(MENAFN- America News Hour) According to a recently published report by Research Nester on 'Global Industrial Coatings and Lining Service Market Outlook: Industry Insights & Opportunity Assessment 2019–2027'delivers detailed overview of the global industrial coatings and lining service market in terms of market segmentation by technology, by resin, by end use and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
In contrast with the traditional rubber lining or other coatings, corrosion protective coating systems bond by way of a chemical reaction with the substrate and slight surface oxidation assists the process. Corrosion protective coating systems increase the usable lifespan of carbon steel tanks in the oil & gas industry. The most significantly used systems include fusion bonded epoxy, three component PP, polyurethane, and coal tar. Key stakeholders in the market are trying to build product coatings which have high performance yet environment friendly.
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Further, the formulation of corrosive protective coatings with low VOC content that can be capitalized by both regional and global players. Several companies have come up with coatings that comprise of fast cure and high film build for quick turnaround time. This is estimated to boost the growth of the global industrial coatings and lining service market with a CAGR of 4.5% over the period 2019-2027.
The global industrial coatings and lining service market is segmented by resin, technology and end use. By resin, the epoxy resin segment is anticipated to have maximum share in the total revenue on account of its increasing uses such as inner and outer surface coatings in industrial concrete and water tanks, adhesives to substrate surfaces such as metal, fiber, glass, in manufacturing industries and others.
Resin segment is divided into polyurethane, acrylic, polyester and epoxy. Technology segment is divided into water based, solvent based, powder and pre- treatment. The end use segment is divided into general finishes, wood, heavy duty equipment, automotive parts, coil and extrusion, appliance, consumer electronics and transportation. By resin type, the acrylic resin segment holds major share in the market attributing to the growing use of acrylic resins in many applications such as automotive, industrial wood, transportation, marine, and general industrial applications.
By technology, the solvent-based industrial coatings segment holds a significant share in the market on the back of applications in trenches, tank interiors, containment lining, flooring systems, and joint overlays. Solvent-based industrial coatings can also be used in end-use industries such as automotive, marine, aerospace, coil, rail, packaging, protective, electrical & electronics, energy, industrial coatings and others.
By end-use industry, the automotive segment is projected to grow at a high rate during the forecast period owing to increasing demand for industrial coatings from marine, aerospace, coil coating, transportation, rail coating, general industrial, industrial wood, protective and packaging industries.
Growing Demand for Industrial Coatings and Lining in Automotive Industry to Boost the Market Growth
The global industrial coatings and lining services market is thriving on the back of increasing demand in the automotive industry as the industrial coatings and linings protect the metal from extreme conditions. Increasing investments for use of advanced material coupled with widened use of coatings in the automobile production is projected to intensify the market growth.
Growing Industrialization- With increasing industrialization in developing countries, the construction of residential and commercial buildings in rural areas is increasing the demand for industrial coatings which is expected to propel the growth of global industrial coatings and lining service market.
North America and Europe are expected to grow significantly on the back of expanding automotive OEM, machinery and construction industries. Asia Pacific is expected to grow at a high pace attributing towards the growing construction and oil & gas industry.
The cost of raw materials which is required to manufacture industrial coatings and linings is fluctuating regularly. Government is implementing stringent policies on the manufacturing of industrial coatings and lining for the use of solvent based coatings and to promote environment friendly materials. These are the major factors inhibiting the growth of the global industrial coatings and lining service market.
This report also provides the existing competitive scenario of some of the key players of the global industrial coatings and lining service market which includes company profiling of Akzo Nobel N.V., PPG Industries Inc., Axalta Coatings Systems, BASF Coatings GmbH, Sherwin- Williams Company, Kansai Paints Co. Ltd., Jotun A/s, RPM International, Hempel A/S and Nippon Paints Holdings Co. Ltd.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global industrial coatings and lining service market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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