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Growth in general industrial sector across Asia Pacific will augment the demand for industrial liquid coatings in near future. The product is used in coating different equipment and components in end-user industries including food & beverage, electronics, petrochemical & refineries, pharmaceutical and general manufacturing. Legislative amendments done by emerging economies to boost manufacturing sector along with easy availability of skilled labor at low cost are the prime reasons that Asia Pacific is now a manufacturing hub and contributes about 40% of world?s output. Rising demand for commodities and ease of raw material availability made the region a preferred choice of various global players driving the product market demand in positive manner over the forecast time spell.
Based on resin acrylics will witness an annual growth rate of about 4.5% from 2018 to 2025. Product properties such as resistance to moisture, UV rays, chemicals and rust makes it ideal to be used over aluminium and steel. Acrylic coatings have end use applications on piping, steel structures, machineries, power plant equipment., etc.
Based on product e- coats (electrocoats) will show a decent growth rate of over 5% over the forecast period. The product provides superior corrosion protection and reliable mechanical strength to substrates such as aluminium, galvanized steel, magnesium, cold rolled and hot rolled steel. These are extensively used in construction, agricultural & earthmoving equipments, manufacturing industries, etc.
On the basis of application oil & gas pipelines will observe an annual growth rate of 6% over the forecast timespan. The product provides exceptional corrosion protection to external and internal pipes for gas risers, hydrants and oil & gas pipelines. The product also provides mechanical, chemical resistance along with gloss and color retention to the machines used in agricultural & heavy equipment segment.
The market is highly fragmented with the presence of small, medium and large players across the globe. Some of the major industrial liquid coatings market players include RPM International Inc., Axalta Coatings Systems, Baril Coatings, Akzo Nobel, Hempel and Nippon Paints.