The global industrial coatings market is recovering

Market research firm Grand View research has released a report stating that the global industrial coatings market is valued at $87.19 billion in 2022 and is expected to grow at a compound annual growth rate of 2.5% from 2023 to 2030.

Grand View Research identified some of the drivers of this market. The increasing use of surface finishing coatings in automotive maintenance, repair and aftermarket coatings due to visual appearance, surface protection and corrosion resistance is expected to drive the demand for industrial coatings. These coatings have good CO2 retention properties to maintain freshness and high flexibility and adhesion, which is driving their demand in the packaging industry, while increasing construction activity is driving product demand in the wood industry.

As we emerge from the pandemic, the global industrial coatings market is showing signs of recovery and growth. There are still many challenges to overcome, such as raw material shortages and supply chain issues.

Mike Bourdeau, president of Sherandwick General Industrial Coatings, said: "The global industrial coatings market is still struggling to overcome some significant obstacles such as raw material shortages, economic headwinds and ongoing supply chain challenges. However, we are starting to see some of these issues slowly resolve and we can focus on growth again, which is heartening."

According to Bourdeau, the performance of the industrial coatings market varies by specific region and segment. "We are seeing some sectors outperform pre-pandemic levels, while others are slowing down due to economic conditions. We also see that some of the big trends in the industry continue to gain momentum. For example, interest in powder coatings has grown, which we are pleased to see. As sustainability becomes more of an industry focus and manufacturers look for innovative products to support their sustainability goals, I think the pace of progress will accelerate.

We have seen continued adoption of Powdura ECO and our most recent innovation is the use of recycled plastic as a raw material to provide powder coatings with sustainability benefits without compromising performance. We are seeing more and more interest in our liquid coatings, which also offer various sustainability benefits. As customers continue to prioritize sustainability, I'm excited to see other advancements coming to the market."

Kevin Braun, PPG's vice president of Global Industrial Coatings, said: "Over the past year, our assessment of the industry has been very uneven. We are seeing continued strength in segments such as heavy equipment and construction-related areas. Alternatively, consumer-driven products have taken a considerable step back from their highs during the coronavirus pandemic in late 2020 and 2021. From a regional perspective, it is clear that both China and Europe have been hurt for different reasons, while our Americas region has shown a relative advantage in the overall industrial landscape."

Industrial coatings cover a variety of market segments: onshore oil and gas, commercial construction, and industrial maintenance. Currently, the heavy equipment and oil and gas sectors offer the most growth opportunities.

"The strongest performance was in industries such as heavy equipment and energy," Bourdeau said. "Technology continues to evolve in these markets, driving investment in new equipment. They also see supportive legislation such as the American Infrastructure Act, which creates strong opportunities for investment over the next five years. We also see strong growth potential in emerging markets such as electric vehicles, as well as many neighboring markets that support this growth area. In the coming years, this technology will continue to grow around the world. We look forward to being part of that growth."

Braun said: "Because industry is a complex of many different areas, it is difficult to identify which areas represent the highest growth opportunities. However, we believe that as a leading coatings supplier, providing customers with high-performance products that meet long-term sustainability metrics will drive coatings growth, regardless of application area. For example, since 2019, PPG has focused on expanding its powder coatings capacity and capabilities, making four strategic acquisitions and expanding production and service elements at seven locations around the world. We have seen firsthand the demand for such products, and we expect this trend to continue for a long time."

Industrial coatings customers are looking for products with extreme durability, efficiency and compliance with environmental regulations.

"In short, most of our customers are looking for a combination of three main benefits: faster, more efficient manufacturing processes, longer lasting durability and protection, and reduced environmental impact," Bourdeau said. Efficiency is an important issue for our customers. After dealing with the supply chain issues of the last three to four years, our customers are ready to run the manufacturing process smoothly again with suppliers and manufacturing partners, as well as in-house with their own facilities. Our technical services team gets a lot of credit for this. Our industrial partners place great value on the ability to streamline processes, which also helps reduce costs, another advantage our customers seek."

