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Industrial Coatings Market Growth Analysis | 2023-2028
Industrial Coatings Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The industrial coatings market was estimated at USD 106 billion in 2022 and is likely to grow at a CAGR of 2.74% during 2023-2028 to reach USD 128.8 billion in 2028.
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Industrial coatings are specialized protective layers applied to surfaces in manufacturing and industrial settings. They comprise materials like paints and polymers and provide corrosion resistance, durability, and aesthetic enhancement. They safeguard structures and equipment from environmental factors, chemicals, and wear, extending their lifespan and maintaining operational efficiency.
Industrial coatings have broad applications across several different end-use sectors, including automotive and vehicle refinishing, electronics, aerospace, oil and gas, mining, marine, and power generation. Among the most essential industrial coatings are those used in automotive and vehicle refinishing.
The need for industrial coatings is anticipated to increase due to the expanding use of refinish coatings for automobile maintenance, repair, and aftermarket painting due to appearance, surface protection, and corrosion resistance. The market is associated with various sectors and has a variety of end customers.
Population increase, a rising standard of living, infrastructure expansion, global GDP expansion, and construction sector expansion are the main drivers of the general market. Electrical parts, lighting fixtures, and antennas are a few everyday items with powder coating. The rising demand from end-use industries is a primary driver fueling the market's expansion. The demand for industrial coatings will rise as a result of the anticipated boom in the Asia-Pacific region's general industrial end-use industry.
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The following are the key players in the industrial coatings market (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
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Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
|
Resin-Type Analysis |
Polyurethane, Epoxy, Acrylic, Alkyd, and Others. |
Acrylic resin is the most preferred resin in the industrial coatings market in the years to come. |
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Technology-Type Analysis |
Solvent-based, Water-based, Powder, and Others |
Solvent-based technology is likely to be the dominant technology in the industrial coatings market in the coming years. |
|
End-Use Industry-Type Analysis |
General Industrial, Protective, Automotive, Aerospace, Wood, Packaging, and Others. |
The protective industry is anticipated to be the dominant end-use industry in the industrial coatings market. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and The Rest of the World |
Asia-Pacific is expected to remain the largest market over the next five years. |
“Acrylic is expected to remain the most preferred resin in the market during the forecast period.”
The industrial coatings market is segmented into polyurethane, epoxy, acrylic, alkyl, and others. Acrylic is expected to dominate the market during the forecast period due to its corrosion resistance, good adhesion, barrier & inhibitory ability, and fast-drying features. It is widely used in general industries, automobile & auto refinish, aerospace, and other end-use industries.
The use of acrylic industrial coatings can be found on new and renovated buildings, machinery, intermodal containers, and automobiles, among other things. Metal coatings are applied in an industrial setting using alkyd industrial coatings. These coatings resist corrosion and offer good gloss and color retention.
“Solvent-based is expected to remain the dominant as well as the fastest-growing technology type in the market during the forecast period.”
The market is segmented into solvent-based, water-based, powder, and others. Solvent-based technology is anticipated to maintain its position as the primary and most rapidly expanding technology type within the market throughout the forecast period. This is supported by the fact that it is increasingly used in the oil and gas, maritime, automotive, and other industries.
During the forecast period, attributes including shorter drying periods and improved performance in humid and open environments are also anticipated to fuel segment expansion. Due to the expansion of the industrial sector, solvent-borne coatings are predicted to be in high demand in growing nations like China, India, and Brazil. However, strict VOC emission restrictions, notably in North America and Europe, are anticipated to pose a development hurdle for this market.
“The protective industry is anticipated to be the dominant end-use industry in the industrial coatings market during the forecast period.”
The market is segmented into general industrial, protective, automotive, aerospace, wood, packaging, and others. During the forecast period, it is expected that the protective industry will emerge as the leading end-use sector in the industrial coatings market. The surface of materials can be shielded against oil, chemicals, light, water, excessive temperature swings, and other things by using protective coatings.
Benefits of protective coatings include corrosion, fire, and chemical abrasion resistance, as well as waterproofing and thermal insulation. Applications for protective coatings include consumer goods, heavy equipment, infrastructure, power generation, water and sewage, petrochemicals, and oil and gas.
“Asia-Pacific is expected to remain the largest market for industrial coatings during the forecast period.”
In terms of regions, Asia-Pacific is expected to remain the largest market for industrial coatings during the forecast period. This is due to countries like India, Japan, and South Korea's quick industrialization and rising product demand from the automotive and vehicle refinish sectors.
Large-scale opportunities for the use of industrial coatings in various end-use sectors, including marine, automotive, vehicle refinish, and general industries, are predicted to be created by factors like less stringent laws regarding VOC emissions in Asia Pacific compared to Europe and North America and the simple availability of raw materials.
Many foreign investors have established their manufacturing facilities in the rising nations of Asia and the Pacific due to the region's low labor costs. Thus, the expansion of manufacturing facilities is stimulating the region's building industry.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s industrial coatings market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our industrial coatings market report from the industry stakeholders, we have tried to further accentuate our research scope to the industrial coatings market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The industrial coatings market is segmented into the following categories:
By Resin Type
By Technology Type
By End-Use Industry Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research:
Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
Industrial coatings are specialized protective layers applied to surfaces in manufacturing and industrial settings. They comprise materials like paints and polymers and provide corrosion resistance, durability, and aesthetic enhancement. They safeguard structures and equipment from environmental factors, chemicals, and wear, extending their lifespan and maintaining operational efficiency.
The industrial coatings market was estimated at USD 106 billion in 2022.
The industrial coatings market is likely to reach USD 128.8 billion in 2028.
The industrial coatings market is likely to grow at a CAGR of 2.74% during 2023-2028.
The industrial coatings market is driven by population increase, a rising standard of living, infrastructure expansion, the expansion of the global GDP, and the expansion of the construction sector.
Asia Pacific is estimated to remain dominant in the market in the foreseeable future. This is due to countries like India, Japan, and South Korea's quick industrialization and rising product demand from the automotive and vehicle refinish sectors.
Akzo Nobel N.V., Axalta Coating Systems, LLC, Jotun A/S, PPG Industries Inc., The Sherwin-Williams Company, and Nippon Paint Holdings Co., Ltd. are the leading players in the market.
Acrylic is expected to dominate the market during the forecast period due to its corrosion resistance, good adhesion, barrier & inhibitory ability, and fast-drying features. It is widely used in general industries, automobile & auto refinish, aerospace, and other end-use industries.
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