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Industrial Coatings Market is predicted to reach USD 84.5 billion by 2030 at a CAGR of 3.28% during the forecast

Pune, India, June 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Industrial Coatings Market.


Market Synopsis


Industrial Coatings Market Size was predicted at USD 65.3 billion in 2021. The industrial coatings industry is projected to grow from USD 67.4 billion in 2022 to USD 84.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.28% during the forecast period (2022 - 2030).


The increasing demand for industrial coatings in the end-use industries, including general industries, automotive & transportation, marine, wood finishes, and packaging, is the primary factor that is expected to boost the growth of the global industrial coatings market. The growth of the market is driven by the increasing demand for environment-friendly coatings such as water-borne coatings, powder coatings, and UV cure technology coatings. This is mainly due to the rising concerns over the depletion of the ozone layer and declining air quality globally. Furthermore, the growing adoption of nano-coatings and an increase in mergers and acquisitions by prominent manufacturers by the end users is likely to create growth opportunities for the market players during the forecast period. However, the difficulty in obtaining thin films is likely to hamper the growth of the global market during the forecast period.


Competitive Landscape


The global industrial coatings market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players competing to gain maximum market share. Rapid advancements in processes, frequent changes in government regulations, and growing application of industrial coatings in end-use industries are the key factors that confront the global market growth. The vendors compete based on cost, product quality, availability, and reliability of the products. The vendors must provide cost-effective and high-quality industrial coatings to compete in the market. The competitive scenario is fragmented between the tier-1 and tier-2 companies.


The growth of market players is dependent on market conditions, government regulations, and industry development. Thus, the players should focus on expanding the production capacity to meet the demand and enhancing their services. PPG Industries, Inc (US), Axalta Coating Systems Ltd (US), Nippon Paint Holdings Co., Ltd (Japan), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Asian Paints PPG Pvt. Limited  (India), Jotun (Norway), Kansai Paint Co., Ltd (Japan), Beckers Group (Germany), RPM International Inc (US), Hempel A/S (Denmark), KCC CORPORATION (South Korea), NOROO Paint & Coatings Co Ltd (South Korea), Sika AG (Switzerland), and Wacker Chemie AG (Germany) are the major companies operating in the global market. These companies compete in terms of quality, price, and processes. These players are primarily focusing on the development of sophisticated and advanced mixes of industrial coatings. Although the international players are dominating the market, regional and local players with small market shares also have a moderate presence. The international players with a presence across the globe, with established manufacturing units or sales offices, are expected to strengthen their presence across major regions such as North America, Europe, and Asia-Pacific.


Segmentation


By Resin



  • Acrylic: Acrylic resin as a binder is commonly used in industrial coatings. Based on acrylic or methacrylic polymers or copolymers, acrylic coatings surfaces are known for their inertness and color retention when exposed to outdoor elements. Acrylics are one of the fastest-growing sectors in the industrial coatings industry

  • Epoxy: Epoxy-based coatings can be applied to both indoor and outdoor surfaces. It is widely used in industrial applications as protective and insulating coatings and primers in building ships and other vessels, aircraft, spacecraft, and satellite systems. Due to their strength, they are used in the renewable energy sector to coat the steel bodies of wind turbine poles as well as to produce their blades and protect the structures of hydroelectric power stations.

  • Polyester: Coatings containing polyester resin can be classified as good quality coatings. Polyester based coatings meet most of the general-purpose requirements.

  • Polyurethane: Polyurethane coatings are used for surfaces that are subject to high levels of wear-and-tear and require excellent chemical and physical resistance. Polyurethane resins as binders offer toughness, abrasion resistance, durability, and high gloss properties to coatings.

  • Fluoropolymers: The fluoropolymer coatings are blends of high-performance resins and fluoropolymer lubricants. These coatings are superior dry film lubricants that produce a smooth, hard, and slick coating and provides excellent chemical and corrosion resistance. Some other benefits of fluoropolymer coatings include abrasion resistance, electrical resistance, non-wetting, non-stick, reduced friction, and resistance to galling.

