The market size of industrial maintenance coatings is estimated to grow from USD 4.0 billion in 2020 to USD 4.9 billion by 2025, at a CAGR of 4.0% during the forecast period. Industrial maintenance coatings are professionally applied paints formulated to withstand extreme conditions such as heavy abrasion, water immersion, chemical exposure, or intense heat. They are used primarily to control corrosion and substrate deterioration in and around items associated with industrial production, refining, waste and water treatment, and other infrastructure.
The industrial maintenance coatings market is partly consolidated with established players occupying chunk of the market share and partly fragmented with the presence of many companies. The players in this industry possess wide product portfolios with innovative and differentiated products, thus meeting the demand from various industries. Major players in the industrial maintenance coatings market include Akzo Nobel N.V. (the Netherlands), Jotun A/S (Norway), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd (US), Kansai Paint Co., Ltd. (Japan), RPM International Inc. (US), Tikkurila OYJ (Finland), Hempel A/S (Denmark), Axalta Coating Systems, LLC (US), Aremco Products Inc. (US), Monarch Industrial Products (I) Pvt. Ltd.(India), Goa Paints (India), and Continental Coatings Inc. (US), have framed their strategies to penetrate and create bases in these emerging markets.
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PPG Industries, Inc. is a leading player in the global industrial maintenance coatings market, in terms of gepgraphical reach, product portfolio, and financial performances over the last three years. In March 2020, PPG completed its acquisition of Alpha Coating Technologies, LLC (Alpha), a powder coatings manufacturer for light industrial applications and heat-sensitive substrates. The acquisition provides additional powder capacity. It includes small batch and low cure powder manufacturing capabilities for general finishes, light industrial, furniture, and heat-sensitive substrate end uses. This acquisition also provides emerging opportunities in low-temperature cure powder technology.
Another important player in the global industrial maintenance coatings market is Akzo Nobel N.V.
In March 2020, Akzo Nobel acquired the remaining 25% stake in Akzo Nobel Boya Sanayi ve Ticaret A.S. (Turkey), a leading powder coatings joint venture. The acquisition is expected to help Akzo Nobel serve the powder coatings market in Turkey, Eastern Europe, and Central Asia.
Industrial Maintenance Coatings Market by Technology (Solvent-based, Water-based, Powder & Others), Resin Type (Epoxy, PU, Acrylic, Alkyd & Others), End-use Industry And Region (North America, Europe, Asia Pacific, South America & Middle East & Africa) – Global Forecast to 2025
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