Industrial Coatings Market Witness a Steady growth in Revenue US$ 46,916.5 Mn by 2027

 

Industrial Coatings Market

Industrial coating is a paint or coating that is defined by its protective capabilities rather than its aesthetic properties, though both can be provided. Corrosion management of steel or concrete is the most prevalent application of industrial coating. The worldwide industrial coatings market is expected to exceed US$ 46,916.5 million in sales by the end of 2027, with a CAGR of 5.5 percent during the forecast period (2020 to 2027).

Industrial Coating materials with promising features that help resist corrosion are now available on the market, owing mostly to enhanced coating performance and modern manufacturing procedures. Furthermore, manufacturers are always adding new ecologically friendly coatings to the market. Coating manufacturing technique has progressed and is now distinct from traditional technology. For example, in addition to solvent-based coatings, the market offers a variety of additional coatings such as water-based, solvent-free, and UV-cured coatings.

The introduction and use of new manufacturing methods has steadily improved the performance of industrial coatings. Industrial coatings have various advantages, including great flexibility, the ability to prevent cracks, chemical resistance, and weatherproofing and waterproofing. Because of these characteristics, industrial coatings are efficiently utilised to protect floors, roofs, and walls from high winds and heavy rainfall. Asia Pacific dominated the worldwide industrial coatings market in 2019, accounting for 44.5 percent of the market in terms of revenue, followed by North America and Europe.

Industrial Coatings Market is expected to witness steady demand and the global market is expected to reach US$ 46,916.5 Mn by 2027, according to Coherent Market Insights.

Proper equipment maintenance is critical to ensuring coating efficiency and efficacy. To ensure acceptable finishing quality, the components must be examined and maintained on a regular basis. Powder coatings must be stored in a cold and dry environment, which necessitates storage conditions that do not compromise product quality. Powder coatings, for example, are hygroscopic in nature and have a tendency to react when exposed to humidity, resulting in caking of the product.

When storing powder coatings, temperature, humidity, direct sunlight, and contamination must all be taken into account. They are also prone to fire dangers when exposed to air and organic elements such as dust. Powder coatings must be used with caution and safety procedures must be followed. As a result, the whole equipment selection, maintenance, storage, and usage of industrial coatings necessitates capital expenditure, which serves as a restraint on the industrial coatings industry.

The primary market trend that is projected to fuel market growth during the forecast period is product portfolio expansion with low curing temperature. Koninklijke DSM N.V., a worldwide science-based corporation in nutrition, health, and sustainable living, for example, introduced Uralac EasyCure resin, P3225, in 2019 for fast-cure or low-temperature powder painting applications for architectural components. Uralac EasyCure P3225 cures in minutes at 180°C and provides a one-of-a-kind mix of coating benefits, including good appearance, increased degassing limit, robust outdoor endurance, and consistent storage stability.

Top Companies are- Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company

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