The escalating demand for environment-friendly and sustainable coatings is a prime factor driving the growth of the industrial coatings market.
Market Size – USD 81.42 billion in 2019, Market Growth – CAGR of 2.7%, Market Trends – Rapid industrialization and urbanization
The global industrial coatings market is expected to be valued at USD 101.21 billion in 2027 from USD 81.42 billion in 2019, registering a CAGR of 2.7% through the forecast period. Industrial coatings are paints and coatings applied to metal or concrete to safeguard it against corrosion, wear & tear, heat, rust, and algal growth and to add aesthetic value to these surfaces. Industrial coatings are extensively used across a wide range of industries, including buildings & construction, oil & gas, automotive, aerospace, electronics, and various others.
The growth of the global industrial coatings market is primarily attributed to the rising demand for highly efficient and durable coatings, increasing adoption of environmentally sustainable paints and coatings, and the growing demand for these coatings in the construction, marine, electronics, automotive, manufacturing, and aerospace industries. Industrial coatings are used in steel frames, heat exchangers, concrete, containers, heavy machinery, material handling systems, and furniture. These coatings protect industrial equipment from abrasion, corrosion, and chemical attacks, and therefore, improve their performance and service life. Hence, fast-paced industrialization across the world, increasing construction activities, a boom in automotive production, and the expanding marine and oil & gas sectors are the other vital factors propelling the growth of the global industrial coatings market.
Key findings of the report:
- Of the different product types, the alkyd sub-segment is projected to register the fastest growth rate over the forecast period. Alkyd coatings find significant applications as industrial metal coatings. These coatings enhance the toughness of metals used in various structures like buildings, bridges, dams, marine vessels, and oil and petroleum plants. Moreover, they provide them with enhanced glaze, color retention capability, and strong corrosion resistance.
- Based on technology, the powder-based sub-segment is expected to emerge as the leading market segment with the highest revenue share over the projected timeline. Powder-based industrial coatings are more durable and eco-friendly. These coating methods are highly effective for industrial applications and offer improved over-spray, stronger chip resistance, scratch resistance, and reduced wear & tear compared to various other finishes. Moreover, powder-based coatings are commonly used in agricultural equipment, machinery components, vehicles, mechanical parts, electrical equipment, façades, etc.
- The Asia Pacific region, led by China, has emerged as the most dominant regional segment in the global industrial coatings market, accounting for a significant revenue share of around 45.0% in 2019. The industrial coatings market in this region has gained immense traction over the last few years due to the rising demand for protective coatings across the automotive, oil & gas, aerospace, and construction industries. Fast-paced industrialization, rapid urbanization, the expanding automotive and aerospace sectors, and government regulations regarding the use of environment-friendly coatings have further fueled the demand for industrial coatings in this region.
- The leading companies operating in the global industrial coatings market include Nippon Paint Holdings Co., Ltd., BASF SE, The Chemours Company FC, LLC, Akzo Nobel N.V., Axalta Coating Systems, LLC, Jotun A/S, The Sherwin-Williams Company, PPG Industries Inc., Hempel A/S, and Henkel.
- In July 2020, Nippon Paint India introduced an all-new range of industrial paints and coatings under the Protec brand. The new products include top coats, primers, and specialized coatings.
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For the purpose of this study, the global industrial coatings market has been segmented on the basis of product type, technology, end-use industry, and region:
By Product Type (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Acrylic
- Polyurethane
- Alkyd
- Polyester
- Epoxy
- Others
By Technology (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Solvent-borne
- Water-borne
- Powder-based
- Others
By End-use Industry (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Automotive
- Aerospace
- Electronics
- Marine
- Oil & Gas
- Others
By Region (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
- Rest of Middle East & Africa
