At a predicted CAGR of 2.5% from 2021 to 2026, the market for industrial coatings would increase from USD 102.0 billion in 2021 to USD 116.0 billion by 2026. The region that uses industrial coatings the most is Asia Pacific. The rising demand from the general industries and the automotive industries is what is driving the global market for industrial coatings.
AkzoNobel N.V. (Netherlands), PPG Industries, Sherwin-Williams, Axalta Coating Systems, LLC, and Nippon Paint are the major companies participating in the market (Japan). To expand their market share, these businesses have used a variety of techniques, including joint ventures and partnerships, mergers and acquisitions, investments and expansion, and the introduction of new products. The main tactic used by the major businesses between 2016 and 2021 is mergers and acquisitions. This tactic assisted businesses in expanding their global footprint.
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PPG Industries, Inc. (US) creates and sells coatings, glass products, and optical and specialised materials. Performance coatings, industrial coatings, architectural coatings, optical & specialised materials, and glass make up the company's five business segments. Additionally, it offers adhesives & sealants to the automotive industry, metal pretreatments & associated chemicals for industrial & automotive applications, as well as packaging coatings to producers of aerosol, food, and beverage containers.
A multifaceted coatings business is Axalta Coating Systems LLC. Performance coatings and transportation coatings make up the majority of its business. The transportation market is further divided into light vehicle and commercial vehicle, and the performance coatings segment is further divided into refinish and industrial. The business produces liquid and powder coatings for a variety of uses, including coatings for architectural and ornamental purposes, automobile OEMs, automotive refinishing, transportation, and general industry. Axalta Coating Systems LLC has a sizable clientele and conducts business in a number of nations throughout Europe, North America, Asia Pacific, the Middle East, and Africa.