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. VOCs are the main cause of ground-level air pollution. Hence, nowadays, several manufacturers are rapidly turning to 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 Due to Demand from Biomedical Industry
Based on resin, the acrylic segment held the major market share in 2019. This growth is attributable to the increasing demand for ceramics from the biomedical industry. Binders or resins are capable of holding coatings together. The segment is expected to experience considerable growth in the near future because of its cost-effective and versatile nature.
The global industrial coatings market is set to benefit from the increasing focus of manufacturers towards developing greener processes. These processes would help in creating fewer emissions and wastes, as well as using less 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, usually called the substrate. The coating might serve either a decorative or a functional purpose or both. The coating might totally cover the substrate, or it might just cover portions of the substrate. An example of such a coating is an item mark on beverage bottles — one side has purely utilitarian coating (the glue); the opposite side has at least one beautifying coating to display the words and pictures.
Paints and Finishes
Paints and finishes are coatings that generally have the dual purpose of protecting the substrate and decoration, albeit a few specialty paints are just for decoration.
Practical coatings might be applied to change the surface properties of the substrate, like adhesion, wettability, or protection from wear. In certain cases, for example semiconductor manufacturing (where the substrate is a wafer), the coating adds a new property, like an attractive reaction or electrical conductivity, and creates a fundamental piece of the completed item.
A significant concern for most coatings is that the coating is to be applied at a controlled thickness, and various measures are used to accomplish this, ranging from a basic brush for painting a divider to expensive hardware applying coatings in the technology industry.
Asia Pacific to Remain at the Forefront Fueled by Rising Production
The Asia Pacific region procured USD 36.5 billion in terms of revenue in 2019. The region is set to retain its dominant position in the market in the near future. This growth is attributable to increasing consumer spending and rising automotive production. Additionally, rising government subsidies, interest rates, general industrial production, and construction activities in this region will spur demand.
Europe, meanwhile, is expected to show significant growth stoked by ongoing developments in the oil & gas sector. At the same time, increasing use of powder coatings owing to the rapid technological advancements in this sector will drive growth.
Key Players Focus on Launching Novel Industrial Coatings
The market is highly fragmented and characterized by the presence of multiple prominent domestic and international companies. Most of them focus on launching state-of-the-art products to cater to 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 to lower labor costs and application time for structural steel
- July 2020: Nippon Paint India launched an innovative line of industrial paints under its Protec brand. This will help the company to expand its footprint in the industrial coatings segment.
We hope you found this blog post Industrial Coatings Market Is Rising Amid Environmental Concerns useful. Be sure to check out our post Comprehensive Guide to Selecting The Right Warehouse Floor Coating for more great tips!
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