Industrial Coatings Market Size To Rise USD 209.40 Billion By 2032

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The global industrial coatings market size surpassed USD 145.15 billion in 2022 and is projected to rise to USD 209.40 billion by 2032, anticipated to grow at a CAGR of 3.9 percent during the projection period from 2023 to 2032.

Market Overview:

The industrial coatings market refers to the sector that produces and distributes specialized paints and coatings used to protect various types of surfaces in industrial settings. Industrial coatings are also widely used to enhance the aesthetics and life of surfaces such as buildings, cars and equipment that are prone to corrosion. These coatings are applied to surfaces such as machinery, equipment, infrastructure or ant structure to offer protection against wear and tear. The global industrial coatings market encompasses a wide range of industries including manufacturing, aerospace, construction and automotive.

Regional Snapshot: 

Asia Pacific held the largest share of the market in 2022; the region is expected to sustain its position during the forecast period. Due to the rising production of vehicles and their components, Asia Pacific is seeing a tremendous increase in the need for industrial coatings, notably in nations like China and India. To take advantage of the significant economic potential in the area, major businesses in the sector are increasing their presence. A booming automobile industry, rising disposable income, and a growing population contribute to the market's expansion. The regional market will also benefit from the introduction of more vital environmental rules.

Europe is another significant marketplace for industrial coatings, its well-established manufacturing base and various industries such as automotive, aerospace and construction promote the market’s expansion in the region. Moreover, manufacturers in the region are focused on the development of advanced yet sustainable coating and painting materials considering the environmental concerns, this factor is observed to fuel the market’s growth in Europe.

Report Highlights:

• By technology, the water-borne segment is expected to generate significant revenue in the market during the forecast period. The growth of the segment is driven by regulatory pressure, health and environmental considerations and advancements in the coating products.
• By product, the acrylic segment held the largest share of the market. The growing demand for humidity-resistance coating material is a major factor for the growth of the segment.
• By the end of 2022, the automotive segment is expected to show significant growth during the forecast period. The rising demand for maintaining aesthetics for vehicles is expected to prople the segment’s growth.

Industrial Coatings Market Report Scope:

Market Dynamics:

Driver:

Rise in construction activities

The rise in construction activities plays a crucial role in driving the industrial coatings market. As construction projects increase, there is a greater demand for protective coatings and functional coatings to enhance the durability, longevity and aesthetics of various surfaces, such as buildings, infrastructure and equipment. Industrial coatings offer benefits like corrosion resistance, fire protection, chemical resistance and weatherproofing, which are essential for maintaining the structural integrity and appearance of construction directly leads to higher demand for industrial coatings, boosting the market’s expansion.

Restraint:

Availability of alternatives in coating products

The availability of alternatives for coatings can act as a major restraint for the industrial coatings market by creating competition and potentially reducing the demand for traditional industrial coatings. If industries have access to more cost-effective or environmentally friendly alternatives, they might opt for those solutions instead, impacting the market share of traditional coatings. This can lead to the need for innovation and differentiation within the industrial coatings sector to maintain competitiveness. Thus, the availability of alternatives in coating products is considered to hinder the market growth.

Opportunity:

Rising demand from the automotive industry

The rising demand from the automotive industry presents a significant opportunity for the industrial coatings market. As the automotive sector continues to grow, there is an increasing need for coatings that provide protection, aesthetics and functionality to various components. These coatings can enhance the durability, corrosion resistance and appearance of automotive parts, contributing to longer-lasting vehicles and improved customer satisfaction. This demand fuels innovation in coating technologies, creating multiple opportunities for manufacturers to develop advanced industrial coating materials.

Challenge:

Limitations on application

There are restrictions on the sorts of surfaces and curing techniques that certain coatings may be applied on. Identifying materials for specific substrates might lead to compatibility problems, impeding market expansion. Industrial coatings frequently experience cracking throughout the drying and curing processes, distorting the shape and producing uneven surfaces. During the projected period, these variables influence the market for industrial coatings. Considering such limitations on application, the factor is observed to pose a challenge for the market.

Recent Developments:

• In May 2023, in a new joint venture with Entrotech, Inc., a supplier of technology-driven film solutions, PPG stated that it would offer clear film paint and solutions to industrial and automotive clients. PPG still owns the bulk of the joint venture. Financial and ownership details were kept under wraps. Multilayer applications known as "paint films" have at least one layer consisting of paint. They provide a variety of environmental advantages, such as reduced energy use, as well as fresh aesthetic choices. The technology has potential applications in various industrial end-uses and is already employed for automotive applications.
• In March 2023, an effective polyacrylate-based leveling agent is being added to the TEGO Flow series by Evonik's business unit of Coating Additives. Clear coats in particular are suited for solventborne coatings when using TEGO Flow 380. Excellent anti-popping qualities and outstanding compatibility define it. Coatings for broad industrial use and automobiles are the primary uses. Based on an exclusive polymer technology, TEGO Flow 380 offers 100% active matter content.

Major Key Players:

• BECKERS GROUP
• NIPPON PAINT HOLDINGS CO., LTD.
• HENKEL AG & CO. KGAA
• BASF SE
• JOTUN
• AXALTA COATING SYSTEMS, LLC
• THE SHERWIN-WILLIAMS COMPANY
• AKZO NOBEL N.V.
• PPG INDUSTRIES, INC.
• HEMPEL A/S

Market Segmentation:

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

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