TAGS: Acrylic Coatings Industrial Coatings
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.
Acrylic Segment – Highest Share in Industrial Coatings Market
The acrylic segment is projected to register the higher CAGR in the industrial coatings market during the forecast period. 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 - Largest Technology in 2020
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.
General Industrial Segment - Dominate the Industrial Coatings Market
The everyday uses of powder-based industrial coated products include lighting fixtures, antennas, and electrical components. Schools use powder-coated bleachers, soccer goals, basketball backstops, lockers, and cafeteria tables. Corporate offices utilize powder-based industrial coated file drawers, computer cabinets, laptop computers, and cell phones.
In domestic homes, applications include baby strollers, cribs, playpens, car seats, toys, wagons, electronic components, gutters & downspouts, bathroom scales, mailboxes, satellite dishes, toolboxes, and fire extinguishers. The rapidly increasing demand for these products will boost the market over the next five years.
APAC - Expected to Account for Largest Share
APAC has emerged as the leading consumer and producer of industrial coatings. The easy availability of low-cost labor and raw materials are driving foreign investments, which is increasing the production of industrial coatings in the region. APAC is also the fastest-growing industrial coatings market.
Source: MarketsandMarkets™