International. A study by Transparency Market Research (TMR) found that the shares in the global industrial coatings market are divided among a large number of players and that the competitive landscape will also fragment in the near future with the arrival of several new entrants.
According to the report's projections, the demand in the global industrial coatings market will increase at a CAGR of 5.8 percent during the forecast period from 2017 to 2022. At the end of the forecast period, 2022, revenue in this market is estimated to reach a valuation of US$41.68 million, considerably above its assessed value of US$31.47 million in 2017.
In the near future, the intensely competitive landscape is anticipated to remain, with leading players focused on expanding their geographic presence and improving their production facilities. On top of that, product portfolio expansion and mergers and acquisitions are some of the other key strategies adopted by leading players. For example, PPG Industries and BASF have recently introduced UV curing products such as varnishes that can offer resistance against scratching and scratching.
Based on resin type, the global industrial coatings market has been segmented into polyurethane, polyester, acrylic, epoxy, and others. In 2017, the epoxy segment served the maximum, 32.4 percent, of the total demand in the global industrial coatings market, which was a reflection of its extensive use in the construction industry, due to its durability and high gloss that makes it ideal for concrete flooring. As the construction industry continues to gain momentum in the APAC region, the epoxy industrial coatings market is projected to reach a valuation of US$14.64 million by 2022, expanding at an above-average CAGR of 5.9% over the forecast period from 2017 to 2022. On technology, the market has been bifurcated into solvent-based, water-based, powder, pre-treatment, and others, while end-use categories have been made into general finishes, heavy-duty equipment, wood, automotive parts, appliances, coil and extrusion, transportation, and consumer electronics.
Geographically, the TMR report notes that North America is the most lucrative region, promising revenue of US$8.18 million by the end of 2022, although its growth rate is significantly lower than that of the Asia Pacific region excluding Japan (APEJ), which is projected to increase demand to an above-average CAGR of 6.7 percent during that forecast period. This demand for strengthening APEJ is a reflection of improved infrastructure and favorable government initiatives in emerging economies such as China, India and Japan.
