U.S. Industrial Coatings Market Growth & Trends
The U.S. industrial coatings market size is expected to reach USD 19.8 billion by 2030, as per a new report by Grand View Research, Inc., advancing at a CAGR of 3.2% during the forecast period. The rising demand is attributed to the increase in consumption of these products in automotive, aerospace, and electronics industries in the country. The product is significantly used in marine, automotive & vehicle refinish, electronics, oil & gas, aerospace, power generation, mining, and general industrial applications. Properties such as corrosion resistance, high abrasion resistance, chemical resistance, gloss retention, and good color are propelling the product demand in the aforementioned industries.
The demand for water-based products is likely to rise during the forecast period on account of growing awareness about the harsh effects of solvent-based products and various regulations to prevent the release of VOCs and hazardous air pollutants (HAPs) that are harmful to the environment. The set of rules applicable for industrial coatings manufacturing is very stringent owing to the flammable and carcinogenic nature of solvents. Therefore, water and powder borne coatings that lack VOCs are expected to gain popularity during the assessment period.
The global product market is highly competitive with the presence of key players like The Sherwin-Williams Company, Kansai Paint Co., Ltd., PPG Industries Inc., Nippon Paint Holdings Co., Ltd., Akzo Nobel N.V., BASF SE, Axalta Coating Systems, LLC, Asian Paints, Jotun, and others. These companies have a strong market presence along with their established brands for industrial coatings.
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U.S. Industrial Coatings Market Report Highlights
The acrylic coatings segment accounted for more than 37% revenue share in 2021. The growth is attributed to its properties such as corrosion resistance, barrier & inhibiting ability, good adhesion, and fast drying
The water based coatings segment is likely to advance at the highest revenue-based CAGR of 3.7% during the forecast period. The growth is expected due to its use in external environment to help improve thermal protection, wear resistance, and corrosion/glazing
The Original Equipment Manufacturers (OEM) end-use segment held a prominent market share of more than 64% in terms of revenue in 2021, owing to the strong presence of OEM contract manufacturers in the country
The growing automotive industry in the country is anticipated to augment the product demand from OEM segment in the near future
The regional market players are focusing on increasing investments along with ongoing product development to improve performance of their industrial coating products
List of Key Players of U.S. Industrial Coatings Market
Carboline Company
Belzona International Ltd.
US Coatings
Benjamin Moore & Co.
ICP Group
BEHR Process Corporation
Shawcor
RPM International Inc.
Lanco
Cloverdale Paint Inc.
PPG Industries Inc.
Akzo Nobel N.V.
The Sherwin Williams Company
Axalta Coating Systems LLC
Jotun
BASF SE
Henkel AG & Company KGaA
Nippon Paint Holdings Co., Ltd.
Hempel A/S
Beckers Group
The Chemours Company
Kansai Paint Co., Ltd.
Sika Corporation
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