The global industrial coatings market players mostly go for mergers and acquisition to enlarge its horizon, as business strengthen its attractiveness, improves profitability, and develops future growth opportunities.
According to the latest Arizton's market research report, the global industrial coatings market size to reach around USD 110 billion by 2026, growing at a CAGR of approximately 4% during the forecast period.
Global Industrial Coatings Market Growth Analysis
The global industrial coatings market players mostly go for mergers and acquisition to enlarge its horizon, as business strengthen its attractiveness, improves profitability, and develops future growth opportunities. The trend of green coating market is increasing as the demand for low and zero VIC coatings are also increasing. Various players in the global industrial coatings market are developing existing and new products to meet the demand for green coatings. In every region the demand for environmentally friendly coatings is increasing. The key players in industrial coatings such as AkzoNobel which is strengthening its protective coatings portfolio and providing fire protection solutions and high-performance coatings for oil and gas market with their resicoat brands.
What’s Trending in the Market?
- PPG, a leading vendor in industrial coatings market, achieved 33% of its sales from sustainable coatings in 2019. The company expected and planned to achieve 40% by 2025.
- Due to outbreak of covid-19, the demand for protective coatings in food and beverage industry is increasing as consumers prefer canned fruits & vegetables and bottle & canned beverages. This trend is likely to continue during the forecast period.
Increasing use of additives and protective coatings in plastic packaging leads to the growth of antimicrobial coating market. Due to this continuous trend, it is estimated to provide a great growth potential for the construction industry thereby boosting the sales of industrial coatings.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by resin type, technology, end-user, and geography
- Competitive Landscape – 6 Key Company Profiles and 34 Other Prominent Vendors
Is Europe Leading the Global Industrial Coatings Market?
Increasing demand from the construction industry in Europe is propelling the demand in global industrial coatings market. The automotive sector is the other prominent sector in Europe where the demand for coatings is higher. As the need for more efficient coatings processes to reduce cost, reduce energy consumption, eliminate waste, and reduction in emissions of CO2 and volatile organic compound (VOCs) is rising. The European industrial coatings market is expected to reach revenue of approximately USD 26 billion by 2026. The demand for electric vehicles is estimated to rise in Europe which drives the demand for coatings. Germany has the largest coatings market in Europe. It holds one-third of automotive production of Europe and leads the Europe automotive market with 41 assembly and engine production plants.
Strategies Adopted by the Players in the Global Industrial Coatings Market
The global industrial coatings market consists of many small and medium organizations that compete with one another and also with large organisations. In this market, there is no single company that is influencing or dominating on the global scale. The global industrial coatings market is highly fragmented with no major players taking up significant share in the market. Mostly the competition among the players is based on product quality and technology used for the manufacturing of industrial coatings. In order to secure maximum market share, mergers and acquisitions is the extensively used as the employee’s growth strategy among many global industrial coatings market players.
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