Industrial Coatings Market | Key players: Key players operating in the industrial coatings market include Jotun A/S, Axalta Coating Systems, LLC, AkzoNobel N.V., The Sherwin-Williams Company, Teknos Group, PPG Industries, Inc., RPM International Inc., Tik

According to recent market research "Industrial Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Water, Solvent, High Solids, Powder), End-use Industry (Automotive, Aerospace, Marine, Wood, Packaging, Protective), and Region - Global Forecast to 2024", The industrial coatings market is expected to grow from USD 107.4 billion in 2019 to USD 139.0 billion by 2024, at a CAGR of 5% during the forecast period. The major factors driving the industrial coatings market include the increasing demand for eco-friendly coatings, need for efficient process & durable coatings with better aesthetics, and growing demand from the APAC region.

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The market size of industrial coatings is estimated to grow from USD 107.4 billion in 2019 to USD 139.0 billion by 2024, at a CAGR of 5% during the forecast period. Industrial coatings are thin films applied on materials to add or enhance their specific properties such as corrosion resistance, wear resistance, and conductivity. Industrial coatings are manufactured with conventional polymers such as epoxy, polyurethane, acrylic, alkyd, polyesters, and fluoropolymer. Industrial coatings are used in production plants, to coat discrete parts, finished assemblies (automobiles, trucks, aircraft, and vessels), tanks, piping, metal sheet, wood panels, paper, and paperboard. The industrial coatings market depends heavily on the performance of the end-user industries such as automotive, aerospace, marine, wood, packaging, coil, transportation, major appliance, and general industrial equipment.

In terms of geographic coverage, the industrial coatings market has been segmented into five regions, namely, APAC, Europe, North America, the Middle East & Africa, and South America. APAC has emerged as the leading consumer and producer of industrial coatings with China being the largest consumer. Key players are tapping these opportunities by expanding their production capacity in the emerging economies in the Southeast Asian countries.

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The industrial coatings market size is expected to grow from USD 107.4 billion in 2019 to USD 139.0 billion by 2024, at a CAGR of 5% during the forecast period. The major factors driving the industrial coatings market are the increasing demand for eco-friendly coatings, need for efficient process & durable coatings with better aesthetics, and growing demand from the APAC region.

The major industrial coatings market players include AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Axalta Coating Systems (US), Jotun A/S (Norway), Nippon Paint Holdings Co., Ltd. (Japan), Kansai Paint Co., Ltd. (Japan), RPM International Inc. (US), Tikkurila Oyj (Finland), Hempel A/S (Denmark), BASF SE (Germany), Teknos Group (Finland), NOROO Paint & Coatings Co Ltd (South Korea), WEILBURGER Coatings GmbH (Germany), and The Chemours Company (US). These players have adopted various growth strategies such as investment & expansion, merger & acquisition, new product launch, partnership, collaboration & contract & agreement to expand their presence in the global industrial coatings market. Investment & expansion was one of the most dominating strategies adopted by the major players from 2016 up to May 2019, which helped them innovate their offerings and broaden their customer base.

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Nippon Paint Holdings Co., Ltd (Japan) is a diversified coatings company that manufactures and sells industrial coatings for automobile, construction, architecture, steel structures, ships, metal industries, electrical equipment, machinery, roadways, and household use. The company also offers surface treatment chemicals, electronic component materials, and chemical products. In October 2018, Nippon Paint Holdings Co., Ltd. invested in the powder coating plant located in Chiba, Japan managed by Nippon Paint Industrial Coatings Co., Ltd, a wholly owned subsidiary of Nippon Paint Holdings Co., Ltd. engaged in the industrial coatings business. Through the investment, the company focusses on its powder coatings activities as an important and growing area and continues to further reinforce the powder coatings business both in technological development and expansion of its product lineup.

Axalta Coating Systems (US) is a diversified coatings company. It mainly operates through two segments, performance coatings, and transportation coatings. The company manufactures liquid coatings and powder coatings that are used for various applications such as automotive OEMs, automotive refinish, transportation, general industrial, and architectural & decorative coatings. The company has a strong customer base and operates in many countries of Europe, North America, APAC, and the Middle East & Africa. In August 2018, Axalta expanded its liquid industrial coatings production capacity in Jacksonville, the US, located in North America by approximately one million gallons annually. The expansion is scheduled to be completed in the first quarter of 2019 and will allow the company to continue to deliver high-volume and world-class solutions to cater to the evolving needs of its customers.

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