Durability is also extremely important. Bourdeau said: "As technology advances and customers keep their equipment longer than in the past, the performance and durability of the coating is expected to be longer in a variety of extreme conditions. Customers want bright, consistent colors that protect their goods through prolonged exposure to weather, corrosion, UV rays, and more. These needs drive our innovation. Another important factor that people are talking about more and more is sustainability. Our customers are challenged to reduce their environmental impact, and our coatings play a key role in helping them achieve their sustainability goals. Sherwin-williams is working on some very exciting solutions. In fact, we recently switched from using pre-consumer recycled plastic to using post-consumer RPET as a raw material in our Powdura ECO production line - a change that may seem small, but can actually reduce total energy consumption and further reduce CO2 emissions."

"PPG's brand positioning is' we protect and beautify the world, 'and that's the main element our customers are looking for from us," Braun said. Protection in terms of durability, corrosion protection and overall quality is key. In addition, we need to provide performance characteristics in color and appearance that are in line with overall market trends. In addition to these two key deliverables, we are also hearing more about the importance of sustainability, whether it is low-cure products in customer locations, or full lifecycle management, all of which are gaining traction across all areas of our global business."

With the continuous enactment of environmental regulations around the world, people have shifted from using solvent-based products to more environmentally friendly products such as water-based and powder coatings.

"Over the last few years, we've definitely seen the direct impact of legislation on coating materials, from very specific local impacts to whole regions and countries," Bourdeau said. "The need for environmental responsibility is increasing across all industries. The entire supply chain is being held to a higher standard, so we are constantly evaluating our environmental footprint, product blueprint and social imprint."

Bourdeau noted that Sherwin-Williams' strategy has always been to focus on what it can control. "We continue to focus on research and new product development to actively support evolving needs." As a global partner, we want to ensure that we have the right solutions for our customers around the world, tailored to the specific regulatory issues in the region."

Braun said: "Due to changing global regulations and the desire to reduce environmental impact, sustainability is a driving factor across all industrial sectors, which is why powder coatings are a key focus for PPG. In addition, we see companies in the consumer electronics market taking the lead in adopting our water-based coatings due to their sustainability advantages."

district

"In today's market, growth really depends on specific markets in specific regions," Bourdeau said. "There are down markets in every region, and there are markets in every region that are performing better than in previous years. For us, the focus is on focusing on the right markets in the right regions to accelerate our growth targets. "

With its global footprint, reach and scalability, Sherwin-Williams is committed to supporting industrial manufacturers around the world. "We pride ourselves on being able to deliver consistent product, performance and customer service across all locations. This is the most important and valuable thing for our customers, "added Bourdeau.

"Over the years, we've seen Asia lead the way in driving demand growth for industrial coatings," Braun said. "We see increasing opportunities in Greater China, especially in coating products with sustainable advantages, including powder and water-based technologies. In addition, the Indian economy is growing strongly and the outlook is very positive."

New product

As a coatings company, Sherwin-Williams is committed to promoting the sustainability of its products and processes. Powdura ECO is its latest line of powder coatings formulated from resins made from post-consumer recycled plastics or rpet.

Powdura ECO is an environmentally conscious solution that aims to lower CO2 emissions, reduce plastic waste and contribute to the circular economy by giving plastics a second life. The innovations of the lab team enable the formula to do all of this while still providing a balance of mechanical properties, excellent flexibility, excellent color retention and solvent resistance.

"Powdura ECO is relevant to multiple market segments, including appliances, electronic housings, heavy equipment and many others, and customers use Powdura ECO to achieve superior performance and promote sustainable leadership," said Bourdeau. "We continue to see interest in these breakthrough powder coatings from other customers in different markets and geographies, so we expect the use of Powdura ECO and other products with sustainability benefits will only continue to grow."

PPG recently launched the PPG ENVIROCRON Primeron primer powder portfolio in the European market. The product range is designed to provide high corrosion resistance for metal substrates including steel, hot-dip galvanized steel, metallized steel and aluminum.

Primeron primer in multilayer system provides the best anti-corrosion protection, is to extend the service life of the product and the key to keeping its structural integrity. The PPG Envirocron Primeron primer powder portfolio has been tested against the corrosive category and approved for the QUALISTEELCOAT International Quality label for coated steel.

PPG also introduced PPG ENVIROCRON LUM paint, the industry's first commercially available reflective powder coating. The patent-pending coating is designed to help improve visibility at night and in low-light conditions.

So far, reflective items such as road markings, road signs and safety vests can be achieved using liquid paint, tape and fabric, according to the company. PPG advances combine the safety enhancements of retroreflection with the benefits of powder coatings.