Industrial Coatings Market Research Report - Global Forecast till 2027

Global Industrial Coatings Market Research Report: Information By Resin (Acrylic, Polyurethane, Epoxy, Polyester and Fluoropolymers), Technology (Solvent-Based, Water-Based and Powder), End Use (General Industrial, Automotive & Transportation, Marine Protective, Industrial Wood, Packaging) and Region (North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa) - Forecast till 2027

ID: MRFR/CnM/1594-CR | March 2021 | Region: Global | 226 pages

Industrial Coatings Market Overview


Industrial Coatings Market is projected to witness moderate growth at a CAGR of around 3.5% to reach USD 78.2 Billion by the end of 2027.


Industrial coatings are coatings engineered specifically for protective and functional properties rather than aesthetic properties. Most of the industrial coatings are used to prevent the corrosion of metals and concrete. They have diverse applications and are available with various specifications for differing requirements and functions. Some of the end-use applications of industrial coatings include aerospace and aircraft coatings, automotive refinish, can coatings, coil coatings, marine coatings, wood finishes, and general industries. Industrial coatings can be used on steel, iron, and aluminum, as well as glass, plastic, and wooden surfaces.


The prominent factor driving the growth of the market is the increase in demand for industrial coatings in automotive and marine applications and the healthy growth of these industries. Furthermore, the growing demand for multifunctional coating with better aesthetics and high product demand from Asia-Pacific is expected to boost the growth of the market during the forecast period. However, difficulty in obtaining thin films in powder coatings and regulatory constraints are likely to hinder the growth of the global market during the review period. Nevertheless, the projected rise in demand for industrial coatings due to the rising demand for nano-coatings and increasing mergers and acquisitions are expected to create lucrative growth opportunities for the manufacturers of industrial coatings over the study period.


Key Players


The key Players in the Industrial Coatings Market are 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).


Some of the Key Strategies followed by the players operating in the global industrial coatings market are acquisition, product launch, and expansion.


Market Dynamics


With the increasing environmental concerns, several governments and end-users are increasingly using green and environment-friendly coatings. Consumers are more inclined towards eco-friendly coatings due to the rising focus on health, safety, and environmental regulations within the application areas of coating. Thus, the demand for environment-friendly products by the customers has prompted manufacturers to reduce the use of volatile organic compounds (VOCs) in coatings and opt for solvent-free coating products. Manufacturers are heavily investing in developing waterborne coatings, powder coatings, and UV curable coating technologies to meet the rising demand for sustainable coatings. For instance, in 2020, Axalta Coating Systems, a global supplier of liquid and powder coatings, announced the expansion of its production unit at its Jiading plant in Shanghai to increase the production of waterborne coatings. Industrial coating manufacturers worldwide are continuously looking for innovations that will push the industry towards a greener and sustainable future, which has led to the emergence of bio-based coatings. Bio-based coatings are formulated using feedstocks based on renewable materials. Thus, the increasing demand for environment-friendly coatings is expected to drive the growth of the industrial coatings market during the forecast period.


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.


Industrial Coatings Market Revenue, By End Use, 2018–2027 (USD Million)
Industrial Coatings Market


Sources: MRFR Analysis


Segmentation


Global Industrial Coatings Market has been segmented based on Resin, Technology, and End-Use.


Based on resin, the industrial coatings market has been divided into acrylic, polyurethane, epoxy, polyester, fluoropolymers, and others. The acrylic segment accounted for the largest share of 30% in 2019 due to its exceptional properties and high consumption in the end use industries. The high demand for acrylic coating is attributed to its low cost compared to its counterparts, along with its properties such as water resistance and stain protection.


Based on technology, the industrial coatings market has been divided into solvent-based, water-based, powder, and others. The water-based segment accounted for the largest share of nearly 50% in 2019, owing to an increase in demand for low-VOC coatings and environment-friendly coatings. Moreover, the high demand for acrylic coating can be attributed to its low cost compared to its counterparts and its properties, such as water resistance and stain protection.


