Heavy Duty Coating Market Size, Share, Growth and Industry Analysis, By Type (Solvent Based, Water Based and Powder Coating), By Application (Marine, Containers, Steel Structures & Bridges, Offshore Oil Rigs, Chemical and Petroleum Plants and Other), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Heavy Duty Coating Market Report Overview

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The global heavy duty coating market size is expected to be USD 16200 million in 2022 and is projected to touch USD 23059.71 million by 2031, at a CAGR of 4.0% during the forecast period. 

Under harsh weather conditions, heavy-duty coatings prevent corrosion and damage to metal and concrete surfaces. They are often referred to as maintenance and protection coatings. A small number of international corporations control a large portion of the heavy duty coating market. Less than 50% of revenue shares are owned by the top 5 competitors in 2019. In addition to those major suppliers, a large number of small and medium sized businesses are involved in the production.

COVID-19 Impact: Structural Downturn was Experienced by the Manufacturers due to the Spread of the Virus

The global COVID-19 pandemic has been unprecedented and staggering; with the heavy duty coating market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Since the fluctuation in the gross domestic product (GDP) had the biggest impact on sales, the COVID-19 pandemic's effects were detrimental to the heavy duty coating business. Due to a lack of workers and lockdowns, the majority of production facilities were closed, which caused confusion among different producers and supply chain issues. In 2019–2020, the end customers of this sector saw weak sales, a structural downturn, and a faltering economy.

LATEST TRENDS

"Introduction of Envirolastic 2500 System Replaces Conventional Two-Pack Coating System because of its Added Advantages "

Rapid curing technology was released in august 2020 by Sherwin Williams Company Protective and Marine to drastically cut down on the amount of time and work required to protect structural steels. With equivalent colour and gloss retention to a polyurethane topcoat, the company's Envirolastic 2500 system may be applied as a single or multi-coat system, resulting in a faster shop throughput than a conventional two-pack coating system.

Heavy Duty Coating Market Segmentation

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• By Type

Based on type, the market is distributed into Solvent Based, Water Based and Powder Coating

• By Application

Based on application, the market is divided into Marine, Containers, Steel Structures & Bridges, Offshore Oil Rigs, Chemical and Petroleum Plants and Other

DRIVING FACTORS

"Heavy Duty Coating Solvents are useful in Cleaning and Thinning Oil-Based Paint and can be Effectively Utilized in Industrial Machinery"

Industrial machinery and heavy machinery contain a large number of moving parts that require meticulous cleaning in order to function properly. Because they are denser than water, heavy duty coating solvents are ideal for "displacement cleaning" because they are denser than water. Some pollutants, such as dirt particles, are intractable by nature and must be removed or transferred in place of dissolving them. They can essentially be picked up and washed away by the heavy strength coating solvents. In addition to being great at removing paint or other stains, these solvents are also great at applying oil-based paints thinly.

"Use of Powder Coating Benefits the Consumer as well as the Fabricator and it also gives a Better Appearance than Metal Finishing to the Product"

Heavy strength powder coating offers the most stunning appearance of any metal finishing method. Powder coating provides for a range of light reflection types in addition to being consistent and even. High gloss, semi-gloss, or matte finishes are available for powder coatings. It's simple to create textures that are smooth or wrinkled. In heavy duty powder coating, even metal flakes and glitter can be effective. The economics is yet another key advantage of powder coating over alternatives. Compared to painting or plating, most powder coating jobs take less time. This lowers labor expenses and transfers the savings to the user. Additionally, it increases the earnings potential for powder coating manufacturers. Once more, powder coating benefits both the consumer and the fabricator.

RESTRAINING FACTOR

"Liquid Paint can Obstruct the Market Growth of Heavy Duty Coating as it is Easier to Switch and Dries Faster than Powder Coating"

It is not possible to alter the color of powder coatings after manufacture because the production process and blend are done while they are still molten. In contrast, adding pigment paste to liquid paint allows for color changes at any time, including while the paint is being applied. In addition, temperatures exceeding 180 degrees are required for powder coatings to dry and cure. While liquid paints come in a variety of forms and can dry even at room temperature. This factor with customers opting for liquid paint over powder coating can hamper the heavy duty coating market growth.

Heavy Duty Coating Market Regional Insights

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"Presence of Major Players in the Region makes Asia Pacific the Market Leader during the Anticipated Period"

The Asia Pacific region has the most potential for expansion from the heavy duty coating market share throughout the projected period, in line with the heavy duty coating industry as a whole. With the majority of the major manufacturers setting up shop there, this area has the fastest growing market. The region's heavy duty coating industry is being driven by the presence of some of the world's fastest-growing economies, including China, South Korea, and India, as well as increased demand from a variety of end use sectors.

KEY INDUSTRY PLAYERS

"Major Players in this Market are Investing in R&D and Increasing Production Capacity to stay ahead of their Competitors"

Major corporations are building infrastructure, increasing production capacity, investing in R&D, pursuing merger and acquisition opportunities, and looking for vertical integration opportunities across the value chain. These businesses compete on the basis of the quality of the products they sell and the technology they use to produce them. The market is fragmented, with a number of big rivals as well as several regional, international, and small- and medium-sized businesses competing on a worldwide scale.

List of Market Players Profiled

• Hempel (Denmark)
• Akzo Nobel (Netherlands)
• Jotun (Norway)
• PPG (U.S.)
• Chugoku Marine Paints (Japan)
• RPM International (U.S.)
• Sika (Switzerland)
• Dai Nippon Toryo (Japan)
• NIPSEA Group (India)
• Sherwin-Williams (U.S.)
• Kansai Paint (Japan)
• Henkel (Germany)
• KCC Marine Coatings (South Korea)
• Yung Chi Paint & Varnish Manufacturing (Taiwan)

REPORT COVERAGE

This report covers the heavy duty coating market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.