The global industrial coatings market was valued at more than $74 billion in 2015 and is expected to surpass $98 billion by 2020, says Technavio.
Technavio has announced its latest market research report on industrial coatings for the forecast period, 2016-2020. This market analysis, under the paints, coatings, and pigments vertical, discusses the major drivers and key emerging trends that will influence the growth of the global industrial coatings market during the forecast period. Some of the top vendors listed in this industry analysis include AkzoNobel, Axalta Coating Systems, BASF, PPG Industries, and Sherwin-Williams.
In terms of geographical analysis, APAC will be the fastest growing region in the global market and is expected to reach revenues of more than $55 billion by 2020. China, India, and Japan will emerge as the key revenue-generators in this region.
“The demand for premium paints is on the rise, especially among the DIY consumers. An increase in consumer spending on home improvement and remodeling projects are propelling the demand for premium paints across the globe. The demand from do-it-yourself (DIY) consumers is particularly high in Western economies, with organized big box retailers catering to this demand,” says Ajay Adhikhari, a lead analyst at Technavio for research on paints, coatings, and pigments.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in demand for coatings with functional benefits
The demand for coatings that can protect from the harshness of weather, dampness, corrosion, fungi, and other destructive or unhealthy influences on the building is on the rise in the global market. Continuous exposure of buildings to heat and rain over extended periods cause significant damage. Even though the build-quality of a structure is good, it needs a protective coating to prevent water seepage, the formation of fungi and algae, and other related problems. To meet this shift in consumer demand, vendors in the market space are now offering paints and coatings that reflect heat rays away from buildings.
Demand for automobile plastics-specific coatings
Many countries are enforcing regulations to improve efficiency and reduce carbon emissions of vehicles. For instance, the US Fuel Economy Regulations have asked automakers to improve fuel economy from the current 38 miles per gallon to 54.52 miles per gallon by 2025. The implementation of such legislations is driving the development of lightweight automobiles and has increased the use of plastics in automobiles to reduce weight. Established vendors, including Axalta Coating Systems, offer a range of automotive coatings for plastics.
Increase in urbanization and infrastructure investment
Industrial coatings are used for various applications in the building and infrastructure sectors. For instance, industrial coatings are used for the protection of steel and concrete in bridges, turbines, buildings, and pipelines. Industrial wood coatings are used for protecting furniture, joinery, and floorings. Industrial coatings are also used in material handling equipment, repair and maintenance, and other construction equipment. These coatings also find applications in pre-coated metal sheets that are used in construction and metal furniture. As a result, a rise in infrastructural and construction activities in regions across the globe is anticipated to propel the demand for industrial coatings during the forecast period.
Some of the other prominent vendors identified in this report are Jotun, Kansai Paint, Nippon Paint, RPM International, and Sika.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Industrial Coatings Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Coil Coatings Market 2016-2020
- Global Waterborne Coatings Market 2016-2020
- Global Construction Paints and Coatings Market 2016-2020
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