July 20, 2021
As cited by the research report titled ‘Global Industrial Maintenance Coatings Market by Technology (Solvent-based, Water-based, Powder & Others), Resin Type (Epoxy, PU, Acrylic, Alkyd & Others), End-use Industry (Energy & Power, Transportation, Metal Processing, Construction, Chemical, Other), Regional Forecasts 2021-2027’, available with Market Study Report LLC, global industrial maintenance coatings market was worth USD 4 billion in 2020 and is projected to grow with a CAGR of 4% to accumulate USD 5.3 billion over the forecast duration 2021-2027.
Report findings suggest that global industrial maintenance coatings market growth is primarily driven by rising demand for environment-friendly coatings, and preference for efficient processes & durable coatings with improved aesthetics.
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Additionally, strict regulations & standards for product quality & utilization, along with improved technologies enhancing the coatings’ performance are augmenting the market outlook. For instance, in the U.S., coatings must conform to OSHA regulations during the deposition process, and also comply with REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) requirements due to their hazardous chemical content.
For the record, industrial maintenance coatings are composed of DTM primers & topcoats that are used for various industrial applications including new construction, equipment, safety & general maintenance to provide excellent protective coating by direct application.
On the downside, requirement of longer drying period for water-based coatings is likely to restrain the market progression over the forecast duration of 2021-2027.
Based on resin type, worldwide industrial maintenance coatings industry is segmented into epoxy, acrylic, polyurethane, and alkyd among others. Speaking of technology, the marketplace is divided into water-based, solvent-based, powder, and 100% solids including others. Considering end user spectrum, the business space is categorized into transportation, energy & power, metal processing, chemical, construction, and others.
Geographically, Asia Pacific, North America, Europe, and Latin America are major contributors towards the overall industry valuation. Of these, Asia Pacific market is anticipated to expand lucratively as both a consumer & a producer through 2027, owing to cheap labor and accessible raw materials that are drawing international investors to the region. Additionally, flourishing industrial, transportation, aerospace, and automotive sectors in the region is contributing to the market development.
Speaking of competitive landscape, prominent players in global industrial maintenance coatings industry space are Jotun A/S, RPM International Inc., Nippon Paint Holdings Co. Ltd., Akzo Nobel N.V., PPG Industries Inc., Tikkurila Oyj, Hempel A/S, Sherwin-Williams Company, Kansai Paint Co. Ltd., and Axalta Coating Systems Ltd.