Industrial Coatings Market Size, Share and Growth Analysis, By Technology (Powder Based, Solvent Borne, Water-Borne and Others), By Product (Polyurethane, Acrylic, Epoxy, Alkyd, Polyester), By End-User (Electronics, Aerospace, General Industrial,Marine, Mining, Power Generation, Automotive & Vehicle Refinish, Oil & Gas and Others) - Global Industry Analysis, Trends, Regional Outlook and Forecast 2021 - 2030


The global industrial coatings market size was estimated at USD 85.63 billion in 2021 and is expected to hit over USD 111.93 billion by 2030, growing at a impressive CAGR of 3% during the forecast period 2021 to 2030.

Industrial Coatings Market Size 2020-2030

Escalating demand for high durable products and snowballing application of powder coatings are anticipated to bid several prospects for the growth of the industrial coatings market.

Requirement for efficient process and durable coatings with improved aesthetics are further adding to the market growth. Today, industrial coating products are sold with a multi-year guarantee alongside corrosion, typically as a result of developments in the performance of coatings. In order to further enhance performance, producers are continuously launching new products in the marketplace that have environmentally-friendly features. The technologies that are currently employed to produce coatings vary from solvent-based technology utilized beforehand. Thus, such introduction of novel technologies has substantially augmented the performance and demand of coatings across various sectors.

However, COVID-19 has exposed numerous confronts for the industrial coatings marketplace through affecting both general industrial and automotive sectors. Foremost markets of every region have impacted on account of pandemic and caused in slowdown in under takings across the businesses that employ industrial coatings. Industries like packaging will advantage while others are anticipated to be adversely impacted in the year 2020 and 2021. The market is anticipated to improve from 2021 on with transportation and industrial accomplishments getting back on track and working with full capabilities. Further, global industrial coatings industry is also facing numerous environmental issues with the cumulative focus on meeting local and state regulations for wastewater exemption.

Technology Insights

Among different types of industrial coatings, solvent-borne coatings are estimated to observe a substantial growth in demand in evolving nations such as Brazil, China, India, and Russia. This growth is mainly due to swift infrastructure development and mounting general industrial sector.

Product Insights

Among different product segments, Acrylic was the largest product segment dominated the global industrial coating market with majority of revenue share in 2019. They are extensively employed in structural steel, construction equipment, industrial site, pipes, metal coating, automotive, heavy casting, consumer appliances and other applications. Characteristics including fire resistance, abrasion resistance, vapor permeability, high weathering resistance, UV light resistance and gloss retention are stimulating its demand amongst aforementioned applications. Furthermore, acrylic coatings are employed in numerous formulations comprising waterborne, solvent-borne, and powder-based.

End-user Insights

Different end-users analyzed in the industrial coating market include electronics, aerospace, general industrial, marine, mining, power generation, automotive & vehicle refinish, oil & gas and others. Some of the major influences motivating the growth of industrial coatings market are requirement for efficient process and durable coatings with improved aesthetics, growing demand for environmentally-friendly coatings and increasing requirement from emerging nations of Asia Pacific. Automotive OEM is an essential part of automotive engineering sector. Coatings offer outstanding durability and quality to automotive equipment. Automotive OEM coatings offer exceptional mechanical properties that defend automobiles from environment, chemical exposure and scratches. Coating is applied on the inner parts of an automotive to develop the surface area of the automotive body. Cumulative automobile fabrication mainly in Asia Pacific region is anticipated to surge the demand for industrial coatings in this region. Further, industrial coatings find application in general industry to defend the structure from UV radiation, corrosion, wear and tear, and improve its competence. Industrial coatings can also benefit to advance abrasion and impact resistances.

Regional Insights

Though, Asia Pacific region emerged as most opportunistic regional market for industrial coatings, established markets in Western Europe and North America are also anticipated to exhibit optimistic spots. In 2019, Asia Pacific led the global market in terms of revenue on account of obtainability of low labor at low cost, availability of cheap raw material, and budding urban population in the region. Further,presence of huge number of automotive manufacturing plants across the region also adds to the growth of the market.

China has evolved as leading consumer and led the market revenue in Asia pacific in 2019 This growth is credited to the country being the prevalent producer of automotive with a rising automotive refinishes market. However,current outbreak of COVID-19 is rigorously affecting the global industrial sector. Infrastructural expansion activities and production and operation have decelerated globally meant to limit the spread of coronavirus, which is further projected to influence the growth of industrial coatings market across the globe.

Global Industrial Coatings Market 2020-2027

Key Companies & Market Share Insights

Global Industrial coatings industry is a consolidated market amongst the top companies accounting for foremost share of the market. Some of the important players in the industrial coatings market include:

  • Hempel A/S
  • PPG Industries, Inc.
  • Akzo Nobel N.V.
  • Axalta Coating Systems, LLC
  • Jotun
  • The Sherwin-Williams Company
  • Nippon Paint Holdings Co., Ltd.

Report Scope of the Industrial Coatings Market

Report Highlights Details
Market Size USD 107.32 Billion by 2027
Growth Rate CAGR of 3.02% from 2021 to 2027
Largest Market Asia Pacific
Fastest Growing Market North America
Base Year 2021
Forecast Period 2021 to 2027
Segments Covered Technology, Product, End User, Regional Outlook
Companies Mentioned Hempel A/S, PPG Industries, Inc., Akzo Nobel N.V., Axalta Coating Systems, LLC, Jotun, The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd.

 

Segments Covered in the Report

This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of product, technology, end-userand region as follows:

By Technology

  • Powder Based
  • Solvent Borne
  • Water-Borne
  • Others

By Product

  • Epoxy
  • Acrylic
  • Alkyd
  • Polyurethane
  • Polyester
  • Others

By End-user

  • Electronics
  • Aerospace
  • General Industrial
  • Marine
  • Mining
  • Power Generation
  • Automotive & Vehicle Refinish
  • Oil & Gas
  • Others

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Middle East & Africa
  • Latin America

Frequently Asked Questions

What is the market size of industrial coatings market?
According to Precedence Research, the global industrial coatings market size is expected to reach over US$ 111.93 billion by 2030 from at USD 85.63 billion in 2021.
The greatest general usage of these coatings is for erosion control of concrete or steel. Industrial coatings cover enormous assortment of different usages for coatings with numerous different functions and requirements.
Some of the major influences driving the growth of industrial coatings market are requirement for efficient process and durable coatings with improved aesthetics, growing demand for environmentally-friendly coatings and increasing requirement from emerging nations of Asia Pacific.
Industrial coating is extensively used in numerous end users sectors such automotive, marine, vehicle refinish, general industrial, electronics, oil and gas, mining, aerospace, and power generation.
The global industrial coatings market is register growth a compound annual growth rate (CAGR) of around 3% during period 2021 to 2030.
In 2019, Asia Pacific led the global market in terms of revenue on account of obtainability of low labor at low cost, availability of cheap raw material, and budding urban population in the region.
An industrial coating is a coating or paint defined by means of its protective properties than its aesthetic properties. Industrial coatings are thin films applied to concrete, steel, and other materials to supplement precise properties like wear resistance, corrosion resistance, conductivity, and others.

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