The industrial coatings market size was valued approximately at US$ 85.63 billion in 2021 and is projected to reach US$ 111.93 billion by 2030, registering a CAGR of 3%.
The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The industrial coatings market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).
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The acrylic, alkyd, epoxy, polyesters, fluoropolymers, and other common polymers are used to make industrial coatings. The water resistance, abrasion resistance, chemical resistance, and ultraviolet radiation resistance are all attributes of the industrial coatings. Industrial coatings are in high demand for a variety of applications, including steel, concrete, wall, roofs, and other industrial materials.
The industrial coatings market expansion is being aided by rising demand for protective coatings and increased use of corrosion resistant coatings. On the other hand, the liquid coatings’ negative environmental impact is projected to stifle the industrial coatings market expansion. In the coming future, rising demand for long-lasting products is expected to provide an opportunity for the industrial coatings market.
Industrial Coatings Market Scope
| 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% |
Industrial Coatings Market Report Highlights
- Based on the product, the acrylic segment dominated the global industrial coatings market in 2020 with highest market share. Acrylic industrial coatings are widely utilized in automotive, aerospace, and automobile industries due to qualities including corrosion resistance, suppressing ability, better adhesion, quick drying, and corrosion resistance.
- Based on the technology, the solvent borne segment dominated the global industrial coatings market in 2020 with highest market share. Solvent borne industrial coatings are widely utilized in a variety of industries such as marine, oil, gas, and automotive. Lower drying times and enhanced performance in open and humid environments are predicted to propel the growth of the segment.
- Based on the end use, the general industry segment dominated the global industrial coatings market in 2020 with highest market share. The utilization of industrial coatings in construction, packaging, and agriculture is included in the general industry segment.
Industrial Coatings Market Regional Snapshot
North America is the largest segment for industrial coatings market in terms of region. The usage of industrial coatings in several end use industries, such as automotive and general industries and mining, is predicted to grow significantly in the North America region.
Asia-Pacific region is the fastest growing region in the industrial coatings market. The low labor costs in Asia-Pacific’s growing economies have enticed many foreign investors to locate industrial operations in the Asia-Pacific region. As a result, the expanding number of manufacturing facilities in the region is boosting building and construction activity, which is expected to drive demand for industrial coatings over the forecast period.
Industrial Coatings Market Dynamics
Drivers
Surge in demand for durable products
The industrial coatings market growth is increasing as a result of various factors such as a significant increase in demand for highly durable products, followed by increased application of powder coatings, which is expected to boost the industrial coatings market’s expansion during the forecast period. Additionally, there has been a growth in demand for increasing trends in the production of durable products, which are expected to emerge as significant market potential prospects throughout the forecast period.
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Restraints
Adverse effect of humidity on drying time
In humid climates, the drying time of acrylic coatings, as well as oil-based coatings, is greatly delayed. The oxidation technique is used to treat oil-based coatings to address this problem. Water borne coatings require less time to dry than solvent borne coatings because they dry through the natural drying process.
Since wood appears to absorb moisture from the air, the process becomes more complicated when utilized on wooden surfaces. This has an impact on the adhesive qualities of the substrate as well. Many market players spend a significant amount of money on humidity test chambers. Thus, the adverse effects of humidity on drying time are restricting the growth of the industrial coatings market.
Opportunities
Rising utilization of environmentally friendly coatings
The rising adoption of environmentally friendly coatings in the market is due to the growing preference for water borne coatings. When water borne paints are unacceptable, powder-based coatings are becoming more popular since they do not emit volatile organic compounds while also optimizing important qualities for demanding end uses.
The industrial coatings market is projected to be driven by the growing demand for lower volatile organic compounds and strict substance regulations, particularly due to increased environmental consciousness. Thus, rising utilization of environmentally friendly coatings is creating growth opportunities for the market.
Challenges
Climatic changes and industrial coatings’ harmfulimpact
The climate change is forcing companies and global major market players to differentiate between market products and alter their production methods to match the target audience’s increased demand during the projected period. The negative environmental impact of solvent borne coatings as a market segment is anticipated to stymie the industrial coatings market’s estimated and predicted growth during the forecast period.
As a result, climatic and weather changes and industrial coatings’ harmful effects on the environment are major challenges for the growth of the industrial coatings market during the forecast period.
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.
