Specialized coatings called industrial coatings are applied to the surfaces of a variety of industrial products and structures in order to protect and improve them. Numerous qualities are offered by these protective coatings, such as heat resistance, abrasion resistance, chemical resistance, and corrosion resistance. The automotive, aerospace, oil and gas, construction, and manufacturing sectors are seeing an increase in the use of industrial coatings.
Germany Industrial Coatings Market Driving Factors and Challenges
Drivers: Demand for eco-friendly coatings is rising. One of the most significant aspects of industrial coatings has been their environmental friendliness. The demand for environmentally friendly coatings is being driven by strict EU regulations pertaining to the reduction of volatile organic compounds (VOCs) in coating resins and low polluting coating technologies. New and low-pollution coating technologies will continue to be driven by government regulations, particularly with regard to air pollution. The demand for environmentally friendly products, such as water-based, powder-based, high solids, and UV-curable coatings, has shifted from solvent-based coatings as a result of these regulations.
There are fewer solvents in these eco-friendly products that evaporate during the curing process. The need for protective coatings will rise as a result of the expanding oil and gas sector. One of the main end markets for protective coatings is the oil and gas sector. The industry requires heat-resistant coatings because of the high temperatures in which it operates. When metal and steel structures are exposed to moisture and dampness, coatings are also used to prevent corrosion. Among other things, they are utilized in the oil and gas sector for tanks, pipes, valves, and pumps.
Challenge: The industrial coatings industry faces numerous challenges as a result of the increased emphasis on following local and state wastewater discharge regulations. Significant amounts of metals, oil and grease, and suspended solids from the cleaning and pretreatment processes are present in the wastewater streams from the powder coating operations. Manufacturers of industrial coatings have to modernize their processes to meet an increasing number of legal requirements. In countries where environmental laws are stringent, goods that do not meet legal standards are forbidden.
Impact of COVID-19 on Germany Industrial Coatings Market
The industrial coatings sector suffered as a result of the COVID-19 outbreak. The movement of the GDP had an impact on sales. Because of the lockdowns and manpower shortage, the majority of production units were closed. Different producers became uncertain as a result. Moreover, the industry's growth was severely hindered by supply chain limitations. 2019–2020 saw the automotive industry experience weak sales, a structural slowdown, and a faltering economy. Nonetheless, the local auto sector profited from the relaxation of lockdowns and incentive programs to encourage economic recovery. After making a comeback in 2021, the market is predicted to expand rapidly in the upcoming years.
Germany Industrial Coatings Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AkzoNobel NV, Axalta Coating Systems, Beckers group, Hempel AS, Jotun, MIPA SE, PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, Others.
Germany Industrial Coatings Market Segmentation:
By Resin Type: Based on the Resin Type, Germany Industrial Coatings Market is segmented as; Acrylic, Alkyd, Epoxy, Polyurethane, Others.
By Technology: Based on the Technology, Germany Industrial Coatings Market is segmented as; Powder Coatings, Radiation-cured Coatings, Solvent-borne Coatings, Water-borne Coatings.
By Type: Based on the Type, Germany Industrial Coatings Market is segmented as; General Industrial, Protective
By Region: This research also includes data for Eastern Region, Western Region, Northern Region, Southern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.