ID: MRFR/CnM/1594-CR | March 2021 | Region: Global | 226 pages
Industrial Coatings Market Overview
The industrial coatings market size has been one of the affected markets since the outbreak of coronavirus in 2019-2020. However, industry experts and business analysts predict that the industrial coatings market has been showing signs of improvement during the forecast period of 2021-2028. The market is estimated to grow at a global market value worth USD 103.2 billion. During the historic forecast period that ended in 2019, the market share was valued at USD 85.2 billion. The market is estimated to attain a global CAGR of 3.9% during the period.
Industrial coatings are manufactured with the help of conventional polymers like epoxy, acrylic, polyesters, alkyd, fluoropolymers, and others.
COVID 19 Analysis
The rising industrial coatings market share was on its way to expansion at an excellent and considerable rate during the historic forecast period that ended in 2019. After the arrival of the pandemic in 2020, the industrial coatings market, as a part of the global market unions has been impacted because of the novel coronavirus outbreak. The global virus has taken the global market functioning by the toll that is hampering the demand and supply chain mechanism for the market. Hence, there is a constant need for the market to opt for expansion schemes and opportunities that will play a positive role in the development of the market for the following forecast period of 2021-2028. The pandemic was quick to spread and to stop the community spread of the pandemic, the global governments and legislative authorities have been taking decisions for the implication of strict lockdown and functional norms that will have a positive result to stop the spread of the pandemic.
However, normalcy at the cost of the economy and deteriorating the lives of the common man is not suggested. The global market players are increasing their investment in the research and development departments to enhance the market operations and provide innovation and creativity to the market. Also, the global governments are understanding the need to resume the functions which are pushing them to remove the functional restrictions and hence, opt for increasing investments and support during the forecast period.
The industrial coatings market revenue is increasing because of various market factors like a substantial growth in the demand for highly durable products followed by the increased application of powder coatings that is likely to enhance the expansion opportunities for the market during the ongoing forecast period that will be ending in 2028. Also, there has been an increased demand for rising trends that are related to the development of durable products that are projecting to emerge as great expansion opportunities for the market during the forecast period ending in 2028.
Climate change is pushing the industries and global market players to differentiate between the market products and amend their ways of producing the market products to meet the rising demand of the target audience during the forecast period ending in 2028. The harmful environmental impact of the solvent-borne coatings, as a market segment is likely to hinder the estimated and predicted growth by the industry analysts and experts for the market during the period.
The market is witnessing a major need for efficient processes along with durable coatings that offer better aesthetics and have a major role to play in increasing the demand for environmentally friendly coatings. The maximum demand for the same is being flocked in the APAC region as the region is dwelling its operations for mass regional expansion. The industrial coatings market produces products that have thin films and are applied to products like steel, and concrete, amongst other materials that help to augment specific properties like corrosion resistance, conductivity, wear resistance, and others. The market is heavily dependent on the performance of market end-users like protective, wood packaging, coil, rail, aerospace, marine, and others like general industrial equipment that will help in a mass-market expansion.
Industrial Coatings Market Revenue, By End Use, 2018–2027 (USD Million)
Sources: MRFR Analysis
The global industrial coatings market revenue is a result of the performance of the following market segments:
Based on resin type
The resin types are epoxy, alkyd, fluoropolymer, polyurethane, and others like silicon.
Based on technology
The market uses solvent and water-based along with others like powder and high solids.
Based on end-use industry
The end-use industry for the global market operations are coil, packaging, general industrial, industrial wood, aerospace, marine, protective, automotive OEM, refinish, and rail amongst others.
Global Industrial Coatings Market Share, By Region, 2019 (%)
Sources: MRFR Analysis
Owing to the goals of the industrial coatings market share expansion during the forecast period that will be ending in 2028, the growth is likely to be the maximum in the APAC region. The APAC region is largely driven by the advent of opportunities followed by the availability of huge and dependable labor at a low market cost. Also, the low raw material prices along with a huge rise of the population in the urban cities will help the market grow at an excellent rate during the forecast period. Also, the construction sector in the Indian subcontinent has been on a huge rise that is growing faster because of the rising support from the government investments for the development of infrastructure and new projects like bridges, buildings, and metros that are on the way of expanded development in various market areas.
The industrial coatings market has been witnessing the birth of recent developments undertaken by the global market in various global locations during the forecast period that will be ending in 2028. The rising market competition is a result of the prominent market functions that have been undertaken by the following market players:
The industrial coatings market report covers the various qualitative aspects and factors that will help the market propel upon the dwelling factors that will help the market grow as per the predictions for the ongoing forecast period that will be ending in 2028. The report discusses the market dynamics followed by the global market segmentation that will help in catering to the rising needs of the audience followed by the rising revenues that will lead to the global market and product enhancements. The report covers the competitive market landscape followed by the recent market developments undertaken by the prominent market players during the forecast period that will end in 2028.
|Market Size||2027: USD 78.2 Billion|
|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 APAC region will dominate the global market operations during 2021-2028.
The market has been segmented based on the end-use industry, resins type, and technology.
The market is likely to attain a global CAGR of 3.9% by the end of the forecast period.