Industrial liquid coatings market to hit $70bn by 2025
ABU DHABI, September 8, 2018
The industrial liquid coatings market is set to grow from its current market value of more than $45 billion to over $70 billion by 2025, according to a study by Global Market Insights.
Growth in the global oil and gas sector coupled with supportive government policies of emerging economies to boost manufacturing sector are the prime factor for the growth of industrial liquid coatings market in near future.
The coatings are used to provide resistance to corrosion, UV rays, acids, oils and other type of contaminations that can deteriorate metal and hinder the performance of equipments. The product is mainly applied on various industrial metal equipments, components and pipelines.
Stringent environmental regulation related to the VOC emission from liquid coatings will negatively impact on the growth of global industrial liquid coatings market.
Solvents used in coating formulations are hazardous as many are human carcinogens and are flammable or explosive. Environmental concerns associated with conventional ingredients, coating application technologies, and coating wastes are the driving forces for developing pollution prevention alternatives, according to the report.
Industrial liquid coatings market is segregated into resin, product, application and region. The resin segment includes epoxy, acrylic, polyester, polyurethane and others. In terms of volume, acrylic based coatings segment will clutch over 15 per cent of the entire market share in 2025, it stated.
Properties such as excellent chemical resistance, color & gloss retention, outstanding early moisture resistance, flash rust/early rust resistance, etc. makes it suitable for use over steel, aluminum, and zinc rich primers.
The product segment further segmented into liquid top coats, liquid primers, metal conditioners, e-coats and other. In terms of revenue, e-coats will account for more than 10% of the overall segment share by 2025, said the report.
E-coats or electrocoats are high-performance products that are formulated to provide reliable mechanical strength and superior corrosion protection, it stated.
The product is mostly used on hot rolled steel, galvanized steel, aluminum, magnesium etc. in agriculture, construction & earthmoving equipments, as well as automotive & electrical appliances manufacturing industries.-TradeArabia News Service
