Industrial Coatings Market: Key Insights
The industrial coatings market is expected to grow in the coming years due to increasing demand for durable and long-lasting coatings in various industries. Industrial coatings are used to protect and enhance the appearance of a wide range of surfaces, including metals, plastics, wood, and concrete. These coatings are known for their exceptional properties, such as high durability, corrosion resistance, and chemical resistance. They are widely used in various applications such as transportation, construction, and general manufacturing.
One of the key drivers of the industrial coatings market is the increasing demand for durable and long-lasting coatings in the transportation industry. Industrial coatings are used in the transportation industry to protect vehicles and equipment from corrosion, environmental factors, and wear and tear. They also enhance the appearance of vehicles and equipment, which helps to improve their marketability.
Another key driver of the industrial coatings market is the rise in the need for sustainable and eco-friendly coatings. Governments around the world are implementing regulations to promote sustainable development and protect the environment, which is driving the demand for coatings that are free of hazardous chemicals and have low VOC (volatile organic compounds) emissions.
Overall, the industrial coatings market is expected to grow in the coming years due to increasing demand for durable and long-lasting coatings in various industries such as transportation, construction, and general manufacturing. The key drivers of the market are increasing demand for durable and long-lasting coatings in the transportation industry and increasing demand for sustainable and eco-friendly coatings in the construction industry.
Wide Usage of Anti-Corrosion Coatings to Drive Industrial Coatings Market
The wide usage of anti-corrosion coatings is expected to help drive the growth of the industrial coatings market. Anti-corrosion coatings are specifically designed to protect surfaces from corrosion caused by exposure to harsh environmental conditions and chemicals. They are widely used in various industries such as transportation, construction, oil & gas, and chemical processing. The coatings are applied to various substrates, including metal, concrete, and wood, to protect them from corrosion.
Anti-corrosion coatings are in high demand due to the need for long-term protection of surfaces in harsh environments. They provide a barrier against moisture, chemicals, and other corrosive elements, which helps prolong the coated surfaces' lifespan. This is particularly important in industries such as oil & gas, where equipment and infrastructure are exposed to harsh conditions daily.
The increasing demand for sustainable and eco-friendly coatings also drives the wide usage of anti-corrosion coatings. Many anti-corrosion coatings are water-based and have low VOC (volatile organic compounds) emissions, which makes them more environmentally friendly than traditional solvent-based coatings.
Industrial Coatings Market: Segmental Overview
The global industrial coatings market is segmented on the basis of technology, resin and end-user industry. Based on technology, the market is segmented as powder coatings, solvent-borne coatings, water-borne coatings, radiation cured coatings and others. On the basis of resin, the market is segmented as acrylics, epoxy, polyurethane (PU), polyester and others. The market on the basis of the end-user industry is classified as aerospace, automotive and transportation, consumer durables, general industrial, marine, wood and others.
Based on end-user industry, the automotive and transportation segment held the substantial share in the market. The automotive and transportation segment is expected to be a major contributor to the growth of the industrial coatings market, driven by the increasing demand for durable and long-lasting coatings in the automotive and transportation industry. These coatings protect vehicles, equipment, and infrastructure from corrosion, environmental factors, and wear and tear and improve the surface's appearance and durability. The growing production of cars, trucks, and other vehicles and the infrastructure development for transportation will drive the market for industrial coatings in this segment.
Industrial Coatings Market: Competitive Landscape and Key Developments
Akzo Nobel N.V.; Asian Paints; Axalta Coating Systems, LLC; BASF SE; Hempel A/S; Jotun; Kansai Paint Co., Ltd.; Nippon Paint Holdings Co., Ltd.; PPG Industries, Inc.; and The Sherwin-Williams Company among the key players operating in the industrial coatings market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.
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