BUSINESS: Organic Coatings Market to Reach $23 Billon by 2026

dWeb.News Article from Daniel Webster dWeb.News

dWeb.News Article from Daniel Webster dWeb.News

BUSINESS: By Daniel Webster, dWeb.News Publisher

New York, NY — (SBWIRE) — 10/08/2021 — Organic Coatings Market size is forecast to reach US$23 billion by 2026, after growing at a CAGR of 3.8% during 2021-2026, owing to the rising demand for corrosion inhibitors such as organic coatings from various end-use industries as these coatings improve the durability and stability of the metal surface. The organic coating market is expanding due to environmental concerns and increased demand for environmentally friendly products. Organic coating is one of the best ways to prevent corrosion of magnesium alloys. Organic coatings have seen a rapid rise in demand due to the growth of the oil-and-gas industry. This has fueled market growth. The aerospace and automotive industries are expected to be a major driver of the organic coatings market during the forecast period.

COVID-19 Impact

The pandemic has caused disruption to supply chains in local and global companies involved with the production of organic coatings. The pandemic has also caused a sudden halt in building and construction activities, which has resulted in a drop in demand for organic coatings. In different regions, construction activity has been temporarily suspended. In Quarter 2 (Apr to June) 2020, for example, construction production in Great Britain dropped by a record 35.0 percent compared with Quarter 1 (Jan to Mar) 2020. These sectors are also experiencing problems due to the coronavirus. Untimely deliveries and production of organic coatings is another reason. These factors have slowed the growth of the organic coatings industry during the epidemic.

Segment Analysis of Organic Coatings Market Segment – By Type

The water-based segment held the largest share in the organic coatings market in 2020 and is growing at a CAGR of 5.7% during 2021-2026. Water-based organic paints improve viscosity, reduce foam, control shine, controlflow, increase anti-chipping ability, and make the paint more impact-resistant to maximize its performance. Paint quality is improved by water-based paints that have long-term water repellency. The production of water-based organic coats will continue to be highly efficient for long-term, multi-use, safety and environmental protection. Water-based organic coatings are expected to grow in demand due to their performance benefits, including the prevention of color fading and water spots, the prevention from mold and mildew issues, and the prevention of damage from moisture intrusion.

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Segment Analysis of Organic Coatings Market Segment – By Resin Type

The acrylics segment held the largest share in the organic coating market in 2020. Acrylic-based organic coats can be used in many market segments, including architectural, transportation and protective, decorative, as well as other markets. Acrylic-based organic coatings are easy to use, have good physical properties, and are affordable. They are resistant against fungi and offer excellent protection from moisture. According to International Trade Centre (ITC), the world export of acrylic resins was worth US$13,490,819 thousand in 2016, and US$15,291,934 thousand in 2017, which further increased to US$17,152,076 thousand in 2018. Acrylic resins have two key advantages: their resilience and ability to lower monthly energy bills. These factors will drive the demand for organic acrylic coatings in the forecast period.

Organic Coatings Market Segment Analysis – By End-Use Industry

The oil & gas segment held the largest share in the organic coatings market in 2020 and is growing at a CAGR of 8.9% during 2021-2026, owing to the increasing demand for protective and eco-friendly coatings such as organic coatings in the oil & gas industry. The oil & gas industry is increasingly using organic coatings to protect their structures from weather, humidity and chemical damage. They also provide toughness and resistance to weather and UV rays. Organic coatings are used to protect metal surfaces from corrosion. They can also be used to make adhesive cement. Metals are often used in oil and gas equipment like heat exchangers and oil country tubular goods (OCTG), storage tanks, pressure vessels, etc. The market for organic coatings is expected to grow significantly due to the increasing use of metals by the oil and gas industry in order to make its processing equipment.

