Published On: December 2022
According to the industrial coatings market outlook, the industrial coatings market is expected to reach USD 84,803.5 million by 2030 at a CAGR of 3.28% between 2021 and 2030. In 2020, the market was worth USD 61,480.6 million.
Industrial coatings are coatings specially designed for utilitarian and protective qualities rather than aesthetic ones. Most industrial coatings are used to stop concrete and metal from corroding. They are offered with different specifications for various needs and functions and have a wide range of applications. Aerospace and aircraft coatings, automobile refinishing, can coatings, coil coatings, marine coatings, wood finishes, and general industries are a few examples of end-use applications for industrial coatings. Industrial coatings can be applied to glass, plastic, wood, steel, iron, and aluminum surfaces.
Industrial coatings are extensively employed in numerous other end-use industries, including automobile and car refinishing, electronics, aerospace, oil & gas, mining, maritime, and power-generating industries. Among the most important industrial coatings are those used in automotive and refinishing. The need for industrial coatings is anticipated to increase as refinish coatings are used for vehicle maintenance, repair, and aftermarket painting due to aesthetic appeal, surface protection, and corrosion resistance.
Industrial Coatings Market Analysis and Insights
According to the industrial coatings market analysis, the solvent-borne segment, which had the greatest market share (35.5%) in 2021, dominated the industrial coatings market globally in terms of technology. Industrial coatings based on solvents are used in the automotive, gas, oil, and marine industries. The segment is anticipated to develop due to faster drying times and enhanced performance in open, humid environments. The rapid infrastructure development and the expanding general industrial sector are the fundamental causes of this growth.
With a revenue share of 35.5% in 2021, acrylic was the largest product segment to dominate the worldwide industrial coating market. They are widely used in various applications, including structural steel, heavy casting, industrial sites, pipes, consumer appliances, and automotive. Its demand is fueled by properties like fire resistance, abrasion resistance, vapor permeability, excellent weathering resistance, UV light resistance, and gloss retention. Additionally, various formulations use acrylic coatings, including waterborne, solvent-borne, and powder-based ones.
Mergers and acquisitions produce growth possibilities
The concentration level of significant companies in the worldwide coatings market is modest, at roughly 40% of the total market. The industrial coating market is experiencing an increase in mergers and acquisitions, and this trend is anticipated to last for the forecast period.
On the other hand, government agencies are passing stricter laws regulating coatings' emissions and VOC content in response to growing worries about the ozone layer's depletion, rising pollution, and declining outdoor air quality. The possible regulatory changes impact the market for industrial coatings since it raises uncertainty along the entire value chain. Different legislative changes in various geographic areas have an equal impact on raw material producers, formulators, channel partners, and end users.
Five geographical areas—North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa—have been used to study the industrial coatings market. The highest market share in volume and value belonged to Asia-Pacific, followed by Europe and North America. The biggest market share in 2020 belonged to the Asia-Pacific region. This is primarily owing to the rise in demand for industrial coatings in India, China, and Japan's automotive, aerospace, oil & gas, and energy & power sectors. China accounted for 61.2% of the market's value in 2020, making it the region's top manufacturer and consumer of industrial coatings. Throughout the projected period, the Indian industrial coatings market is anticipated to register a CAGR of over 5%. Europe was the second-largest contributor.