Industrial Maintenance Coatings Market Overview
The global industrial maintenance coatings market is projected to showcase a strong growth during the forecast period (2021–2030), on account of the rising need for improved performance of industrial equipment and machinery, in order to continue smooth business operations. Additionally, surging demand for such coatings from the industrial sector of several emerging economies is expected to augment the growth of the market in coming years.
The industrial maintenance coatings market is categorized into epoxy, polyurethane, acrylic, alkyd, and others, on the basis of resin. Among these, the epoxy category is expected to account for a significant market share by 2030. Epoxy, as a material, has high strength, hence, when it dries after being applied as a coating, it prevents chemical breakdown. Additionally, it has the ability to protect the substrate from moisture, stains, and cracks. Owing to such benefits, epoxy has a higher preference over other resins for industrial maintenance coatings.
The industrial maintenance coatings market is categorized, on the basis of end use, into transportation, metal processing, energy & power, construction, chemicals, and others. Of these, the energy & power category is expected to account for a significant share in the market in coming years. This can be ascribed to the usage of these coatings for solar panels, wind turbine blades, pipelines, and tanks, in order to provide protection from any sort of damage, such as corrosion, and hence continue smooth business operations. With the growth of the energy & power sector, along with increasing investments, the consumption of industrial maintenance coatings in the sector is projected to grow in future.
Geographically, the Asia-Pacific (APAC) region is expected to lead the industrial maintenance coatings market throughout the forecast period. This can be ascribed to the increasing adoption of such coatings in sectors, such as energy & power, construction, and metal processing. The region is home to some of the fastest-growing economies, such as China and India, as well as developing nations such as Thailand, Vietnam, and Indonesia. With the growth of the industrial sectors in these countries, on account of setup of manufacturing facilities due to cheap labor and low raw material cost, the consumption of industrial maintenance coatings is expected to grow during the forecast period in APAC.
Industrial Maintenance Coatings Market Dynamics
Drivers
The industrial maintenance coatings market is primarily being driven by the rise in demand from end-use industries, including energy & power, metal processing, and construction. The demand for such coatings is projected to witness a strong growth, owing to their ability to provide protection to machinery, panels, equipment, and several other products, which ensure smooth business operations and significantly reduce the downtime. Additionally, the growth of these end-use industries, globally, is expected to benefit the market during the forecast period.
Restraints
Although powder coatings offer numerous advantages, such as excellent flow properties and equal distribution at a substrate, their usage for metal substrates is likely to witness a negative growth. This can be ascribed to the fact that powder coatings provide a thick layer on metal substrates, which is not suitable when thin finishes are required. This, in turn, is projected to restrain the industrial maintenance coatings market growth to a certain extent during the forecast period.
Industrial Maintenance Coatings Market Competitive Landscape
Some of the companies operating in the global industrial maintenance coatings market are Axalta Coating Systems, PPG Industries Inc., Akzo Nobel N.V., Jotun A/S, Kansai Paint Co. Ltd., RPM International Inc., and The Sherwin-Williams Company.
The study provides the historical as well as the forecast size of the industrial maintenance coatings market.
Industrial Maintenance Coatings Market Size Breakdown by Segments
The industrial maintenance coatings market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Resin
- Epoxy
- Polyurethane
- Acrylic
- Alkyd
Based on Technology
- Solvent-Based
- Water-Based
- Powder
- 100% Solids
Based on End Use
- Transportation
- Metal Processing
- Energy & Power
- Construction
- Chemicals
Geographical Analysis
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific (APAC)
- China
- India
- Japan
- South Korea
- Latin America (LATAM)
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
