The Global Industrial Coatings Market size was valued at USD 134.56 billion in 2021 and is projected to reach USD 185.35 billion by 2028, growing at a CAGR of 4.2% during the forecast period.
The general industrial end-use segment’s growing demand is a key market driver. Numerous other end-use industries, such as automotive and car refinishing, electronics, aerospace, oil & gas, mining, marine, and power generation, also make extensive use of industrial coatings. Among the most important industrial coatings are those which are used in automotive and refinishing purposes. The need for industrial coatings is anticipated to increase as refinish coatings are being used for vehicle maintenance, repair, and aftermarket painting due to aesthetic appeal, surface protection, and corrosion resistance.
COVID-19 Impact Analysis
COVID-19 has touched 210 nations and is expanding quickly. It is inevitable that COVID-19 will have an effect on the industrial coatings sector, which offers services to several industries. The coating industry continues to service a variety of commercial sectors that require essential product formulations to maintain their continuous business operations and support the essential activities of their customers, according to the Canadian Paint and Coatings Association (CPCA). Life-saving tools like ventilators, vital signs monitors, and crucial pandemic-related supplies with numerous components that need to be coated are among the necessary and crucial goods supplied by the coatings business to other industries. Due to the pandemic scenario and a fall in demand from end-use sectors, the industrial coatings market’s growth has slowed down in 2020.
The Global Industrial Coatings Market is segmented on the basis of Technology (Waterborne, Solvent-borne, Powder Coatings, and Others), Resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Fluoropolymer, and Others), and End-Use Industry (General Industrial, Protective, Automotive Refinish, Automotive OEM, Industrial Wood, Marine, Coil, Packaging, Aerospace, and Rail).
By Technology, the solvent-borne technology segment held the largest share of the market in 2021
The solvent-borne technology segment held the largest share of the market in 2021. Industrial coatings that are solvent-borne are widely utilized in a variety of industries, including oil and gas, marine, automotive, and others. During the projection period, attributes including shorter drying periods and improved performance in humid and open environments are anticipated to drive market growth. A rise in demand for solvent-borne coatings is anticipated in developing nations like China, India, and Brazil due to the expansion of the industrial sector.
By End Use Industry, the Protective end-use industry segment is expected to mention the highest growth of the Industrial Coatings market during the forecast period
The protective end-use industry segment is expected to mention the highest growth in the Industrial Coatings market during the forecast period. The surface of materials can be shielded against oil, chemicals, light, water, excessive temperature swings, and other things by using protective coatings. The benefits of protective coatings include corrosion, fire, and chemical abrasion resistance, as well as waterproofing and thermal insulation. Applications for protective coatings include consumer goods, heavy equipment, infrastructure, power generation, water and sewage, petrochemicals, and oil and gas.
Increasing Demand for Environment-Friendly Coatings
Numerous governments and end users are utilizing more green and environmentally friendly coatings as a result of growing environmental concerns. Due to the increased emphasis on environmental, health, and safety laws in coating application regions, consumers are more likely to choose eco-friendly coatings. Thus, manufacturers are choosing to employ fewer volatile organic compounds (VOCs) in coatings and more solvent-free coating materials in response to consumer demand for environmentally friendly products. Because water is utilized as a diluent to disperse a resin rather than organic solvents, which are classified as VOCs, waterborne coatings have a low solvent content (less than 5%) and are environmentally safe. Powder coatings are completely solid coatings that are applied as a dry powder and then heated to form a film. Nearly no VOCs are released by these coatings. VOCs have a role in the development of urban smog and ground-level ozone, both of which are harmful to human health. Thus, it is anticipated that the industrial coatings industry will gain ground as a result of customers’ shifting preferences toward eco-friendly coating.
Opportunity: Mergers and Acquisitions create Growth opportunities
The level of concentration 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 duration of the forecast period. As an illustration, the collaboration agreement between Mercedes-Benz and AkzoNobel N.V. was extended for a further four years in July 2021. This indicates that the business will keep offering services and goods for vehicle refinishing, such as automotive and specialized coatings, in China and as a preferred partner in Indonesia.
The Asia Pacific Accounted for the Largest Growth of the Market
The Asia Pacific accounted for the largest growth of the market in 2021. During the projected period, the market is anticipated to be driven by rapid industrialization and rising product demand from the automotive and vehicle refinish industries in nations like India, Japan, and South Korea. Large-scale opportunities for the use of industrial coatings in various end-use sectors, including the marine, automotive, vehicle refinish, and general industry, are anticipated as a result of factors like the less stringent laws regarding VOC emissions in the Asia Pacific compared to Europe and North America and the simple availability of raw materials. In addition, many foreign investors have established their manufacturing facilities in the rising nations of Asia and the Pacific due to the region’s low labor costs. Thus, the expansion of manufacturing facilities is boosting regional construction activity, which is expected to drive the demand for industrial coatings during the course of the projection period.
Key Market Players and Competitive Landscape
Some of the key players operating in the global 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).
This report categorizes the industrial coatings market as follows,
Based on Technology:
- Powder Coatings
Based on Resin:
Based on End Use Industry:
- General Industrial
- Automotive Refinish
- Automotive OEM
- Industrial Wood