Page 28: of Maritime Reporter Magazine (February 2020)

Coatings & Corrossion Control

Coatings as a Service?

Digital Transformation Poised to Revolutionize

Marine Paints & Coatings Industry igital technologies are transforming many technology. aspects of the paints & coatings industry. The role of digital leadership, especially Chief Digital Of-

Marine applications of coatings are set to ? cers (CDO), is poised to explode in 2020, thereby address-

D see the greatest impact, according to a new ing the lack of top-level digital strategy management that study by Frost & Sullivan. remained a challenge for the paints and coatings industry to

Investment in digital technologies is cur- date. The proper adoption of digital concepts will be disrup- rently booming across all industries and the chemicals sector tive for the industry, and it requires a different way of think- is no exception. In a March 2018 report by Frost & Sullivan ing. With a CDO at the helm, companies will be able to real- (Impact of Digitization on the Chemical Industry), coating ize their digital transformation goals quickly and effectively.

formulators were identi? ed as the companies most likely to “The coatings industry is clearly moving away from a have a digital strategy. However, they put it to use in only a model based solely on producing litres of paint. Successful limited number of digital domains. Since that time, the use companies in this sector will sell not just paints and coatings, of digital technology by coatings companies has accelerated. but also their key attributes, such as protection, color etc., as

A new study by Frost & Sullivan has predicted that new dig- a service,” noted Balmer . “In making this transformation, ital business models such as data monetization and coatings- companies will be able to identify new potential customers as-a-service will completely transform the way the paints and who could also bene? t from the data being generated.” coating industry operates in the next 10 years.

“In an industry as highly competitive as paints and coat-

Impact on Marine Applications ings, product innovation is an important area of differentia- The examples below showcase how the coating industry is tion,” noted Brian Balmer, Industry Director, Chemicals & using digital technology to transform its offering to the ma-

Materials at Frost & Sullivan. “Digital transformation will rine industry. signi? cantly enhance innovation in this sector, enabling man- ufacturers to deliver much more than just a tin of paint to

Digital Business Models customers in the near future.” A unique aspect of coatings relates to the nature of transac-

Frost & Sullivan’s latest research, Global Digital Trans- tions. In many coating markets (including marine), coatings formation in Paints and Coatings, 2019, tracks the digital can be an infrequent purchase. However, when coatings are transformation of the global paints and coatings industry and purchased, they may be bought in large quantities. Demand seeks to identify future opportunities for further use of this forecasting can therefore be a challenge. This has led to digi-

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