On-site Maintenance Coating Market size is forecast to reach US$4.8 billion by 2027, after growing at a CAGR of 4% during 2022-2027. Maintenance coatings are general-purpose coatings used primarily for maintaining industrial structures and used as a top coat on a surface whose coating has been detached or ripped off. These coatings are commonly used to protect the highway and railroad structures, chemical and manufacturing plants, public utilities, and other, heavy-duty industrial facilities from deterioration by corrosion and harsh environmental conditions. Acrylic resins are formulated to provide surface and as well as corrosion protection in high-performance, water-borne coatings, particularly in construction, industrial, wood and automotive applications. Ultraviolet cured coatings provide enhanced durability for multiple industries such as architecture, transportation. However, the growing demand for UV-Cured coatings in the automotive industry as they consume 50–75% lower energy and provide for significantly reduced heat transfer to the substrate, allowing UV curing on heat-sensitive materials.
COVID-19 Impact
The coronavirus pandemic is triggering disruption and economic poverty around the globe. From Asia to Europe to North America, no country has been secured the virus’s effects and its economic fallout. Similarly, nearly all sectors have been shaken by the pandemic, and the globally unified automotive industry is no different and which has put a negative impact on On-site Maintenance Coating Market. Though, the impact of the pandemic has had on people’s work, travel and day-to-day lives has had a radical effect, drastically altering consumer outlines and actions. And, of course, this has in turn distressed manufacturers, dealers, financiers and many other related sectors. Automotive industry players can influence the crisis to create long-overdue changes and create new opportunities going forward.
On-site Maintenance Coating Market Segment Analysis – By Application
The water-borne segment held the largest share in the on-site maintenance coating market and grew at a CAGR of 4.5% during 2021-2027. Water-borne formulations are employed in on-site maintenance because they have a high degree of flexibility and reduce moisture and solar radiation absorption, resulting in greater environmental resilience and fewer solvent emissions. As a result, demand for water-borne on-site maintenance coatings is expanding. In March 2019, the Stahl company subsidiary of AkzoNobel launched Relca HY-288 water-based coating, a solvent-free hydrophobic hybrid that provides good stain resistance in 1K coating systems in clear and colored systems.
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On-site Maintenance Coating Market Segment Analysis – By Resin
The acrylic type segments accounted for around 32% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. Chemical resistance, high durability, low volatile organic compound (VOC) emissions, and faster coalescence release are a few benefits of water-borne acrylic resins, which are also expected to drive market growth during the forecast period. The new product launches related to the acrylic-based coating are accelerating the growth of the market. For instance, in May 2019, Allnex GMBH Germany, launched water-based acrylic resin for industrial application. Thus, the mentioned factors are forecasted to boost the segmental growth of the on-site maintenance coatings market.
On-site Maintenance Coating Market Drivers
Growing demand for UV-Cured coatings in the automotive industry
It is a process to cure coatings by a chemical process initiated and sustained by UV energy. In less than a minute the coating is converted from a liquid to a solid. There are fundamental differences in some of the raw materials and the functionality of the resins in the coating, but these are transparent to the coating user. The UV-Cured coatings in the automotive industry are poised for rapid growth owing to their properties like environment-friendly, reduced set-up labor cost, and highly improved physical properties. LED curing allows the use of 100% solids formulations and provides fast curing with no thermal heating/ovens, increased production speeds, and a reduced footprint. They consume 50–75% lower energy and provide for significantly reduced heat transfer to the substrate, allowing UV curing on heat-sensitive materials. For instance, Electrolube launched next-generation UV Cure Coatings to meet the various requirements of the automotive industry which are solvent-free, Volatile Organic Compound (VOC)-free and provides unsurpassed performance in harsh environments, including resistance to cracking during thermal shock cycling. On the other hand, Sun Chemical launched UV coating manufactured with 25% bio-renewable carbon content and with 12% post-consumer recycled materials. The rapidly growing demands of UV_Cured coatings are likely to project a positive impact on the on-site maintenance coatings.
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On-site Maintenance Coating Market Challenges
Stringent regulatory policies
A volatile organic compound (VOC) is any chemical that becomes a gas at room temperature and has the potential to react with the surrounding atmosphere. VOCs are dangerous to air quality because when they react with nitrogen oxide under UV radiation, ground-level ozone is formed. This rule establishes a number of categories for the max VOC level for field-applied coatings to stationary structures, pavements or curbs. For example, the VOC limit for industrial maintenance coatings is 450 grams per liter. For surface coatings on ships, most of the VOC paint solvents used in shipyards are also categorized as hazardous air pollutants (HAPs). This means they are toxic and are known or are suspected to cause cancer or other serious health effects. For these coatings, there is a single regulation for VOC and HAP limits since they are one and the same in these scenarios. For example, the VOHAP limit for antifoulant coating is 400 grams per liter. Therefore, these factors might hamper the market growth.
On-site Maintenance Coating Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the on-site maintenance coating. Major players in the On-site Maintenance Coating Market are
Akzo Nobel Nv
Axalta Coating System Ltd Llc
Basf Se
Brillux Gmbh Co. Kg
Cromology
Daw Se
Hempel
Jotun
Ppg Industry
Recent Developments
In November 2021, Dow introduced a solvent-free SYL-OFF SL 184 Coating, an energy-efficient alternative that minimizes misting at very high product label production line speeds. A fast-curing silicone that exhibits low release force at both low and high peel speeds, SYL-OFF™ SL 184 Coating maintains overall performance on most existing label coating equipment, including multi-roll lines.
In March 2021, Tata Motors, India’s leading auto brand, launched Ceramic Coating with the all-new Safari. This is an advanced hydrophilic formulation technology to revitalize the appearance of Tata cars. This service will be provided at all Tata Motors authorized dealerships. Used in the aerospace industry and by hyper-car manufacturers, the Ceramic Coating forms a hardened finish that mixes with the paintwork to instantly rejuvenate the appearance of the vehicle.
Key Takeaways
The Asia Pacific dominates the On-site Maintenance Coating Market owing to a rapid increase in the building and construction sector.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end-use industry in On-site Maintenance Coating Market and their specific segmented revenue.
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