Corrosion management is a tedious job in the maintenance of infrastructure and other valuable assets. It is an unavoidable process often resulting in the entailment of huge costs and affects the safety of the resources. To safely control the damage caused by the corrosion and degradation in multifarious industrial applications, the market players are coming up with the new technological and customized choice of industrial coating products. For instance, polyurea-based coatings are a great choice to mitigate corrosion on the exterior surfaces; on the other hand, barrier coatings are used for aggressive and harsh environments. Moreover, governments and associations in their latest reports and conferences are promoting the best practices to address the corrosion management during the construction and maintenance of the assets. As a result, the coating industry is striving to come up with new technological advancements to enhance the surface preparation and protective coating applications. Therefore, these advancements are finding stupendous opportunities in the industrial maintenance and automotive applications of the South America coatings market. As a result, the South American Industrial Coatings Market size reached a value of $3625.43 million. Furthermore, the demand for this region is accelerating with a CAGR of 4.65% during 2019-2025.
Dominant Players of the South American Coatings Industry Focused on the Innovations in the Automotive Applications
Industrial coating plays a keen role in delivering much-needed protection for an automotive. Especially the automotive OEM coatings market is propelling with a series of innovations in technologies, as the automotive finishes are confronted with abundant kinds of environmental assaults. Companies such as PPG and BASF are adapting to the changing needs of the automotive users in reducing the problems that might emerge during the painting process and also after cars get on-road. These companies are collecting data from the OEM customers to provide cutting-edge coating solutions that match the customer color and performance requirements. This further helps the reduction of inventory costs and enhance the efficiency-goals of manufacturing and other end-user companies. Such kind of advancements is witnessed in the South America region. Furthermore, the industrial coatings market is thriving in this region owing to immense developments and growth of the automotive industry.
Road and Belt Initiative Increasing Opportunities in the South America Coatings Market
Trade between Asia and South America continue to thrive in the upcoming years. With China’s ‘Road and Belt Initiative,’ the trade relations between China and South America are observing a paramount path. The region is experiencing ample investments in the infrastructure and transportation industries. As a result, the South American automotive market is striving to capitalize on the global automotive industry. Also, as Brazil has stepped out of recession, its trade is accelerating, and this growth is the reflecting on the region’s economy. With utmost growth rate of 32% and about $15 billion trade value of automotive exports during 2016-2017, Brazil made it to top 10 lists in the global automotive products exports. Moreover, the country experienced about 25.2% increase in the production of commercial vehicles during 2016-2017. With these growth prospects within Brazil and other countries of the region, the South American industrial coatings market continue to evolve.
Analytics in South America Marine Coatings Industry – Adapting to the Customer Demands
In the rising digital era, as a part of adapting to transforming customer demands, coating manufacturers are adapting to digital and analytical tools to improve maintenance planning and increase efficacy. In marine environments, shipping fleets utilize industrial coatings so as to protect the surfaces of ships and watercraft from exposed or immersed in fresh or saltwater. A recent innovation by AkzoNobel, a global leader in marine and protective coatings business with big data analysis in the marine industry, is one such example of South America’s rising advances in the industrial coatings market. The digital tool developed by the company uses data analytics in understanding the whole picture of the corrosion and fouling on the surface. This DryDoQ insights tool predicts the vessel’s exterior condition underwater without actual visual inception. This tool is further undergoing major advancements so as to provide the competitive-edge solutions by enhancing the vessel efficiencies of the customers. Innovations as such, to understand different coatings scenarios such as hull performance of a vessel are thriving in the South American industrial coatings market.
General Industrial Applications Finding Ample Opportunities in the South American Coatings Market
In general industrial segment, the applications of coatings are countless. These coating applications can range from iron, steel, and aluminum to plastic, wood, glass. Infrastructural and construction equipment, transformers, manufacturing, power plant, and transportation industries are the major applications of the industrial coatings market of South America. Besides, high-performance coating applications such as oil and gas rigs, bridges, chemical plants, and warehouses are boosting the growth of general industrial coatings market. These industrial applications are experiencing remarkable growth from the past few years owing to the huge trade achieved by ‘Road and Belt Initiative.’ Countries such as Brazil, Argentina, and Peru are finding abundant investments for the growth in the aforementioned sectors. As a piece of evidence to the thriving industrial segments, Brazil accounted for about $11 billion trade value in iron and steel exports with a prominent growth rate of 37% during 2016-2017. Owing to all these growth prospects, the general industrial segment in the South American industrial coatings market is augmenting with a CAGR of 5.12% during 2019-2025.
Self-Healing Coating Technology of the Powder Coatings Industry Is Attracting Noteworthy Investments from the Players
Multinational companies of the industrial coatings market started to invest in the R&D of coating technologies in the area of materials research. Consequently, a slew of innovations is proliferating in the powder coatings industry. One such innovation is the self-healing coating technology. This technology partially or completely heals the mechanical damage incurred due to corrosion or aging of the product. Unlike existing protective coatings such as resins which have severe performance limitations, even with improved formulation cannot halt the exposure of the substrate once the damage caused due to corrosion arise making more delamination of the coating. However, self-healing additives in the anti-corrosive coatings arrest the corrosion propagation. In addition to the aforementioned benefits, this technology offers amplified service-life and mitigate cost-concerns of the end-users. Therefore, industries across multiple sectors are transitioning from user applied low-performance self-healing coatings to professional high-performing self-healing coatings. Besides, this self-healing technology in the industrial coatings market is already widely implemented in the automotive sector of South America and other regions around the world. As a result, innovations are augmenting in the South American powder coatings market. Furthermore, in the automotive market, the increasing usage of relatively fragile composites acts as a strong growth driver for the development of self-healing technology in the powder coatings market. Owing to all these advancements, this self-healing properties of materials are gaining huge traction in the South American industrial coatings market.
Key Players Perspective in the South American Industrial Coatings Market
The core companies operating with a major share in the South American industrial coatings industry are AkzoNobel, Axalta, Hempel A/S, BASF SE, and The Sherwin Williams Company. Owing to the immense demand from the end-user industries, the market players are exhibiting swift progressions in the South American industrial coatings market.
Latest Innovations in the South American Industrial Coatings Market
· Wagner expands its product portfolio in the liquid coatings market. A new Airspray gun GM 1030P is launched, which provides high-quality coatings and allow efficient material consumption with constant material flow rate. The solvent-resistant gasket of this gun makes it easy to operate with water as well as solvent-based materials. This new product comes with a practical design that provides versatile applications at low-operational costs, which are easy and fatigue-free to handle.
· A global coatings manufacturer, Hempel, launched a powerful antifouling coating called Atlantic+. It ensures operational flexibility and unparalleled protection to different types of vessels at all water temperatures. In order to obtain robust mechanical strength, the new antifouling solution is reinforced with Hempel’s microfiber technology. This further reduces the impact and abrasion. Atlantic+ is a part of their mid-market coatings that offer ship-owners high-performing antifouling with robust mechanical strength and high-operational flexibility.
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