Industrial Coatings Market Rising Focus of Manufacturers on Greener Processes to Aid Growth
Rising Environmental Concerns to Bolster Growth
The manufacturing process of industrial coatings releases volatile organic compounds (VOCs) that must be eliminated effectively. These organic chemicals turn to gases once they are kept at room temperature. VOC is the main cause of ground-level air pollution. Hence, nowadays several manufacturers are rapidly inclining towards powder-based or water-borne coatings to maintain sustainability. This factor is set to propel the industrial coatings market growth in the coming years. However, these coatings are prone to drying quickly, which, in turn, may hamper growth.
Acrylic Segment to Hold Major Share Backed by High Demand from Biomedicine Industry
Based on resin, the acrylic segment held the major industrial coatings market share in 2019. This growth is attributable to the increasing demand for ceramic from the biomedicine industry.Binders or resins are capable of holding every component of coatings together. The alky segment would showcase considerable growth in the near future because of its cost-effective and versatile nature.
The global industrial coatings market is set to impetus from the increasing focus of manufacturers towards developing greener processes. These processes would help in creating fewer emissions and wastes, as well as use lesser energy. The research further states that this market size was USD 86.81 billion in 2019 and is projected to reach USD 119.54 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period.
A coating is a covering that is applied to the outside of an article, ordinarily alluded to as the substrate. The motivation behind applying the coatings might be embellishing, useful, or both. The actual coatings might be an all-over coating, totally covering the substrate, or it might just cover portions of the substrate. An illustration of these sorts of coatings is an item mark on numerous beverages bottles — one side has an all-over utilitarian coating (the glue) and the opposite side has at least one beautifying coatings in a proper example (the printing) to frame the words and pictures.
Paints and finishes are coatings that generally have double employment of ensuring the substrate and being enriching, albeit a few specialists paints are just for design, and the paint on huge modern lines is apparently just for the capacity of forestalling erosion.
Practical coatings might be applied to change the surface properties of the substrate, like attachment, wettability, consumption opposition, or wear obstruction. In different cases, for example semiconductor gadget manufacture (where the substrate is a wafer), the coating adds a totally new property, like an attractive reaction or electrical conductivity, and structures a fundamental piece of the completed item.
A significant thought for most coatings measures is that the coatings are to be applied at a controlled thickness, and various cycles are being used to accomplish this control, going from a basic brush for painting a divider, to some over the top expensive hardware applying coatings in the gadgets business. A further thought for ‘non-all-finished’ coatings is that control is required with respect to where the coatings are to be applied. Some of these non-all-over coatings measures are printing measures.
Asia Pacific to Remain at the Forefront Fueled by Rising Production of Automotive
Geographically, Asia Pacific procured USD 36.5 billion in terms of revenue in 2019. The region is set to retain its dominant position in the market throughout the forthcoming years. This growth is attributable to increasing consumer spending and rising automotive production.Additionally, the rising government subsidies, interest rates, general industrial production, and construction activities in this region would spur demand.
Europe, on the other hand, is expected to show significant growth stoked by the ongoing developments in the oil & gas sector. At the same time, the rising usage of powder coatings owing to the rapid technological advancements in this sector would drive growth.
Key Players Focus on Launching Novel Industrial Coatings to Strengthen Their Positions
The market is highly fragmented in nature backed by the presence of multiple prominent domestic and international companies. Most of them are focusing on launching state-of-the-art products to cater to the high demand from various end-use industries. Below are the two latest industry developments:
- August 2020:Sherwin-Williams Protective & Marine unveiled its latest rapid curing technology for lowering the labor costs and application time for structural steel protection.
- July 2020: Nippon Paint India launched an innovative line of industrial paints under its Protec brand.This would help the company to expand its footprint in the industrial coatings segment.
Author’s Bio –
Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights™. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.