An industrial coating is a paint or coating defined by its protective, rather than its aesthetic properties, although it can provide both. The most common use of industrial coatings is for corrosion control of steel structures such as offshore platforms, bridges and underground pipelines.
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The substantial reason for the growth of the ship and boat building and repairing market from $197 billion in 2017 to $253 billion in 2021 is smart coatings and high performance coating technologies are being adopted by companies to enhance efficiencies of coating compounds. Nano coatings, are a type of smart coating which has extremely tiny particles and unique characteristics such as flexibility, resistance to corrosion and micro bacterial growth. Fluoropolymer coating is known for its high performance properties such as long life cycle and high cost efficiency.
The market can easily split into water borne coatings, solvent based coatings, powder coatings and others out of which others market comprises of two-third of the market followed by water borne coatings which comprises of two-fifth of the market share and rest of the market is shared by powder coatings and solvent based coatings.
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China was the largest country in the paints and coatings market in 2016, accounting for nearly one-third of the market followed by the USA and India.
The top five competitors in the market made up nearly one-fourth of the total market in 2017. PPG Industries Inc. was the largest competitor with nearly one-tenth of the market, followed by The Sherwin-Williams Company, AkzoNobel N.V, Dow Chemical, RPM International Inc. PPG Industries, Inc. manufactures protective and decorative coatings, flat glass and glass products. PPG Industries’ strategy is to ensure smooth integration of acquired companies to further strengthen their product, technology and distribution offerings to customers.
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