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 2022 - 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 2022 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.

Report Scope of the Industrial Coatings Market

Report Coverage Details
Market Size by 2030 USD 111.93 Billion
GrowtH Rate from 2022 to 2030 CAGR of 3%
Asia Pacific Market Share in 2021 45.5%
Acrylic Segment Market Share in 2021 35.5%
Solvent Borne Market Share in 2021 35.3%
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.


Technology Insights

Based on the technology, the solvent borne segment dominated the global industrial coating market in 2021 with highest market share 35.5%. Marine, gas, oil, and automobile industries all use solvent borne industrial coatings. The segment’s growth is expected to be fueled by shorter drying periods and improved performance in open and humid situations.  This growth is mainly due to swift infrastructure development and mounting general industrial sector.

Water-based industrial coatings segment is expected to witness faster rate over the forecast period, due to the rapid evaporation of water from the coating layer.

Product Insights

Among different product segments, acrylic was the largest product segment dominated the global industrial coating market with majority of revenue share 35.5% in 2021. 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. The general industrial segment accounted highest revenue share of 40.5% in 2021. 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 2021, Asia Pacific led the global market in terms of revenue of around 45.5% 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.

Industrial Coatings Market Share, By Region, 2021 (%)

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.

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.

Key Developments in the Marketplace:

  • Nippon Paint Industrial Coatings Co. Ltd a fully owned subsidiary of Nippon Paint Holdings Co. Ltd involved in the industrial coatings business, made an investment in a powder coating factory in China and Japan in October 2018. 
  • Axalta increased its liquid industrial coatings production capacity in Florida by roughly one million gallons per year in August 2018. 
  • To strengthen its global position in aerospace coatings, Akzo Nobel N.V. acquired Mapaero, a French aerospace coatings manufacturer, in November 2019. 
  • PPG released digital styling software in February 2021 that allows automotive designers to generate very realistic three-dimensional modelling of car colors and effects on virtual automobile designs and surfaces.
  • Nippon Paint Marine announced a new antifouling technology in February 2021 that enhances antifouling performance to a level and consistency never seen before.

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.
What are the uses of industrial coating?
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.
Which major influences driving the growth of industrial coatings market?
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.
Which industries are using industrial coating concept?
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.
How much is the growth rate of industrial coatings market?
The global industrial coatings market is register growth a compound annual growth rate (CAGR) of around 3% during period 2021 to 2030.
Which region led the global industrial coatings market in terms of revenue?
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.
What is industrial coating?
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.
  • Report Code:1048
  • Category:Chemical and Material
  • No. of Pages:150+
  • Format:PDF/PPT/Excel
  • Status:Published


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