The industrial coatings market is expected to grow from USD 85.2 billion in 2020 to USD 103.2 billion by 2025, at a CAGR of 3.9%. The major factors driving the industrial coatings market include the increasing demand for environmentally-friendly coatings, need for efficient process and durable coatings with better aesthetics, and growing demand from the APAC region. Industrial coatings are thin films applied to steel, concrete, and other materials to augment specific properties such as corrosion resistance, wear resistance, conductivity, and so on. Industrial coatings are manufactured with conventional polymers such as epoxy, polyurethane, acrylic, alkyd, polyesters, and fluoropolymer. The industrial coatings market depends heavily on the performance of the end-user industries such as protective, automotive, aerospace, marine, wood, packaging, coil, rail and general industrial equipment.
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Nano-coatings provide weather resistance to protect coated surfaces from getting degraded. Nano-coatings offer excellent properties, such as high-temperature resistance, waterproofness, UV-stability, high-abrasion resistance, and corrosion resistance. They are also environmentally-friendly and non-toxic and are easy to clean. They are considered as sustainable protective coatings. Owing to these properties, nano-coatings find applications in automotive, aerospace, electronics, food & packaging, and marine industries. Nano-coatings also enhance the properties of display screens of electronic devices and extend their useful life. They enable easy cleaning, disinfection, and sterilization of these devices.
The everyday uses of powder-based industrial coated products include lighting fixtures, antennas, and electrical components. Schools use powder-coated bleachers, soccer goals, basketball backstops, lockers, and cafeteria tables. Corporate offices utilize powder-based industrial coated file drawers, computer cabinets, laptop computers, and cell phones. In domestic homes, applications include baby strollers, cribs, playpens, car seats, toys, wagons, electronic components, gutters & downspouts, bathroom scales, mailboxes, satellite dishes, toolboxes, and fire extinguishers. The rapidly increasing demand for these products will boost the market over the next five years.
APAC has emerged as the leading consumer and producer of industrial coatings. The easy availability of low-cost labor and raw materials are driving foreign investments, which is increasing the production of industrial coatings in the region. APAC is also the fastest-growing industrial coatings market.
Major players in the industrial coatings market include Jotun A/S (Norway), Axalta Coating Systems, LLC (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), Teknos Group (Finland), PPG Industries, Inc. (US), RPM International Inc. (US), Tikkurila Oyj (Finland), Hempel A/S (Denmark), Kansai Paint Co., Ltd. (Japan), Nippon Paint Holdings Co., Ltd. (Japan), The Chemours Company (US), and NOROO Paint & Coatings Co Ltd (South Korea).
