1. Industrial coatings are used in a wide variety of applications and encompass many end-use industries such as industrial wood, protective, general industrial, rail, coil coatings OEM and consumer goods & appliances.
2. According to a recent report from Markets and Markets, the global industrial coatings market is expected to grow from $98.30 billion in 2017 to $130.97 billion by 2022, at a CAGR of 5.91 percent from 2017 to 2022.
3. According to research from Markets and Markets, the industrial coatings market in APAC (Asia Pacific) is expected to grow at the highest CAGR during the forecast period. APAC is rapidly expanding the market, owing to the growing economy and increasing middle-class population.
4. The increasing number of industrial activities due to growing urbanization, mainly in China and India, are expected to drive the market during the forecast period.
5. There is an increased demand from the automotive industry in APAC, which is mainly backed by the expansion of the region’s industrial activities. This increased demand, in turn, drives the industrial coatings market in APAC.
2018 REVIEW
1. The industrial coating market recorded growth for 2018, despite a challenging year.
2. The market for industrial coatings has been steady and growing in line with industrial production at a 3-3.5 percent rate over the past 12 months.
3. A strong economy and consumer confidence have driven growth, but other factors like infrastructure spending, a strong agricultural season, and growth in capital spending have been important contributors to healthy growth as well.
4. In line with the paint and coatings industry as a whole, Asia Pacific region represents the most opportunity for growth, but even the mature markets in North America and Western Europe have some bright spots.
5. Users of industrial coatings are interested in coatings manufacturers increasing the lifecycle of the products that they develop to extend the service life of their assets.
6. Coatings can have a positive impact by improving performance in areas such as corrosion resistance and UV durability. Manufacturers are continually seeking out solutions that will improve their processes by minimizing waste, conserving energy and water while boosting production efficiencies and also reducing the impact to the environment and exposure of workers to hazardous chemicals
7. The biggest thing customers are looking for is a partner to their business, not just a paint supplier. Customers migrated to those paint suppliers who have strong technical service to help them successfully absorb significant growth and position their businesses to gain share.
ENVIRONMENTAL MATTERS
1. Sustainability is a key driver for the industrial coatings market in terms of meeting stricter and constantly evolving environmental regulations, as well as increasing public awareness.
2. There are a notable trend towards higher solids/lower volatile organic compounds (VOC) solvent-based coatings and an increase in demand for water-based (waterborne) coatings in certain sectors
3. This shift isn’t just waterborne coatings, but also higher solids solvent-borne products.
2019 GLOBAL RANKING OF THE TOP PAINT AND COATINGS MANUFACTURERS
1. Rankings are based on annual sales in U.S. dollars. For companies based outside the U.S., sales are translated into U.S. dollars using exchange rates from the company’s fiscal closing date.
2019 Top 10
01 PPG
02 Sherwin-Williams
03 AkzoNobel
04 Nippon Paint
05 RPM
06 Axalta
07 BASF
08 Kansai Paint
09 Asian Paints
10 Jotun
Source: https://www.coatingsworld.com/issues/2019-06-01/view_features/the-industrial-coatings-market--673821/, https://www.coatingsworld.com/issues/2019-07-01/view_features/top-companies-report-591875/
