Global Industrial Coatings and Lining Service Market Overview
Industrial coatings are a type of paint applied on various derivatives such as concrete and steel for protection purpose. The industrial coating process includes first a primer, then full coating and at last a sealant. Industrial coatings are used for protecting concrete and steel from corroding and make materials resistant to fire and other problems. The government is implementing stringent policies to promote the usage of environment friendly coating materials. Key stakeholders in the market are trying to build product coatings which have high performance yet environment friendly in nature. Further, the formulation of corrosive protective coatings with low VOC content can be capitalized by both regional and global players.
Several companies have come up with coatings that comprised of fast cure and high film build for quick turnaround time. In July 2017, PPG unveiled Kwikspar 600SG and KWIKSPAR 600 polyaspartic coatings – a corrosion-free line formulated with fast-cure and advanced film build to improve throughput in different applications in the oil & gas industry. Companies are focusing on research & development to develop new products that can be cost effective while adhering to the guidelines laid down by the government.
Market Size and Forecast
The global industrial coatings and lining service market is anticipated to record a CAGR of around 4.5% over the forecast period i.e. 2019-2027. The market is segmented by resin, technology and end use. By resin, the epoxy resin segment is anticipated to have leading market share 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 etc.
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, rail coating, and transportation, general industrial, industrial wood, protective and packaging industries.CLICK TO DOWNLOAD FREE SAMPLE
Ever rising oil & gas industry
High investments are being done in upstream and downstream sector. The oil and gas industry is in massive need for surface protection services such as rubber linings, acid proof lining and corrosion protective coatings for different equipment such as process vessels, pipelines, tanks, and rigs which is expected to boost the growth of the global industrial coatings and lining service market.
With increasing industrialization in developing countries, construction of residential construction and commercial buildings in rural areas is increasing the demand for industrial coatings which is expected to boost the growth of global industrial coatings and lining service market.
Growing demand in automotive industry
The 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 expected to boost the growth of the global industrial coatings and lining service market.
Increasing demand for corrosion protective coating systems
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 actually assists the process. Corrosion protective coating systems increase the usable lifespan of carbon steel tanks in the oil & gas industry. The most commonly used systems include fusion bonded epoxy, three component PP, polyurethane, and coal tar. The increasing demand for corrosion protective coatings systems is expected to boost the growth of the global industrial coatings and lining service market.
Fluctuating Cost of Raw Materials
The cost of raw materials required to manufacture industrial coatings and linings is fluctuating regularly, thereby hindering the growth of the global industrial coatings and lining service market.
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. The strict government policies are expected to hamper the growth of the global industrial coatings and lining service market.
By End Use
On the basis of regional analysis, the global industrial coatings and lining service market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America and Europe are expected to grow significantly on the back of growing automotive OEM, machinery and construction industries. Asia Pacific is expected to grow at a high pace attributing to the growing construction and oil & gas industry.
The global industrial coatings and lining service market is further classified on the basis of region as follows:
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