The rise in adoption of sustainable coatings with efficient and better aesthetics is driving the market for industrial maintenance coatings.
The global Industrial maintenance coatings market is expected to be valued at USD 5.23 Billion in 2027 from USD 3.84 Billion in 2019, registering a CAGR of 3.9% through the forecast period. Surging demand for eco-friendly coatings worldwide is propelling the market’s growth. Increasing demand for efficient and durable coatings, with exceptional mechanical properties, along with the rising need for reducing regular maintenance, is the augmenting demand in the industry.
However, difficulty in achieving powder coatings’ thin films is restricting the industrial maintenance coatings sector’s growth. Additionally, the extended drying time of the water-based coatings is further hampering the demand in the industry. Nonetheless, changing environmental regulations to achieve longer performance and sustainability at a low cost are promoting the industry’s development. The ease in the coating’s application, stringent environmental regulations’ implementation, and enhanced durability of the coatings, is triggering the demand in the market. Improved efficiency leads to cost savings.
Constantly changing VOC regulations is also stimulating demand for various types of industrial maintenance coatings. Health and environment-related concerns among workers are also encouraging the growth of the sector.
Key Highlights of Report
- In humid areas, solvent-based coatings are highly preferred over water-based coatings. Solvent-based coatings are mostly used for achieving a higher level of gloss compared to water-based coatings. They are used by a wide range of end-users, including automotive, marine, aerospace, oil & gas, metal processing, petrochemical & chemical, and steam & power generation sectors.
- Acrylic resin comes in aqueous and solvent-based systems. Such resins are also popular for their exceptional oxidative property as well as UV stability. It provides superior resistance to harsh environmental conditions, enabling rapid setting.
- The energy & power sub-segment is expanding rapidly over the projected period, owing to the elevated need for industrial coatings in various applications like storage tanks, chimneys, and flares.
- Asia Pacific held the highest industry share in 2019, emerging as the highest producer as well as consumer of the industrial coatings. The existence of various small and large producers in the region is majorly contributing to the sector’s development.
- Major participants in the industry are Akzo Nobel N.V., Jotun A/S, Kansai Paint Co., Ltd., PPG Industries Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., RPM International Inc., Tikkurila OYJ, Axalta Coating Systems, LLC, and Hempel A/S.
For the purpose of this report, Emergen Research has segmented the global industrial maintenance coatings market based on technology, resin type, end-use industry, and region:
Technology Outlook (Revenue, USD Billion; 2017–2027)
- 100% Solids
- Others (UV- and EB-cured Technology)
Resin Type Outlook (Revenue, USD Billion; 2017–2027)
End-use Industry Outlook (Revenue, USD Billion; 2017–2027)
- Energy & Power
- Metal Processing
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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