According to the new market research report “Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Polyester, Alkyd), Technology, End-Use Industry (Industrial, Industrial, Protective, Automotive, Aerospace, Marine, Wood, Packaging), And Region – Global Forecast To 2025“, The industrial coatings market is expected to grow from USD 85.2 billion in 2020 to USD 103.2 billion by 2025, at a CAGR of 3.9% during the forecast period. The major factors driving the industrial coatings market include the increasing demand for environmentally-friendly coatings, need for efficient process and durable coatings with better aesthetics, and growing demand from the APAC region.
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Acrylic resins are a group of thermoplastic or thermosetting plastic substances derived from acrylic acid, methacrylic acid, and other related compounds. These resins offer excellent resistance to extreme environmental conditions and enable fast-setting times in comparison to other resin systems. They find use in automotive, industrial assembly, furniture, electrical & electronics, and other end-use industries.
Solvent-based industrial coatings are preferred over water-based coatings in humid environments. Solvent-based coatings cure due to a chemical reaction between oxygen in the atmosphere and their constituents, and not by the evaporation of water. Solvent-based industrial coatings achieve a higher gloss level than water-based coatings. It is applied to the surface of the material to prevent corrosion and is more flexible than water-based coatings during the curing of the coating. Solvent-based industrial coatings are used widely in numerous end-user industries such as automotive, marine, aerospace, coil, transportation, packaging, and protective, among others.
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306 – Tables
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The industrial coatings market size is estimated to grow from USD 85.2 billion in 2020 to USD 103.2 billion by 2025, at a CAGR of 3.9% 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, protective, coil, transportation, and general industrial equipment.
Based on resin type, polyurethane resins dominated the industrial coatings market in 2019. Polyurethane resin-based coatings have properties, such as high durability, toughness, ease of cleaning, and high gloss. These properties make them preferable in a wide range of applications. The polyurethane resin-based coatings are used where high performance is expected, such as oil-rig towers, warehouses, industrial plants, heat-resistant coatings, and bridges.
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The industrial coatings market in China, India, Indonesia, and South Africa is expected to grow rapidly due to the growth in end-use industries. Favorable opportunities in these countries are expected to support the growth of the industrial coatings market in the coming years. Major players such as AkzoNobel N.V. (Netherlands), PPG Industries (US), and The Sherwin-Williams Company (US), have framed their strategies to penetrate and create bases in these emerging markets.
Moreover, major companies are focusing on strengthening their R&D facilities to provide eco-friendly products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the industrial coatings market over the next five years.
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