Organic Coatings Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the organic coatings market in 2020 up to 41%, owing to the increasing oil & gas industries in the region. This region’s growing population and per capita income are a boon for the aviation and automotive industries. According to Invest India India’s data, India has seen its consumption and production of petroleum products steadily increase over the years. Between April and October of this year, 150 MMT of petroleum products were produced. India’s projected oil demand is going to grow at a CAGR of 4.2% during 2017 – 2040. According to the U.S. Energy Information Administration (EIA), China’s oil consumption growth accounted for an estimated two-thirds of incremental global oil consumption in 2019. China consumed an estimated 14.5 million b/d of petroleum and other liquids in 2019, up 500,000 b/d, or nearly 4%, from 2018. The rising oil and gas consumption is driving the Asia Pacific region’s organic coatings market growth.

Organic Coatings Market – Drivers

Flourishing Automotive Sector

Steel and magnesium alloys are used in automotive components like panels, doors, trunk closing, wheels, fuel tanks and steering. They can be used to reduce weight, improve safety, and increase fuel efficiency. Organic coatings are used extensively as corrosion inhibitors in steels. In 2019, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the automotive production in Malaysia and Vietnam has increased up to 571632, and 250000, i.e., 1.2%, and 5.5%, higher than the previous year. The Chinese government expects the production of cars to reach 35 million by 2025, according to the International Trade Administration (ITA). According to the International Trade Administration (ITA), it is expected that the automotive industry will grow, which will lead to an increase in demand for steel, which in turn will drive growth in the market for organic coatings.

Expanding Building and Construction Industry

Steel and magnesium alloys are affordable, readily available, and safer, and their intrinsic properties, such as strength, versatility, durability, and 100% recyclability allow for improved environmental performance across the entire life cycle of buildings, owing to which it is widely used in the building and construction industry. According to the US Census Bureau, total construction was at a seasonally adjusted annual rate of 1,366,697 in February 2020, which is 6.0% above the rate of 1,288,951 in February 2019. According to the International Trade Administration (ITA), the Chinese construction industry is forecasted to grow at an annual average of 5 percent in real terms between 2019 and 2023. Construction and construction activities are also growing (FDI) due to various government initiatives such as Foreign Direct Investments. The rise in construction activity is expected to increase the demand for organic coated steel, which will act as a driver for organic coatings market over the forecast period.

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Organic Coatings Market – Challenges

The Delamination of Organic Coatings

Organic coating is the most cost-effective and economical way to protect metallic materials against corrosion. Protective coatings can be used to separate metal substrate from corrosive media, provide electrochemical protection (inhibition or cathodic protection), and have an adhesive function. However, organic coatings can be damaged by under-film corrosion in harsh environments. This can reduce their service life. Wear and scratches can accelerate the process, which allows for the diffusion of metals between the coatings and the interface. Cathodic Delamination, which refers to the weakening of adhesion between the substrate and coating, is a major mode of failure in organic coatings. This is what may limit market growth.

Organic Coatings Market Landscape

The key strategies of the players in organic coatings are acquisitions, technology launches, and R&D. Major players in organic coatings are Plating Technology and Hi-Tech Metal Finishing.
Acquisitions/Technology Launches

In June 2020, Axalta launched a new collection of industrial powder coatings in Mexico. Alesta BE+ doesn’t emit volatile organic compounds (VOC), takes less time to cure and consumes less energy. This increases productivity and lowers production costs.

Key Takeaways

Due to growing demand from aerospace industries for organic coatings, Asia-Pacific is the dominant market for organic coatings. China will need 7,690 new aircraft over the next 20 years, valued at US$1.2 trillion, according to Boeing (Commercial Market Outlook 2018-2037).
To provide additive-type finishes to materials, organic coatings are widely used. These coatings can alter the substrate’s surface properties such as adhesion and wettability.

In the coming years, there will be a significant increase in demand for organic coatings in many end-use industries like building and construction, aerospace, automotive and wind energy.

Due to the Covid-19 pandemic, most of the countries have gone under lockdown, due to which various wind energy, automotive, and aerospace, projects and operations are disruptively stopped, which is hampering the organic coatings market growth.

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