Industrial Coating Market Size to Reach USD 111.93 Bn by 2030

The global industrial coatings market is expected to garner growth at a CAGR of 3% during the forecast period and to reach over USD 111.93 billion by 2030.

Growth Factors

Industrial coatings are made from acrylic, alkyd, epoxy, polyesters, fluoropolymers, and other polymers. Industrial coatings have characteristics such as water resistance, abrasion resistance, chemical resistance, and UV radiation resistance. Steel, concrete, walls, roofs, and other industrial materials all benefit from industrial coatings, which are in high demand. Rising demand for protective coatings and greater use of corrosion resistant coatings are helping to propel the industrial coatings industry forward. The negative environmental impact of liquid coatings, on the other hand, is expected to limit market growth in the industrial coatings sector. The industrial coatings industry is projected to benefit from increased demand for long-lasting products in the near future.

The industrial coatings market is likely to expand during the forecast period as a consequence of numerous factors such as a considerable increase in demand for highly durable products, followed by greater application of powder coatings. In addition, there has been an increase in demand for durable product production trends, which are projected to emerge as important market potential prospects during the forecast period. In the upcoming years, rising demand for industrial coatings for applications such as caps, cans, and closures is expected to boost industrial coatings market growth. Product resistance, flexibility, adhesion, and good CO2 retention qualities for freshness preservation are all factors driving up demand for industrial coatings in packaging sector during the forecast period.

Report Scope

Report Highlights:

• Based on the technology, the solvent borne segment accounted market share of 35.5% in 2021.
• Based on the product, the acrylic segment dominated the global industrial coating market in 2020 with highest market share. Acrylic industrial coatings are widely used in the aerospace, automotive, and automobile sectors because of their corrosion resistance, improved adhesion, suppressing ability, and quick drying. 
• Based on the end user, the general industrial segment dominated the global industrial coating market in 2020 with highest market share of 40.5%. The general industrial segment includes the applications of industrial coatings in packaging, agriculture, and construction. 
• North America is the fastest growing region in the industrial coating market. In North America, the use of industrial coatings in a variety of end use industries such as general manufacturing and automotive as well as mining is expected to increase dramatically. 
• Asia-Pacific region is the largest segment for industrial coating market in terms of region and hit45.5% revenue share in 2021 . Low labor costs in Asia-Pacific’s nations have encouraged many foreign investors to operate manufacturing businesses in the region. As a result, the region’s growing number of manufacturing facilities is boosting development and construction activity, which will drive demand for industrial coatings over the projection period.

Future of Industrial Coating Market

The increased preference for water borne coatings has resulted in a rise in the use of environmentally friendly coatings in the industry. When water borne paints are not an option, powder-based coatings are becoming increasingly popular since they don’t release volatile organic compounds while yet delivering crucial end use features. The desire for reduced volatile organic compounds to drive the industrial coating market, especially as people become more environmentally concerned. As a result, the industrial coating market is growing due to the increased use of ecologically friendly coatings.  

COVID-19 Impact Analysis:

• By affecting both the general industrial and automotive sectors, the COVID-19 has revealed various issues for the industrial coating market. 
• Due to the pandemic, major economies in each region have been affected, resulting in a slowdown in operations across industries that employ industrial coatings. 

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