According to BCC Research, the global market for industrial coatings was valued at $64.9bn in 2018 and is expected to reach nearly $82.7bn by 2023 at a compound annual growth rate (CAGR) of 5%.Key players in the industry include RPM International, Jotun, PPG Industries, The Sherwin-Williams Co., Axalta Coating Systems, Hempel, and AkzoNobel.
Epoxy accounted for the largest share of the industrial coatings market, in terms of value. Epoxy coating is used for its attractive properties and strong adhesion to metal substrates compared to other materials. Based on technology, the solvent-borne coatings segment is expected to dominate the global industrial coatings market due to its versatility.There has been a major shift in global industrial coatings production. These processes are moving away from developed regions, such as Europe and the US, to developing regions, such as China and India.
“Rapid urbanisation and infrastructure development have led the Asia-Pacific region to emerge as the largest market for industrial coatings,” the report states. “In addition, increasing demand from vehicle coatings, coil coatings and wood coatings also plays a vital role in driving the industrial coatings market in the region. Asia-Pacific is also the fastest-growing industrial coatings market due to the large number of manufacturers opening their facilities in the region.”
Within the global industrial coatings market, fluctuating raw material prices may limit growth as the industry is raw-material intensive. Raw materials account for about 61% of the total manufacturing cost of industrial coatings. Additionally, the prolonged drying time associated with waterborne industrial coatings is another factor limiting growth in the market.
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