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Industrial Coatings Market Size
Industrial Coatings Market size was valued at around USD 105.2 billion in 2023 and is expected record 2.5% CAGR through 2032. As industrial activities and infrastructure projects increase globally, the demand for protective coatings for machinery, equipment, and structures rises. Industrial coatings help protect surfaces from corrosion, weathering, and wear, extending the life of assets and reducing maintenance costs.
The automotive industry is a significant consumer of industrial coatings, using them for vehicle bodies, components, and other parts. As vehicle production increases, so does the demand for automotive coatings.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 105.2 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 2.5% |
| 2032 Value Projection: | USD 130.8 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 301 |
| Segments covered: | Resin Type, Product Type, Technology, Functionality, End-use, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The prices of raw materials used in industrial coatings, such as resins, pigments, and solvents, can be volatile, impacting profit margins and overall cost structures for manufacturers. Developing high-performance coatings that meet industry-specific requirements can be technically challenging and may require significant research and development investments. The industry must comply with increasingly stringent environmental regulations regarding volatile organic compounds. Thus, the high-end pricing and risks associated with Industrial coatings may drive down the acceptance rate, further hampering the business growth.
COVID-19 Impact
Various end-user industries, such as automotive, aerospace, construction, and manufacturing, were severely impacted by the pandemic. With production slowdowns and decreased demand for goods and services, the demand for industrial coatings in these sectors also declined. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the business expansion in the upcoming years.
Industrial Coatings Market Trends
There was an increasing emphasis on eco-friendly and sustainable coatings. Manufacturers and consumers were seeking coatings with low VOC content and reduced environmental impact to comply with stricter regulations and support sustainability initiatives. There was a growing demand for high-performance coatings tailored for specific industrial applications. These coatings offered superior durability, corrosion resistance, chemical resistance, and thermal stability, catering to the needs of industries like aerospace, oil and gas, and automotive.
Industrial Coatings Market Analysis
Based on product, the industrial coatings market is segmented as epoxy, polyurethane, acrylic, alkyd, polyester, others. Epoxy held a majority market value of USD 35 billion in 2022. Epoxy coatings offer excellent adhesion, chemical resistance, and durability, making them popular in heavy industries like aerospace, marine, and oil and gas. Epoxy coatings are widely used for protecting metal substrates against corrosion, which is essential in infrastructure and industrial applications. Moreover, an increasing usage will further accelerate the segmental growth.
Based on application, the market is segmented as primers, topcoats, varnishes, powder coatings, others. Primers held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace up to 2032. Primers with anti-corrosion properties are in high demand, especially in industries such as marine, automotive, and infrastructure. As these sectors aim to protect metal surfaces from corrosion, the need for effective primer systems rises.
Based on technology, the industrial coatings market is segmented as solvent-based coatings, water-based coatings, powder coatings, UV-cured coatings. Solvent-based coatings held a dominant market share in 2022 and is anticipated to grow at 2.2% CAGR till 2032. Solvent-based coatings often offer high performance in terms of adhesion, hardness, and chemical resistance, making them preferred in heavy industries and demanding environments. Thus, the high-quality services and growing usage of Industrial coatings are anticipated to expedite the business growth.
Based on technology, the industrial coatings market is segmented as corrosion resistance, fire resistance, heat resistance, others. Corrosion resistance held a dominant market share in 2022 and is anticipated to grow through 2032. Industrial coatings with excellent corrosion resistance properties are in demand for protecting infrastructure, such as bridges, pipelines, and storage tanks, from degradation and rust.
Based on technology, the industrial coatings market is segmented as automotive, aerospace, marine, construction, oil and gas, electronics, general manufacturing. Automotive held a dominant market share in 2022 and is anticipated to grow by 2032. Automotive coatings are essential for protecting vehicles from rust and corrosion, extending their lifespan and appearance. Coatings are required for their ability to prevent icing on aircraft surfaces and protect against corrosion at high altitudes.
U.S. dominated the North American region with majority market share and a revenue of USD 20 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The automotive industry in North America is a significant consumer of industrial coatings. Demand for coatings that enhance aesthetics, provide corrosion resistance, and meet automotive OEM specifications drove the market. Thus, the above-mentioned variables would augment the industrial coatings business growth in the North America positively.
Industrial Coatings Market Share
Some of the players operating in the Industrial coatings market are:
- PPG Industries
- Azko Nobel
- Axalta costing system
- Sherwin-Williams
- Nippon Paint Holdings
- Valspar Corporation
- Jotun
- RPM International Inc
- BASF Se
- Asian Paints Limited
- Kansai Paint Co Ltd
- Axel
- Hempel
- MOROO Holding
- Beckers Group
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Industrial Coatings Industry News:
- In July 2021, AkzoNobel N.V. and Mercedes-Benz extended their partnership agreement for another four years.
- In March 2021, AkzoNobel N.V. has invested in Qlayers coating technology which offers a fully automated solution to safer, more consistent, and faster than manual the manual coating processes used now in the industry.
Industrial coatings market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion & Units from 2018 to 2032, for the following segments:
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By Resin Type
- Epoxy
- Polyurethane
- Acrylic
- Alkyd
- Polyester
- Others
By Product Type
- Primers
- Topcoats
- Varnishes
- Powder coatings
- Others
By Technology
- Solvent-based coatings
- Water-based coatings
- Powder coatings
- UV-cured coatings
By Functionality
- Corrosion resistance
- Fire resistance
- Heat resistance
- Others
By End-use
- Automotive
- Aerospace
- Marine
- Construction
- Oil and gas
- Electronics
- General manufacturing
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
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