divided based on the technology into power coatings, water-borne coatings, solvent-borne coatings, radiation-cured coatings, and others. Currently, solvent-borne coatings account for the major share in the market, owing to their better performance compared to other coatings. The water-based coatings segment is expected to witness the highest CAGR, owing to their increasing applications, environment regulations and usage in the developing countries. By resin type, the market has been segmented into acrylics, epoxy, alkyd, polyurethane, polyester, and others. In terms of revenue, epoxy accounted for the major share of the market in 2016.
The industrial coatings market has been divided based on the end-user into aerospace, automotive (automotive OEM and automotive refinish), consumer durables, industrial, marine, wood, transportation, and others. The automotive segment accounted for the highest market share in 2015. With the increase in spending in the aerospace industry, the aerospace segment is expected to witness the highest growth rate during the forecast period.
The market has also been geographically segmented into Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), North America (United States, Canada, Mexico, and Rest of North America), Europe (Germany, United Kingdom, France, Italy, Russia, and Rest of Europe), South America (Brazil, Argentina, and Rest of South America), and Middle-East and Africa (South Africa, Saudi Arabia, Qatar, and Rest of Middle-East & Africa). Currently in 2016, in terms of consumption, Asia-Pacific has been estimated to lead the global industrial coatings market with a market share of 44.22%, followed by Europe and North America.
Opportunities and Major Players
The recovering automotive industry in the United States, coupled with increasing production in the developing countries, the automotive segment is expected to witness a considerable growth rate during the forecast period.
Some of the major companies dominating this market for its products, services, and continuous product development, include:
PPG Industries, Inc.
The Sherwin-Williams Company
RPM International Inc.
Nippon Paint Holdings Co., Ltd. (Nippon)
The Valspar Corporation
Kansai Paint Co., Ltd.
Key Deliverables in the Study
Market analysis for the global industrial coatings market, with region specific assessments and competition analysis on a global and regional scale.
Market definition along with the identification of factors instrumental in changing the market scenario and prospective opportunities.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global industrial coatings market on both global and regional scales.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
Insights on the major countries/regions where this industry is growing and also identify the regions that are still untapped.