The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Liquid Coatings Market: Introduction
Liquid coatings, also referred to as wet coatings, are majorly used where powder coatings are not applicable to provide finishing to products as well as assembled components and parts. Liquid coatings also provide noise control, corrosion and chemical resistance, wear resistance and non-stick, abrasion resistance. Liquid coatings have material efficiency of around 35%. They give a decorative look to the surface on which they are applied and protect the surface from rust and damage, such as scratches, etc. Liquid Coatings are generally applied using a spray equipment to create a uniform thickness of the paint layer.
Liquid Coatings Market: Market Dynamics
Liquid coatings can be applied on very thin layers and on any substrate, such as plastic, wood, etc. These coatings provide a smooth surface finish. Liquid coatings are widely used in areas where high temperatures are a commonality. Equipment used for applying liquid coatings are cheaper than powder coating equipment. The aforementioned properties of liquid coatings are expected to make the market grow at a substantial rate during the forecast period.
The growth in construction activities and electronic industry in Asia Pacific, especially in China, is estimated to fuel the demand for Liquid coatings during the forecast period. This, coupled with increasing investments by the government of China, India etc. on military equipment will further add to the growth in consumption of liquid coatings during the forecast period.
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However, in comparison to powder coatings, liquid coating have some disadvantages, such as they are less durable, ecofriendly, take more time to get cured, etc. These factors are expected to act as restraints for the growth of the liquid coating market during the forecast period. In comparison to powder coatings, all liquid coatings contain solvents including 100% solids liquid coatings. That apart, liquid coating can prove to be hazardous for the spray operator, inferior and multiple coats must be applied to achieve the required firm thickness. Some liquid coatings also contain VOCs of (Theoretical) ASTM D 3960, i.e. 4.4 to 4.8 pounds per gallon, etc. Thus, these factors are expected to act as restraints to the growth of the liquid coatings consumption, thereby de-accelerating the growth of Liquid coatings market during the forecast period.
Liquid Coatings Market: Market Segmentation
The Liquid Coatings market can be segmented on the basis of Coating Layer into:
- Primer
- Base coat
- Top coat
- Clear Coat
The Liquid Coatings market can be segmented on the basis of Resin Type into:
- Polyurethane
- Acrylic
- Alkyd
- Polyester
The Liquid Coatings market can be segmented on the basis of Coating Technology into:
- Solvent Borne
- Water Borne
- UV Cure
The Liquid Coatings market can be segmented on the basis of Application into:
- Machinery and Parts
- Automotive
- Electronics
- Construction
- Medical
- Military
- Optical
- Others
Liquid Coatings Market: Regional Outlook
The Asia Pacific is expected to witness robust growth in the Liquid Coatings Market, which can be attributed to the increasing number of paints and coatings manufactures as well as expansion of manufacturing facilities by coating manufacturers in emerging economies, such as China, India etc.
North America and Europe are expected to witness significant growth in the Liquid coatings market during the forecast period owing to the increasing application of liquid coatings in medical automobiles and military applications, etc.
Middle East & Africa (MEA) and Latin America is estimated to witness growth in consumption of Liquid coatings during the forecast period owing to various advantages of liquid coatings, such as exact color matching, more resistance to heat and sunlight, can be applied on any kind of substrates, etc.
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Liquid Coatings Market: Key Participants
Examples of some of the key participants operating across the value chain of the Liquid Coatings Market are:
- Axalta Coatings System
- Spencer Coating
- ACME Finishing
- Jet Finishers, Inc.,
- STP Performance Coating LLC.
- Alpha Engineered Composites
- Cardinal,
- Industrialex Manufacturing
- PPG
- AKZO NOBEL
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