DUBLIN — Research and Markets has released a new report that outlines growth in the global market for industrial coatings. According to the report, the industrial coatings market is projected to register a compound annual growth rate of 3.9%, in terms of value, between 2020 and 2025. The increasing demand for environmentally friendly coatings, the need for efficient process and durable coatings with better aesthetics, and growing demand from the APAC region are expected to drive the industrial coatings market. However, difficulty in obtaining thin films in powder coatings and the requirement of more drying time for water-based coatings are the major restraining factors for the market, according to the study.
The study finds that 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. Apart from automotive, the consumer appliances sector is a major end-use industry of these coatings. Coatings based on acrylic resins are also being used in wood, transportation, marine and general industrial applications.
Powder-based industrial coatings are expected to be the fastest-growing technology during the forecast period, according to Research and Markets. These coatings are highly efficient, with over 98% powder overspray recoverability, and are more resistant to chipping, scratching, fading and wearing than other finishes. The powder coating process releases negligible VOC into the environment and takes less cure time beyond the cool-down period. Powder-based industrial coatings emit low levels of VOCs and provide superior performance and cost efficiency for applications that require maximum abrasion resistance and hardness.
According to the study, increasing consumption of industrial coatings in general industrial and automotive industries is expected to fuel the demand for industrial coatings. The general industrial and automotive segments are the largest end-user industries of industrial coatings. Population growth, improved standard of living, infrastructure growth, global GDP growth, and recovery and growth in the construction industry are driving the growth of the general industrial sector. Automotive OEM is an integral part of automotive manufacturing. Coatings offer excellent quality and durability to automotive equipment. Industrial coatings possess superior mechanical properties that protect automobiles from scratches, environment and chemical exposure. Interior automotive coatings improve the surface area. Increasing automobile production in some parts of the world is expected to drive the demand for industrial coatings, according to Research and Markets.
APAC is expected to register the highest growth during the forecast period, according to the study. APAC has emerged as the leading consumer and producer of industrial coatings due to the growing manufacturing sector in all major economies of the region. Also, the presence of many large, as well as small, industrial coatings producers is driving the market in the region. The demand for industrial coatings in APAC is mainly driven by consumption in China. Other APAC countries, such as Vietnam and India, are also witnessing significant investments in the automotive and marine sectors to meet the demand.
Learn more about the report, Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Alkyd), Technology (Solvent-based, Water-based, Powder), End-Use Industry (General Industrial, Protective, Automotive, Aerospace, Wood, Packaging), and Region — Global Forecast to 2025, here.