Surging demand for end-use specific coating solutions coupled with technological advancements in this field has been the major factors driving industrial coatings market over the past few years. Global market is highly dynamic in nature owing to its varied application in several end-use industries such as automotive, buildings & construction, marine, oil & gas, metallurgy & metal forming, aerospace, mining and medical & healthcare. Rising requirements of specific coating solutions with enhanced service life and improved corrosion resistance is expected to further fuel market growth. On the basis of technology, industrial coatings have been segmented into waterborne, solventborne and powder. Solventborne technology dominated the global industrial coatings market and accounted for over 75% of the global demand. Growing environmental concerns and government legislation limiting VOC emission is estimated to fuel waterborne industrial coatings demand over the next six years.
Buildings & constructions was the largest end-use industry segment and accounted for over 35% of the global industrial coatings demand in 2013. Increasing infrastructure spending coupled with rising demand for corrosion and fire protection coating solutions is estimated to fuel market growth in this segment over the forecast period. Oil & gas and automotive industries are estimated to witness significant growth over the forecast period on account of surging safety and wear protection requirements. Currently, most of commercially available industrial coatings are derived from petrochemicals which are subjected to volatile crude oil prices. Increasing environment concerns and stringent regulations regarding use & disposal of petrochemicals are major restraints for global industrial coatings market. R&D spending coupled with introduction of bio-based and powdered industrial coatings is estimated to create immense opportunities for the market participants.
North America was the largest consumer of industrial coatings in 2013 and is estimated to lose market share to high growth regions such as Asia Pacific and Middle East & Africa. Improving infrastructure along with favorable government initiatives to facilitate FDI flow in countries such as China, India and Japan is estimated to drive industrial coatings demand in this region. Future demands are estimated to come from economies such as Brazil, South Africa, U.S., Spain, France and India. Upcoming sports events such as Olympics 2016 and FIFA World Cup 2018 in countries such as Brazil and Russia, respectively, is estimated to further facilitate industrial coatings demand. Major players operating in global industrial coatings market include AkzoNobel, PPG Industries, DuPont, BASF, Nippon Paints NOROO Paints & Coatings, Sherwin-Williams and Valspar.
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