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Industrial Coating Market Size, Trends, Analysis 2020-2026

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Global Industrial Coating Market size is estimated at USD 85.61 billion in 2019 and is expected to reach USD 104.22 Billion by 2026 at a CAGR of 3.12%, over the projection period 2020-2026. Industrial Coatings Market is primarily driven by the massive rising refinish industry in the emerging economies on the backdrop of rapid industrialization and increased spending on infrastructure. Industrial coatings enhance chemical resistance, water resistance, durability, impact resistance, abrasion resistance, and UV light resistance in the various structures of concrete, steel, board, wall, roofs, and other industrial materials. Therefore, they are extensively used in the automotive and oil and gas industries besides other sectors, further driving the growth of the market.

Rising Demand for Powder Coating

The powder-based industrial coating technology is a highly efficient process with the over 98% recoverability of powder over spray and, higher chipping, scratching, fading, and wearing resistance than other finishes contribute to its increased demand in the end-user industry.

The demand for powder coatings has been rising with the increasing need for robust and eco-friendly coatings. Powder coatings offer long-lasting lustre and high durability due to their high abrasion & corrosion resistance and UV-resistance. They are often environmentally friendly, as they emit minimal toxic compounds and contain fewer solvents, thereby leading to further expansion during the projection period.

Increasing Demand for Polyester Coating From Construction Industry

The construction industry is the major consumer of polyester coating, contributing to the growing demand for polyester coatings. The demand from the building and finishing industry is expected to rise in the coming years with the increasing income and global population, particularly the middle class. Inevitably it would gain momentum due to rising investment in infrastructure development & outlay and rapid urbanization in the coming years.

Restraints

The high cost of the raw material combined with the complexity of producing thin films in powder coatings

Powder coatings offer decent flow properties, reduced edge build-ups and precise raw material distribution in the powder mixtures. These may be used in decorative, mechanical, and protective coatings. Powder coatings, however, produce a dense finish on metal parts. It is challenging to manufacture thin finishes using traditional powder coatings, as polymer thickening can lead to an irregular texture being formed. Nonetheless, the high cost of raw materials due to the volatile prices of crude oil and the strict regulations on the use and disposal of commodities are expected to impede global demand growth during the forecast period.

Impact of COVID-19 in industry

The global economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. Due to the high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade and related services. Players are currently considering digital solutions which will enable them to serve the community and provide new opportunities to do business. Due to the lockdown impact on various industries, it is expected that the demand for industrial coating will also get hit for the time being. Production and operation, as well as infrastructural activities, have slowed down globally to limit the spread of coronavirus, which is further anticipated to impact the demand for industrial coatings.

Asia-Pacific is anticipated to get profoundly affected by the spread of the COVID-19 as China is the epicentre of this lethal disease with robust chemical industry. Currently, Italy, Spain, France, the United Kingdom, the United States have a vast number of corona virus-positive cases.

Recent Development

May 2020: Global manufacturer of coatings Hempel begins refinishing a new factory with over 1 lac ton production capacity in Yantai Chemical Industrial Park, China. The new factory will be operational from 2021 and meet the region’s rising demand for more sustainable, innovative coating solutions.

March 2020: Nippon Paint, Asia’s leading manufacturer of paint in terms of sales, has announced plans to launch its paint for the automotive aftermarket in Nepal. By being available across 600 body and paint shops, Nippon Paint aims to account for at least 20 per cent of market share by year-end.

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