China Industrial Coatings Market Segmented by Product and Application (2017-2022)

Summary

China Industrial Coatings Market-Segmented by Application, Technology, and Geography-Trends and Forecasts (2017-2022). The industrial coatings market are; aerospace, automotive (OEM and Refinish), consumer durables, industrial (includes oil & gas industries, chemical process industries, power sector, etc.), marine, wood, building and construction and others.

Description

The Chinese industrial coatings market is valued at USD 18.53 billion in 2016, and is expected to be worth USD 26.01 billion by 2021, recording a CAGR of 7.02% over the forecast period.

China accounts for more than 50% of the industrial coatings market in the Asia-Pacific region. The rapid expansion of the industrial coatings market in China has resulted in a drop in the per unit price of the coatings, thereby increasing its use throughout the region. Moreover, the rising disposable income of people has led to increased spending on end-users, such as furniture, building & construction, and is boosting the industrial coating market in China. Additionally, tax regulations in China, compared to Europe, have resulted in low market-penetration barriers, making China an attractive destination for new entrants. Although China has enjoyed one of the top positions as a consumer of industrial coating in the APAC region, the industry is struggling for innovation and investment in R&D activities compared to developed economies, such as United States.

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The 12th Five-Year plan calls for a focus on water-borne coatings, powder coatings, high solid coatings, radiation-curable coatings and other environmentally-friendly products. This factor encourages local manufacturers to increase production facilities for the aforementioned products. To meet customer requirements, coating companies in the country strive to produce coating materials that have faster application and curing times, smart properties (such as self-cleaning and mold-preventing), photo catalytic properties, improved resistance to chemicals, weather, etc., and longer pot time.

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Developing infrastructure, government support and a healthy demand for eco-friendly coatings are factors driving the industrial coatings market in China. Other factors, such as the increasing use of UV coatings, and developing applications of water-borne coatings offer varied growth opportunities for the market in the country. Dominance of local players in certain segments such as wood coatings, is expected to attract heavy investments from international players. However, VOC emission constraints from solvent-borne coatings still pose a threat for the market.

The China industrial coatings market is broadly segmented by type into; powder coatings, solvent-borne coatings, water-borne coatings and radiation cured coatings. On the basis of resins, the market has been divided into acrylics, epoxy, alkyd coatings, PU, polyester and other coatings. The end-user industries of the industrial coatings market considered in the report are; aerospace, automotive (OEM and Refinish), consumer durables, industrial (includes oil & gas industries, chemical process industries, power sector, etc.), marine, wood, building and construction and others.

Some major companies profiled in the report are:

  • Akzo Nobel N.V.
  • Axalta Coating Systems
  • Beckers Group
  • Kansai Paint Co., Ltd
  • The Sherwin Williams Company
  • Guangzhou Kinte Powder Coating Co., Ltd.

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