Global Industrial Coatings Market - Segmented by Resin Type, Technology, End-user and Geography - Growth, Trends and Forecast (2018 - 2023)
The Global Industrial Coatings market is estimated to value at USD 42.2 billion in 2017. Asia-Pacific is expected to hold the largest share of the market, owing to growing consumer durables market and expansions related to oil and gas sector, especially in China. Water-borne technology is expected to be the fastest growing during the forecast period.
Expansion in oil and gas activities in APAC and North America set to propel growth of protective sector of the industrial coatings
The oil and gas sector has seen a dip in the recent times due to decrease in oil prices, but is expected to catch up in the coming years. Major economies are expected to still carry on with their expansion plans, this includes U.S. and China. US had more than new 130,000 oil & gas wells have been drilled since 2010, and has several other projects in the pipeline. China is also expected to have major expansions, owing to the presence of a large number of oil companies.
General Industrial account for the largest share of the end-user segment during the forecast period
The general industrial sector majorly covers consumer appliances, sports equipment, and parts of automotive, likes wheels, break lines, mirror coatings, coil coatings, and HVAC coatings. Growth of the end-user is mainly attributed to the increasing user penetration in the consumer durable sectors, in major economies across the globe. Household appliances’ consumption is in the United States and Canada is forecast to jump from USD 84.43 billion in 2014 to nearly USD 115 billion by 2020. Apart from the above mentioned regions major economies of APAC is also expected to witness significant growth during the forecast period.
Asia-Pacific is set to dominate the region during the forecast period
Asia-Pacific is expected to hold a share of slightly more than 60% in terms of revenue in 2017, with China dominating the market. Some of the major reason for the domination of the Chinese market includes, expansion of oil refinery sites in China from some of the leading oil producers in the world, such as SINOPEC and CNCP. General industrial end-user is expected to dominate the market in China owing to the increasing user penetration in consumer durable and also the improving applications for the same. Other regions in APAC, such as India, Japan and South Korea are expected to have significant growth in the coming years
Notable Developments in the Market
October 2017: PPG introduces ppg durastar ultra-durable industrial spray coating
Major Players: PPG Industries, Akzo Nobel NV, The Sherwin Williams Company and RPM International amongst others.
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