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

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.


Market Dynamics


Drivers


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.


Restraints


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.


Technology Analysis


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.


Study Objectives



  • The industrial coatings industry report aims to enhance the degree of market understandability of the global market audience by covering qualitative and functional market steps that are based on the dependable market insights that are undergoing during the ongoing forecast period that will be ending in 2028. Also, the report covers all the market aspects that help potential market investors make better and qualitative market decisions.

  • The market report means to feature the variables that lead to the development of the market tasks in the globe worldwide premises followed by a crisp discussion of the basis of the global market segmentation during the period. The report talks about the potential held by the market to deliver, create, and develop creative and innovative market products as demanded by the regional and international target audience.

  • The market report features the functions of the market players and their rising revenue to rule the local market and make it to the international market competition. The market report covers the new developments of the market players like joint efforts and collaborations, ventures, mergers, acquisitions, etc. that promise a good future for the industrial coatings market size during the forecast period of 2021-2028.


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


Sources: MRFR Analysis


Segment Overview


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 (%)
Industrial Coatings Market


Sources: MRFR Analysis


Regional 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. 


Competitive Landscape


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:           



  • PPG Industries, Inc. (US)

  • The Sherwin-Williams Company (US)

  • Akzo Nobel N.V. (Netherlands)

  • Axalta Coating Systems (US)


Recent Developments



  • November 2021- ICP Industrial Solutions Group (ISG) announced begin its production facility in Bhiwadi, India. The development of the new plant is a part of company’s global strategic growth plan. A contract was signed in October for the production location in the RIICO Industrial Area.
    Situated in the Bhiwadi city, Rajasthan, ICP has started site preparation for the production and distribution of locally made ICP products. It is projected that the latest production facility will be manufacturing high-performance packaging coatings by March 2022.
    The company launched its global growth plan of a local experienced team. The motive of this team, rich with ICP’s resources, was to enhance the serving the evolving packaging market in India.
    Division president of ICP, Paul Grzebielucha said that the development of this new production plant is an element of company’s global growth plan to better serve ICP’s customers with innovative solutions across the globe.

  • November 2021- NCS, a prominent national automotive and industrial coatings distributor, and Hempel, global leader in coatings manufacturing, have joined forces by signing an exclusive distribution agreement for Jones-Blair products in the United States.
    The latest and thrilling partnership offers customers access to the variety of Jones-Blair product via NCS's nationwide industrial distribution network, providing shipping and service benefits, including flexibility and speed. NCS gets seasoned industry experts providing color, logistical, and technical support while providing in-house tools, sundries, and equipment.

  • The oil and gas industry is known to be making use of protective market coatings in both the upstream along downstream segments for the movement of oil and gas towards the refineries. Industrial coatings are emerging for a recognized use as heat-resistants, anti-corrosive, and abrasion-resistant.

  • India, as a part of the APAC region, is moving forward with its policy of Make in India that has led to the global growth of FDI in the manufacturing sector in the country along with a dependable rise in the technological advancements of various industries by the end of the forecast period in 2028.

  • The power generation of the market in India is opting for the development of energy infrastructure and is likely to reach INR 2.5 trillion that is USD 35 billion.

  • February 2021: PPG signed a deal to purchase a manufacturer of coatings for vehicles and heavy machinery. Wörwag specializes in sustainable liquid, powder, and film coatings, and will provide greater product diversity within PPG's existing operations.

  • December 2020: Axalta introduced a new cathodic tin-free electrocoat primer to its Automotive Coatings range. AquaEC 3500 EP is made with Axalta ZeroFormz technology and is tin-free. It was designed with the specific needs of its customers in mind, with specific application areas such as agriculture, automotive parts and accessories, construction and earthmoving equipment (ACE), general industry, and industrial job coaters.

  • December 2020: DURA Chemicals Inc. announced the launch of Durablock, an advanced odor eliminating technology that can be combined directly to architectural and industrial coatings such as paint and primers in one, renovation coatings, and multi-purpose primers. Durablock can be added to both water- and solvent-based coatings. Durablock effectively binds to and neutralizes common household and institutional smells such as smoke, pets, fuel, asphalt, solvents, and petrochemicals. 


Intended Audience



  • Environment research organizations

  • Research firms

  • Development institutions

  • Consultation agencies

  • Marketing institutes

  • Potential market buyers and investors of the prominent markets

  • Traders, manufacturers, and producers

  • Export and import agencies


Report Overview


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.



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


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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.