Industrial Coating Market Introduction
With the rising urbanization rate and increasing construction activities, the demand for industrial coating has spurred. The valuation of the industrial coating market is projected to reach USD 99.4 billion by 2035, thanks to a sluggishly moving ecosystem at a CAGR of 3.28% through 2035. The size of the sector was USD 70.8 billion in 2024.
Industrial coatings are designed primarily for utility and protection, rather than aesthetics. Their key purpose is to prevent corrosion of concrete and metal surfaces.
These coatings are offered in various specifications to meet functional requirements and are employed across multiple substrates and applications, including aerospace and aircraft coatings, automotive refinishing, can and coil coatings, marine coatings, wood finishes, and general industrial use.
They can be applied to glass, plastic, wood, steel, iron, and aluminum surfaces. Industrial coatings are widely used in industries such as automotive refinishing, electronics, aerospace, oil & gas, mining, marine, and power generation. Among these, automotive refinishing coatings hold particular importance.
Demand for industrial coatings is expected to increase as refinish coatings are used for vehicle maintenance, repair, and aftermarket painting, offering surface protection, corrosion resistance, and visual appeal.
Market Analysis and Insights
Technology Perspective
Solvent-borne coatings held the largest share in the global industrial coatings market. They remain popular due to fast drying times and robust performance in humid or open environments, especially within the automotive, oil & gas, and marine sectors.
Growth is further driven by infrastructure expansion and the enlargement of general industrial operations.
Product Segment
Acrylic industrial coatings are used extensively in structural steel, heavy castings, industrial plants, pipes, consumer appliances, and automotive sectors.
Their appeal stems from properties such as fire resistance, abrasion resistance, UV resistance, vapor permeability, weatherability, and gloss retention. Acrylic formulations are available in waterborne, solvent-borne, and powder-based systems.
Key Opportunities
- Mergers and Acquisitions: The industrial coatings sector is experiencing increasing M&A activity as companies consolidate to expand reach, gain synergy, or add capabilities.
- Regulatory Pressures: Stricter regulations on emissions and VOC (volatile organic compound) content pose uncertainty across the value chain, impacting raw material suppliers, formulators, distributors, and end users.
- Shifts in Demand: As emission regulations tighten, demand is shifting toward low-VOC, waterborne, and powder coating technologies.
Regional Insights
The industrial coatings market is analyzed across five key regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific leads in both volume and value, driven by strong demand from China, India, and Japan across automotive, aerospace, energy, and oil & gas sectors.
COVID-19 Impact
The COVID-19 pandemic disrupted supply chains and shuttered many manufacturing facilities, significantly affecting the industrial coatings sector. With automotive plants closed and demand weakening in recent years, the market contracted.
As economies reopen and stimulus measures roll out, the industry is gradually recovering. Demand in regions like Europe has begun to rebound, aided by incentives and renewed infrastructure investment.
Recent Developments
- AkzoNobel reported that its performance coatings segment saw marine and protective coatings grow 8% in 2024, driven by new shipbuilding projects and increased demand in the Chinese market.
- Despite flat conditions in some sectors, powder coatings gained share, particularly in the U.S. and China, outperforming other segments.
- JSW Paints, in June 2025, acquired Akzo Nobel’s Indian arm for €1.4 billion, strengthening its position in the industrial and architectural coatings market in India.
- In May 2025, BASF initiated the sale of its coatings unit, valued at approximately €6.8 billion, signalling restructuring in the global coatings space.