The industrial coatings market is projected to reach USD 130.97 billion by 2022, at a CAGR of 5.91% between 2017 and 2022. The end-use industries of industrial coatings include automotive, aerospace, marine, industrial wood, packaging, protective, general industrial, rail, coil coatings, packaging, transportation, and consumer goods & appliances. The current demand for industrial coatings in these end-use industries is driving the industrial coatings market. The demand for industrial coatings has increased in recent years due to their increased consumption by the growing automotive industry in the Asia Pacific region. This increased consumption can be attributed to the region’s rising population, which has, in turn, contributed to the growth of the Asia Pacific industrial coatings market.
Expansions were the key strategies adopted by the major players in the industrial coatings market between 2014 and 2016. These strategies have helped companies operating in this market increase their product portfolio and expand their global presence. The leading market players are focused on entering new markets by launching technologically advanced and innovative industrial coatings for varied applications. Companies have also adopted the acquisitions strategy to strengthen their position in the industrial coatings market.
Some of the leading manufacturers of industrial coatings include AkzoNobel N.V. (Netherlands), PPG Industries Inc (US), Axalta Coatings Systems (US), BASF Coatings GmbH (Germany), The Sherwin-Williams Company (US), Kansai Paints Co., Ltd (Japan), Jotun A/S (Norway), RPM International (US), Hempel A/S (Denmark), and Nippon Paint Holdings Co., Ltd. (Japan), among others. These companies have adopted various organic and inorganic growth strategies to enhance their businesses and increase their shares in the industrial coatings market.
AkzoNobel N.V. is one of the leading market players of industrial coatings. It provides industrial coatings for many end-use industries, such as marine, automotive, aerospace, yachts, industrial wood, consumer goods (mobile devices, appliances, beverage cans), and oil & gas facilities. The company is engaged in expansions and acquisitions to cater the growing demand for industrial coatings in automotive, general industrial, oil & gas, coil, and industrial wood sectors. In October 2015, AkzoNobel N.V. opened a new production line for coil coatings at its facility in Garcia, Mexico. This doubled its current capacity and will help serve local coated steel manufacturers. The company has its presence in more than 80 countries with over 46,000 employees. AkzoNobel N.V. has a huge supply chain network in industrial coatings.
The industrial coatings segment of PPG Industries Inc. comprises automotive OEM, industrial coatings, and packaging coatings. PPG’s industrial coatings business produces coatings for appliances, agricultural equipment, consumer electronics, transportation vehicles, and numerous other finished products. PPG’s automotive OEM coatings segment was the first to introduce automotive coating technologies such as cathodic electro coat, powder clear coat, compact paint systems, and factory-applied spray-in bed liners. The company has a strong global presence in more than 70 countries. It focuses on expansions, acquisitions, and new product launches to expand its business and increase its market share. In December 2016, PPG Industries introduced Durastar Ultra-Cool coil coatings in Pittsburgh (US) that provide exceptional chalk resistance, fade resistance, and forming flexibility to cater the growing domestic demand. In September 2015, PPG Industries completed the acquisition of IVC Industrial Coatings, a US-based specialty powder and liquid coatings manufacturer to cater the growing powder coatings demand from the local market. This development strategy helped the company reinforce its presence in the industrial coatings market.
Other key players that have established a strong foothold in the industrial coatings market are Axalta Coatings Systems (US), Kansai Paints Co., Ltd (Japan), Jotun A/S (Norway), RPM International (US), Hempel A/S (Denmark), and Nippon Paint Holdings Co., Ltd. (Japan).
