Sustainable and Eco Friendly Characteristics to Augment Organic Coatings Market Growth
Increasing adoption for organic coatings to improve durability and surface stability remains instrumental in driving market growth. Moreover, their use as an effective medium of protection from corrosion and damage has triggered their demand across industries such as automotive, electrical, building and construction, energy production and oil & gas among others. In addition, increasing demand for green material, on the back of growing environmental concerns, has largely influenced the market. Apart from providing protection from external factors and enhancing stability quotient, organic coatings are an eco-friendly alternative to their inorganic counterparts. Albeit having low heat resistance, other perceived benefits of these coatings such as cost effectiveness and greater sustainability continue to influence their demand, says research.
As per study, the global organic coatings market is anticipated to grow at a rate of over 5% in the next six years, likely to cross a valuation of more than US$20 Bn.
Automotive Industry to Offer Accelerated Growth Rate as Manufacturing Sees a Boom
Automotive industry is expected to present lucrative growth opportunities for organic coatings as these are increasingly being used for preventing corrosion and as anti-abrasion agents. Also, use of organic coatings in the automotive aftermarket is likely to influence their sales, consequently contributing towards market growth. This aspect coupled with growing vehicle manufacturing and vehicle registration is expected to bode well for the organic coatings market. According to OICA (International Organization of Motor Vehicle Manufacturers), in 2020, sale of approximately 55 million passenger cars was recorded, which grew by around 5 million to reach 57 million units in 2021 on the global front. This is expected to trigger the use of organic coatings in automobile, in turn influencing market growth.
Acrylic Based Organic Coatings to Account for Major Revenue Share in the Market
Acrylic organic coatings are expected to witness momentous demand in the coming years. Acrylic based coatings find applications across various end uses such as transportation, architectural and protective applications. Acrylic organic coatings reflect higher resistance towards fungal development, have long service life and superior moisture resistance. Moreover, other benefits of acrylic coatings such as low cost and ease of application makes them an apt choice across end uses, consequently contributing to the valuation of the organic coatings market.
Asia Pacific Likely to Spearhead in the Organic Coatings Market
Emerging economies such as China and India are poised to showcase higher lucrativeness apropos to use of organic coatings. China, in particular is expected to reflect higher growth potential owing to increasing number of oil & gas activities coupled with proliferating infrastructure development. Moreover, China’s 13th 5 year plan apropos to oil and gas has been setting targets for construction, infrastructure and self-sufficiency. This is also expected to create various opportunities for foreign and private companies in the country. Another factor contributing towards growth of organic coatings in the country is the increasing demand for welan hum which is used in various drilling applications for production of oil. That said, the increasing use of organic coatings owing to their anti-corrosive properties is expected to fuel their demand in the oil and gas sector, consequently complementing market growth in the region.
Likewise, growing construction sector in India is expected to bode well for the organic coatings market. Buoyancy in the building and construction industry is expected to fuel demand for organic coatings on the back of their perceived benefits such as high corrosion resistance, low VOC emissions, improved performance with longer re-coat cycles and better edge retention thus reducing rust zone penetration. In this backdrop, sale of organic coatings is poised to grow, thus auguring well for the market in Asia Pacific. Manufacturers can expect an optimistic scenario in Asia Pacific market for organic coatings in the years to follow.
Organic Coatings Market: Competitive Landscape
Some of the key players operating the market are Anochrome Group, Akzo Nobel NV, PPG Industries Inc., The Sherwin-Williams Company, Organic Coatings Ltd., AD International, BASF SE, Hi-Tech Metal Finishing, DeKalb Metal Finishing and Axalta.
Global Organic Coatings Market is Segmented as Below:
By Resin Type
By End Use Industry
Key Elements Included In The Study: Global Organic Coatings Market
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