Transparency
Market Research observes that the competitive landscape present in the global
industrial coatings market is quite fragmented. Presence of large number of
players operating in the overall market has intensified the competition in the
past few years. Vendors are making continuous effort to expand their
geographical reach of their businesses through investments and mergers and
acquisitions. Product innovation and research and development for incorporating
better technology in production of industrial coatings are anticipated to be
leading strategies of key companies in the market. The research report picks
out PPG Industries, Inc., The Valspar Corporation, Nippon Paint Holdings Co.,
The Sherwin-Williams Company, AkzoNobel N.V., Jotun A/S, and BASF as the
leading players in the global industrial coatings market.
According
to the research report, the global industrial coatings market is projected to be worth US$41.682
bn by the end of 2022 from US$31.478 bn 2017. During the forecast years of 2017
and 2022, the market for industrial coatings is anticipated to register a CAGR
of 5.8%. Out of the various types of resins, the demand for epoxy resins is
projected to dominate the global market as it aims to reach a valuation of
US$14.641 bn by the end of 2022. Geographically, the global industrial coatings
market will be led by North America between 2017 and 2022.
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Flourishing Automobile Industry Proves to be Critical
to Global Industrial Coatings Market
The
primary growth driver for the global industrial coatings market is the booming
construction industry. This rise of increasing number of construction projects
across the globe can be attributed to the rapid pace of urbanization.
Consistent influx of people from the rural areas to the city has forced the
municipalities to allow residential constructions and commercial buildings as
the addition of newer population requires the same. As this trend continues to
amplify, it is projected to demand a great deal out of the construction
industry thereby augmenting the sales of industrial coatings.
The
other important factor creating remunerative opportunities for the global
industrial coatings market is the flourishing automotive industry. Industrial
coatings safeguard plastics and metals from external conditions. Additionally,
concrete and steel can also be protected from fire hazards and other factors
that can cause damage with the help of these coatings. Increasing investments
and entry of automobile production units in developing parts of the world is
expected to have a positive impact on the regional markets of industrial
coatings during the forecast period.
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Stringent Government Policies and Fluctuating Raw
Material Prices to Restrain Global Market
Despite
the strong market drivers, the global market for industrial coatings is likely
to be restrained by a few factors. Fluctuating prices of raw materials, which
is directly hampering the cost of industrial coatings is hindering market
growth, especially in the cost-sensitive markets. In addition to these factors,
the global market for industrial coatings is also being hampered by the
stringent policies governing the solvent-based coatings market. Analysts
anticipate that the market can combat these challenges with soaring demand for
industrial coatings from Asia Pacific. Rising population that will drive the
construction industry and improving disposable incomes that will boost
automobile sales will offer many opportunities to the overall market.
This
review is based on Transparency Market Research’s report, titled “Industrial Coatings Market (Resin -
Polyurethane, Acrylic, Polyester, and Epoxy; Technology - Water-based,
Solvent-based, Powder, and Pre-treatment; End-use – General Finishes, Wood,
Heavy Duty Equipment, Automotive Parts, Coil and Extrusion, Appliance, Consumer
Electronics, and Transportation) - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2017 - 2022”.
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Chemicals and Materials Sector
The Industrial Coatings market
has been undergoing some remarkable growth dynamics, shaped increasingly by
digital technologies and environmental sustainability concerns of product
development. Over the decades, the feedstock variability and the onslaught of
cheaper substitutes have squeezed in profit margins of the chemical and
materials sector. On the other hand, the value chain of several businesses in
the Industrial Coatings market has undergone overhaul, increasingly rendering
some aspiring players with greater control over the forces and demand. The
penetration of Industry 4.0 in in the market has stirred game-changing trends
for range of stakeholders in the overall chemicals and materials sector.
Manufacturing and production environments of businesses in the Industrial
Coatings market are keen on formulating and implementing strategic frameworks
that will turn them into digital enterprises.
