The industrial maintenance coatings market is expected to grow from USD 4.0 billion in 2020 to USD 4.9 billion by 2025, at a CAGR of 4.0% during the forecast period. The major factors driving the industrial maintenance coatings market include the increasing demand for environmentally-friendly coatings, the need for efficient process and durable coatings with better mechanical properties, and growing demand from the Asia Pacific region.
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By resin type, the acrylic segment is projected to register the highest CAGR in the industrial maintenance coatings market
Acrylic resins are a group of thermoplastic or thermosetting plastic substances derived from acrylic acid, methacrylic acid, and other related compounds. These resins offer excellent resistance to extreme environmental conditions and enable fast-setting times in comparison to other resin systems. They find use in automotive, industrial assembly, construction, metal processing, and other end-use industries.
By technology, solvent-based industrial maintenance coatings are estimated to be the largest technology in 2020
Solvent-based industrial maintenance coatings are preferred over water-based coatings in humid environments. Solvent-based coatings cure due to a chemical reaction between oxygen in the atmosphere and their constituents, and not by the evaporation of water. Solvent-based industrial coatings achieve a higher gloss level than water-based coatings. It is applied to the surface of the material to prevent corrosion and is more flexible than water-based coatings during the curing of the coating. Solvent-based industrial maintenance coatings are used widely in numerous end-user industries such as automotive, marine, aerospace, oil & gas, chemical & petrochemical, power and steam generation, metal processing and among others.
By end-use industry, oil & gas sub-segment of the energy & power segment is projected to dominate the industrial maintenance coatings market
Power & chemical plants and oil & gas industry, and metal processing industries will continue to represent the bulk of the end-use demand for high-temperature coatings because of the relatively large replacement (repair and maintenance) market of high-temperature coatings attached with these applications. Wide application of high-temperature high pressure industrial maintenance coatings in applications such as corrosion under insulation, flare/smokestacks, chimneys, exhausts, piping, storage tanks, process boiler vessels, etc. in the oil & gas industry has led to the dominance of industrial maintenance coatings in oil & gas industry.
Asia Pacific is expected to account for the largest share of the industrial maintenance coatings market
Asia Pacific has emerged as the leading consumer and producer of industrial maintenance coatings. The easy availability of low-cost labor and raw materials are driving foreign investments, which is increasing the production of industrial maintenance coatings in the region. Asia Pacific is also the fastest-growing industrial maintenance coatings market.
Major players in the industrial maintenance coatings market include Akzo Nobel N.V. (the Netherlands), Jotun A/S (Norway), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd (US), Kansai Paint Co., Ltd. (Japan), RPM International Inc. (US), Tikkurila OYJ (Finland), Hempel A/S (Denmark), Axalta Coating Systems, LLC (US), Aremco Products Inc. (US), Monarch Industrial Products (I) Pvt. Ltd.(India), Goa Paints (India), and Continental Coatings Inc. (US).
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