Global industrial coatings market is expected to witness growth owing to increased importance of corrosion resistance, high temperature performance and enhanced service life in automotive, marine, construction and oil & gas industries. Technological development in solvent borne and powder coatings is expected to play a crucial role in promoting industrial coatings market growth over the forecast period. Regulatory support aimed for reducing VOC emission is likely to fuel eco-friendly coatings demand, and is expected to have a positive impact on industrial coatings market in the near future.
Governments of India, China and Middle East countries have increased their expenditure on infrastructure, which is expected to augment global industrial coatings market. Positive outlook towards the oil & gas sector in BRICS is expected to have a positive impact on industrial coatings market over the next six years. Development of unconventional resources such as shale gas and tight oil in the U.S. and Canada is expected to promote the use of industrial coatings as solutions for providing corrosion resistance and wear protection in drilling and exploration applications.
Major market participants include PPG Industries, AkzoNobel, Axalta, DuPont, Sherwin-Williams BASF, Nippon Paints, Valspar and NOROO Paints & Coatings. Application growth of industrial coatings in the automotive and construction industries in Asia Pacific has forced market players to increase their production capacities in China and India. In May 2013, Axalta announced an investment of USD 50 million for their waterborne coatings manufacturing facility situated at Shanghai, China. The plant is expected to supply 25,000 tons of waterborne coatings for automobile manufacturers located in South and Central China.
