The industrial coatings market is projected to grow from USD 98.30 Billion in 2017 to USD 130.97 Billion by 2022, at a CAGR of 5.91% during the forecast period.
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The report "Industrial Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Water, Solvent, High Solids, Powder), End-use Industry (Automotive, Aerospace, Marine, Wood, Packaging, Protective), and Region - Global Forecasts to 2022", The industrial coatings market is projected to reach USD 130.97 Billion by 2022, at a CAGR 5.91% between 2017 and 2022, in terms of value
Browse 150 Market Data Tables and 36 Figures spread through 185 Pages and in-depth TOC on "Industrial Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Water, Solvent, High Solids, Powder), End-use Industry (Automotive, Aerospace, Marine, Wood, Packaging, Protective), and Region - Global Forecasts to 2022"
Rising demand from the automotive industry is driving the growth of the industrial coatings market. In addition, increasing demand from other end-use sectors such as general industrial, marine, coil, protective, industrial wood, aerospace, rail, and packaging is expected to further drive the growth of the industrial coatings market during the forecast period.
Acrylic segment accounted for a major share of the industrial coatings market in 2016.
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Acrylic resins are preferred over other resins as they offer good plasticizer resistance, excellent solvent resistance, high flexibility, and impact resistance. They also offer excellent color, high gloss, and retention of performance properties at high temperature.
Acrylic resin-based industrial coatings have high demand, especially in the automotive industry, owing to stringent environmental regulations and the high corrosion resistance of these coatings.
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Solvent-based segment accounted for the largest share of the industrial coatings market in 2016.
By technology, the solvent-based segment accounted for the largest market share in 2016. The large share of this segment can be attributed to the various properties of solvent-based industrial coatings, such as high performance, corrosion resistance, and high flexibility.
General industrial segment of the industrial coatings market is estimated to be the largest market between 2017 and 2022.
The general industrial coatings market has diverse end users and is tied to multiple industries. The everyday uses of powder coated products include lighting fixtures, antennas, and electrical components.
In corporate offices, products such as powder-coated file drawers, computer cabinets, laptop computers, and cell phones are widely used. In homes, powder-coated baby strollers, cribs, playpens, car seats, toys, wagons, electronic components, gutters & down spouts, bathroom scales, mailboxes, satellite dishes, toolboxes, and fire extinguishers are used.
The drivers of the general industrial coatings market are population growth, improved standards of living, infrastructure growth, global GDP growth, and recovery and growth in the construction industry.
The Asia Pacific industrial coatings market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific industrial coatings market is projected to grow at the highest CAGR during the forecast period. Asia Pacific is a rapidly expanding industrial coatings market, owing to the growing economy and increasing middle-class population.
The increasing number of industrial activities due to growing urbanization, mainly in China and India, are expected to drive the market during the forecast period.
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AkzoNobel N.V. (Netherlands), PPG Industries Inc. (US), Axalta Coatings Systems (US), BASF Coatings GmbH (Germany), The Sherwin-Williams Company (US), Kansai Paints Co., Ltd (Japan), Jotun A/S (Norway), RPM International (US), Hempel A/S (Denmark), and Nippon Paint Holdings Co., Ltd. (Japan) are among the key players operating in the industrial coatings market.
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