Industrial Coatings Market Scope
Industrial coatings are type of specialty paints and coatings which offers specific characteristics to the surface. It has wide number of application in various end-use industries which comprises of lifestyle products, automotive, consumer electronics, construction among others. These type of paints and coatings have higher performance and durability and is also involved in offering biocompatible protections as well as anti-microbial properties. Various properties of Speciality paints and coatings are anti-abrasion, UV protection, anti-corrosion, and chemical resistance among others. Rapid urbanization coupled with increasing per capita income among consumers, rising demand for speciality paints and coatings from automotive, wood furniture and marine industry is fostering the market for industrial coatings market
According to AMA, the Global Industrial Coatings market is expected to see growth rate of 5.4% Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Industrial Coatings market throughout the predicted period.
Jotun A/S (Norway), Axalta Coating Systems, LLC (United States), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (United States), Teknos Group (Finland), PPG Industries, Inc. (United States), RPM International Inc. (United States) and Tikkurila Oyj (Finland) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Hempel A/S (Denmark), Kansai Paint Co., Ltd. (Japan), Nippon Paint Holdings Co., Ltd. (Japan), The Chemours Company (United States) and NOROO Paint & Coatings Co Ltd (South Korea).
Segmentation Overview
The study have segmented the market of Global Industrial Coatings market by Type (Water-based, Solvent-based, Powder and Pre-treatment), by Application (General Finishes, Wood and Heavy Duty Equipment) and Region with country level break-up.
On the basis of geography, the market of Industrial Coatings has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
High-Performance Durability as Compared to Traditional Paints and Coatings and Surging Demand for End use Specific Coating Solutions
Market Growth Drivers:
Increasing Customer needs such as High Performance, Improved Durability, and Extended Service Life, Rising Need for Environment Friendly Coatings and Growing sales of Luxurious Automobiles
Challenges:
Stringent Regulatory Policies is Posing a Challenge for the Market, Environmental Challenges in reference to Wastewater Discharge and Sluggish Growth of Automotive OEM, Machinery and Construction industries
Restraints:
Fluctuating Price Associated With the Use of Raw Materials and Water-Based Coatings, as Well as Paints Application, is a Time-Consuming Process
Opportunities:
Continuous Demand for Extended Product Lifetime and Reduced Maintenance for Industrial Coating and Rising Customer Spending and Improving Infrastructure in Developed Countries such as the United States and Western Europe
Market Leaders and their Expansionary Development Strategies
In August 2018, Axalta expanded its liquid industrial coatings production capacity in North America by approximately one million gallons annually. The expansion is scheduled to be completed in the first quarter of 2019 and will allow the company to continue to deliver high-volume and world-class solutions to cater to the evolving needs of its customers. and In November 2017, AkzoNobel announced to separate its specialty chemicals business from paints and coatings and sell it to an affiliate of the AkzoNobel Group.
In October 2018, Nippon Paint Holdings Co., Ltd. invested in the Chiba Plant, a powder coating plant located in Chiba, Japan managed by Nippon Paint Industrial Coatings Co., Ltd, a wholly owned subsidiary of Nippon Paint Holdings Co., Ltd. engaged in the industrial coatings business. Through the investment, the company focusses on its powder coatings activities as an important and growing area and continue to further reinforce the powder coatings business both in technological development and expansion of its product line. and February 2018, PPG Company announced that it has reached a definitive agreement to acquire ProCoatings, a leading architectural paint and coatings wholesaler located in the Netherlands.
Key Target Audience
Industrial Coating Manufacturers, Potential Investors, Industry Associations, Marketing and Consulting firms, Government and Regulatory Bodies, Automobile Industry and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.