By end use, the global industrial coatings market has been classified into general industrial, automotive & transportation, marine protective, industrial wood, packaging, and others. The general industrial segment dominated the global market with a share of over 35% by value in 2019 due to increased consumption of industrial coatings in the oil & gas and metal processing industries. The packaging segment is anticipated to be the fastest-growing segment during the forecast period owing to the increasing demand for packaged food and canned products.


Global Industrial Coatings Market Share, By Region, 2019 (%)
Industrial Coatings Market


Sources: MRFR Analysis


Regional Analysis


The Industrial Coatings Market has been studied across the five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific was the leading regional market in 2019 with a share of 48% and is projected to register the highest CAGR of around 5% to reach USD 42 billion by the end of 2027. This is mainly attributed to the increasing demand for industrial coatings from the automotive, aerospace, oil & gas, and energy & power industries in India, China, and Japan. China is the leading producer and consumer of industrial coatings in Asia-Pacific and accounted for about a 61% value share of the Asia-Pacific market in 2019. This is mainly attributed to the increasing demand for industrial coatings from the automotive, aerospace, oil & gas, and energy & power industries in India, China, and Japan. Europe accounted for the second-largest share of the market, wherein Germany, Russia, France, Spain, and the UK are the major contributors to regional consumption.



  • In August 2019, PPG acquired Dexmet Corporation, a manufacturer of specialty materials for aerospace, automotive, and industrial applications. This acquisition helped strengthen the presence of the company in the industrial coatings market.

  • In March 2019, PPG announced the launch of ENVIROCRON Extreme Protection Edgecoatings, which offers exceptional edge corrosion protection in one coat and is specially formulated to cover sharp edges created during metal fabrication.

  • In December 2018, Axalta announced the launch of its new environmentally responsible coatings, including VOC-free and low VOC waterborne products, under its industrial liquid coatings portfolio. The new products are Corroless VOC Primer – a High-Performance 2K Waterbased Epoxy Primer, PercoHyd 433, a 2K WB Structure topcoat, and PercoTop CS306, a Chrome VI-free 2K wash primer. These products have multiple applications in agriculture, construction and earth moving equipment, general industrial, and automotive components.


Market Segmentation


Global Industrial Coatings Market, By Resin



  • Acrylic

  • Polyurethane

  • Epoxy

  • Polyester

  • Fluoropolymers

  • Others


Global Industrial Coatings Market, By Technology



  • Solvent-Based

  • Water-Based

  • Powder

  • Others


Global Industrial Coatings Market, By End-Use    



  • General Industrial

  • Automotive & Transportation

  • Marine Protective

  • Industrial Wood

  • Packaging

  • Others


Global Industrial Coatings Market, By Region



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • UK

    • France

    • Spain

    • Italy

    • Russia

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia-Pacific



  • Latin America

    • Mexico

    • Brazil

    • Rest of Latin America



  • Middle East & Africa

    • Saudi Arabia

    • Turkey

    • South Africa

    • Rest of the Middle East & Africa




Available Additional Customizations



  • Industrial Coatings Market PESTEL Analysis 

  • Customer Analysis of Major Consumers


Intended Audience



  • Industrial Coatings Product Manufacturers

  • Suppliers and Traders of Industrial Coatings Products

  • Government, Associations, and Industrial Associations

  • Investors and Trade Experts

  • Consulting in Chemical Experts



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 78.2 Billion
  CAGR   3.5%(2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Resin, Technology, and End-Use
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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)
  Key Market Opportunities   The rising demand for nano-coatings and increasing mergers and acquisitions are expected to create lucrative growth opportunities for the manufacturers of industrial coatings over the study period
  Key Market Drivers   The growth of the market is the increase in demand for industrial coatings in automotive and marine applications


Frequently Asked Questions (FAQ) :


The global industrial coatings market is expected to reach USD 119 billion by 2025.

The global industrial coatings market is expected to exhibit a solid 5.8% CAGR over the forecast period from 2019 to 2025.

Waterborne industrial coatings are likely to dominate the market over the forecast period due to their lower environmental impact than solvent-borne coatings.

Asia Pacific is the leading regional market for industrial coatings and is likely to exhibit stable growth over the forecast period.

Leading players in the industrial coatings market include AkzoNobel, PPG Industries Inc., Nippon Paint Holdings, Kansai Paint, RPM International, and Valspar, among others.