  • Others: Other coatings include polyether ketone resins, polyaryl etherketon, alkyd and inorganic zinc, vinyl, and silicon-based resins.


By Technology



  • Water-Based: Water-based coatings contain water-soluble resins and use about 80% water and small quantities of other solvents, such as glycol ethers, alcohol, or other oxygen-containing solvents, to disperse the resins. The resins used include polyesters, polyacrylates, alkyds, epoxies, and epoxy esters. Water-based coatings have low toxicity and reduce the concentration of flammable materials in a confined area owing to low VOC levels and HAP emissions.

  • Solvent-Based: Solvent-based coatings are widely used in various industrial applications owing to their cost-efficiency, superior film-forming properties, and ease of application. Solvent-based coatings contain a high level of volatile organic compounds, which facilitates the application, drying, and formation of a durable coating film. However, these coatings tend to release VOCs into the atmosphere. Due to the strict environmental regulations, manufactures are compelled to reduce the levels of VOC in the coatings. Thus, the solvent-based coatings segment is expected to lose its share to the water-based coating market.  

  • Powder: Powder coating, a dry finishing process, uses finely ground particles of pigment and resin that are electrostatically charged and sprayed onto electrically grounded parts. Powder coatings are polymer resin systems that are a combination of pigments, curatives, flow modifiers, leveling agents, additives, and others.

  • Others: The others segment includes high solids coatings, radiation-curable coatings (e.g., UV-curable coating), and can coatings.


By End Use



  • General Industrial: The general industrial segment involves the application of industrial coatings in chemical, energy & power, textile, equipment manufacturers, and others. Industrial coatings are used to provide a protective layer and corrosion resistance and mechanical, weather as well as heat and radiation resistance, to the metals and the substrate under the coatings. Moreover, industrial coatings contribute to the durability of a product.

  • Automotive & Transportation: The demand for industrial coatings in the automotive industry is increasing as it not only offers benefits such as protection from UV damage, chemical stains, and etching but also offers ease of cleaning and enhanced gloss. The coatings act as a protective shield against common environmental contaminants such as insect acids, road salt, bird droppings, swirling, and scratches.  

  • Industrial Wood: Industrial coatings are used to enhance the aesthetic appeal and ensure surface protection of wooden surfaces such as furniture, sidings, and decking & floorings. Wood coatings are available in different categories, based on technologies such as solvent-based, water-based, high solids, and UV curing.

  • Marine Protective: The marine protective coating segment includes the use of industrial coatings in marine and offshore oil and gas applications. The industrial coatings offer superior corrosion protection and help enhance water resistance. These coatings also help in restraining the exposure of the material to a corrosive environment.

  • Packaging: In the packaging industry, industrial coatings are used for protection, performance, and decoration of beverage, food, aerosol, and general line cans, metal closures, and collapsible tubes. The changing eating habits and increasing demand for packaged food are the key factors driving the growth of the packaging segment in the global market during the forecast period.

  • Others: The others segment includes coil coating, HVAC, and others.


By Region



  • North America: The growth of the market is the increase in demand for industrial coatings in automotive and marine applications.

  • Europe: The rising demand for nano-coatings and increasing mergers and acquisitions are expected to create lucrative growth opportunities for the manufacturers of industrial coatings in this region.

  • Asia-Pacific: The market in Asia-Pacific accounted for a value share of more than 40% in 2020. This is mainly attributed to the increasing demand for industrial coatings in the automotive, aerospace, oil & gas, and energy & power industries in India, China, and Japan.

  • Latin America: The growing demand is due to the rise in industrialization and urbanization in major countries.

  • Middle East & Africa: Growing automotive industry is fueling the demand for Industrial Coatings in the region.  


Read More Related Article -Industrial Coatings Market

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Report details
Base Year 2022
Companies Covered 15
Pages 100
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
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