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
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Industrial Coatings Market, By Product
7.1. Industrial Coatings Market, by Product Type, 2021-2030
7.1.1. Epoxy
7.1.1.1. Market Revenue and Forecast (2019-2030)
7.1.2. Acrylic
7.1.2.1. Market Revenue and Forecast (2019-2030)
7.1.3. Alkyd
7.1.3.1. Market Revenue and Forecast (2019-2030)
7.1.4. Polyurethane
7.1.4.1. Market Revenue and Forecast (2019-2030)
7.1.5. Polyester
7.1.5.1. Market Revenue and Forecast (2019-2030)
7.1.6. Others
7.1.6.1. Market Revenue and Forecast (2019-2030)
Chapter 8. Global Industrial Coatings Market, By Technology
8.1. Industrial Coatings Market, by Technology, 2021-2030
8.1.1. Powder Based
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Solvent Borne
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Water-Borne
8.1.3.1. Market Revenue and Forecast (2019-2030)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Industrial Coatings Market, By End-user
9.1. Industrial Coatings Market, by End-user, 2021-2030
9.1.1. Electronics
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Aerospace
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. General Industrial
9.1.3.1. Market Revenue and Forecast (2019-2030)
9.1.4. Marine
9.1.4.1. Market Revenue and Forecast (2019-2030)
9.1.5. Mining
9.1.5.1. Market Revenue and Forecast (2019-2030)
9.1.6. Power Generation
9.1.6.1. Market Revenue and Forecast (2019-2030)
9.1.7. Automotive & Vehicle Refinish
9.1.7.1. Market Revenue and Forecast (2019-2030)
9.1.8. Oil & Gas
9.1.8.1. Market Revenue and Forecast (2019-2030)
9.1.9. Others
9.1.9.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Industrial Coatings Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.2. Market Revenue and Forecast, by Technology (2019-2030)
10.1.3. Market Revenue and Forecast, by End-user (2019-2030)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.4.2. Market Revenue and Forecast, by Technology (2019-2030)
10.1.4.3. Market Revenue and Forecast, by End-user (2019-2030)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.5.2. Market Revenue and Forecast, by Technology (2019-2030)
10.1.5.3. Market Revenue and Forecast, by End-user (2019-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.2. Market Revenue and Forecast, by Technology (2019-2030)
10.2.3. Market Revenue and Forecast, by End-user (2019-2030)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.4.2. Market Revenue and Forecast, by Technology (2019-2030)
10.2.4.3. Market Revenue and Forecast, by End-user (2019-2030)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.5.2. Market Revenue and Forecast, by Technology (2019-2030)
10.2.5.3. Market Revenue and Forecast, by End-user (2019-2030)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.6.2. Market Revenue and Forecast, by Technology (2019-2030)
10.2.6.3. Market Revenue and Forecast, by End-user (2019-2030)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.7.2. Market Revenue and Forecast, by Technology (2019-2030)
10.2.7.3. Market Revenue and Forecast, by End-user (2019-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.2. Market Revenue and Forecast, by Technology (2019-2030)
10.3.3. Market Revenue and Forecast, by End-user (2019-2030)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.4.2. Market Revenue and Forecast, by Technology (2019-2030)
10.3.4.3. Market Revenue and Forecast, by End-user (2019-2030)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.5.2. Market Revenue and Forecast, by Technology (2019-2030)
10.3.5.3. Market Revenue and Forecast, by End-user (2019-2030)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.6.2. Market Revenue and Forecast, by Technology (2019-2030)
10.3.6.3. Market Revenue and Forecast, by End-user (2019-2030)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.7.2. Market Revenue and Forecast, by Technology (2019-2030)
10.3.7.3. Market Revenue and Forecast, by End-user (2019-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.2. Market Revenue and Forecast, by Technology (2019-2030)
10.4.3. Market Revenue and Forecast, by End-user (2019-2030)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.4.2. Market Revenue and Forecast, by Technology (2019-2030)
10.4.4.3. Market Revenue and Forecast, by End-user (2019-2030)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.5.2. Market Revenue and Forecast, by Technology (2019-2030)
10.4.5.3. Market Revenue and Forecast, by End-user (2019-2030)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.6.2. Market Revenue and Forecast, by Technology (2019-2030)
10.4.6.3. Market Revenue and Forecast, by End-user (2019-2030)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.7.2. Market Revenue and Forecast, by Technology (2019-2030)
10.4.7.3. Market Revenue and Forecast, by End-user (2019-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.2. Market Revenue and Forecast, by Technology (2019-2030)
10.5.3. Market Revenue and Forecast, by End-user (2019-2030)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.4.2. Market Revenue and Forecast, by Technology (2019-2030)
10.5.4.3. Market Revenue and Forecast, by End-user (2019-2030)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.5.2. Market Revenue and Forecast, by Technology (2019-2030)
10.5.5.3. Market Revenue and Forecast, by End-user (2019-2030)
Chapter 11. Company Profiles
11.1. Hempel A/S
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. PPG Industries, Inc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Akzo Nobel N.V.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Axalta Coating Systems, LLC
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Jotun
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. The Sherwin-Williams Company
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Nippon Paint Holdings Co., Ltd.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Others
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3.
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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