WASHINGTON, March 06, 2023 (GLOBE NEWSWIRE) -- Vantage Market Research analyses that the Industrial Coatings Market was valued at $85.19 Billion in 2021 and is expected to reach the value of $115.69 Billion by 2028, at a CAGR of 3.9% during the forecast period of 2022-2028.
Industrial Coatings Market Overview
The industrial coatings market refers to the use of specialized coatings to protect, enhance or modify various types of surfaces used in industries such as automotive, aerospace, marine, construction, oil and gas, and others. Industrial coatings are applied to protect surfaces from corrosion, wear and tear, extreme temperatures, chemical attack, and environmental factors.
The demand for industrial coatings is driven by the increasing need for protective coatings that can extend the life of industrial equipment and infrastructure. The growing industrialization in emerging economies such as India, China, and Brazil, and the increasing demand for high-performance coatings in industries such as automotive, aerospace, and marine are also contributing to the growth of the market.
The market is segmented based on resin type, technology, end-use industry, and region. Resin types include epoxy, polyester, polyurethane, and others. Technology includes waterborne, solvent-borne, powder, and others. End-use industries include automotive, aerospace, marine, construction, oil and gas, and others.
Asia-Pacific is the largest market for industrial coatings due to the rapid industrialization and urbanization in countries such as China and India. North America and Europe are also significant markets due to the presence of large industrial sectors such as automotive and aerospace.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 85.19 Billion |
| Revenue Forecast by 2028 | USD 115.69 Billion |
| CAGR | 3.9% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Akzo Nobel N.V., Jotun, BASF SE, The Sherwin-Williams Company, PPG Industries, Inc., Aexcel Corporation, Nippon Paint Holdings Co., Ltd., Henkel AG & Company, KGaA, Toefco Engineered Coating Systems, Inc., Beckers Group, Axalta Coating Systems, LLC |
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Key Highlights
- The industrial coatings market is driven by the increasing demand for protective coatings that can extend the life of industrial equipment and infrastructure.
- The growing industrialization in emerging economies such as India, China, and Brazil, and the increasing demand for high-performance coatings in industries such as automotive, aerospace, and marine are also contributing to the growth of the market.
- The market is segmented based on resin type, technology, end-use industry, and region.
- Asia-Pacific is the largest market for industrial coatings due to the rapid industrialization and urbanization in countries such as China and India.
- North America and Europe are also significant markets due to the presence of large industrial sectors such as automotive and aerospace.
- These companies are focusing on product innovation, expansion of their production capacities, and strategic collaborations to increase their market share.
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Regional Overview
The industrial coatings market is segmented into several regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Asia-Pacific: The Asia-Pacific region is the largest market for industrial coatings due to the rapid industrialization and urbanization in countries such as China and India. The region is also expected to continue to witness significant growth in the coming years due to the growing demand for high-performance coatings in industries such as automotive, aerospace, and marine.
North America: The North American market for industrial coatings is driven by the presence of large industrial sectors such as automotive and aerospace. The region is also witnessing increasing demand for eco-friendly coatings that can reduce carbon emissions and improve energy efficiency.
Europe: The European market for industrial coatings is driven by the increasing demand for protective coatings in the automotive and construction industries. The region is also witnessing growing demand for sustainable coatings that can reduce the environmental impact.
Latin America: The Latin American market for industrial coatings is expected to witness significant growth due to the increasing industrialization in countries such as Brazil and Mexico. The region is also witnessing increasing demand for high-performance coatings in the oil and gas industry.
Middle East and Africa: The Middle East and Africa market for industrial coatings is driven by the increasing demand for protective coatings in the oil and gas industry. The region is also witnessing growing demand for coatings that can withstand extreme temperatures and harsh environmental conditions.
Top Players in the Industrial Coatings Market:
- Akzo Nobel N.V.
- Jotun
- BASF SE
- The Sherwin-Williams Company
- PPG Industries, Inc.
- Aexcel Corporation
- Nippon Paint Holdings Co., Ltd.
- Henkel AG & Company
- KGaA
- Toefco Engineered Coating Systems, Inc.
- Beckers Group
- Axalta Coating Systems
- LLC
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Drivers
Increasing demand for protective coatings: The need for protective coatings that can extend the life of industrial equipment and infrastructure is increasing, driven by the need to reduce maintenance costs and improve operational efficiency.
Rapid industrialization: The growing industrialization in emerging economies such as India, China, and Brazil is driving the demand for industrial coatings, particularly in the automotive, aerospace, and marine industries.
Technological advancements: Advances in coating technology are leading to the development of high-performance coatings that can withstand harsh environmental conditions and provide superior protection.
Growing demand for eco-friendly coatings: The increasing focus on reducing carbon emissions and improving energy efficiency is driving the demand for eco-friendly coatings that can reduce environmental impact.
Infrastructure development: The increasing focus on infrastructure development in emerging economies is driving the demand for industrial coatings, particularly in the construction industry.
Regulations and standards: Stringent regulations and standards related to worker safety, environmental impact, and quality control are driving the demand for high-quality coatings that meet regulatory requirements.
Restraint
Fluctuations in raw material prices: The prices of raw materials used in the production of industrial coatings, such as resins and solvents, are subject to fluctuations, which can impact the profitability of coating manufacturers and increase the prices of coatings for end-users.
Environmental concerns: Industrial coatings can have a significant environmental impact, particularly if they contain harmful chemicals or emit VOCs (volatile organic compounds) that contribute to air pollution. This can lead to regulatory challenges and public opposition to certain types of coatings.
High competition: The industrial coatings market is highly competitive, with many established players and new entrants competing for market share. This can lead to pricing pressures and the need for companies to constantly innovate and differentiate their products to remain competitive.
Economic downturns: The industrial coatings market is closely tied to the health of the economy, particularly in industries such as construction and manufacturing. Economic downturns can lead to reduced demand for coatings and impact the growth of the market.
Opportunities
Increasing demand for high-performance coatings: The demand for high-performance coatings that can withstand harsh environmental conditions, provide superior protection, and offer extended service life is increasing. This presents an opportunity for companies to develop innovative coatings that meet these needs and differentiate themselves in the market.
Growing demand for eco-friendly coatings: The increasing focus on reducing carbon emissions and improving energy efficiency is driving the demand for eco-friendly coatings that can reduce environmental impact. This presents an opportunity for companies to develop sustainable coatings that meet regulatory requirements and appeal to environmentally conscious customers.
Infrastructure development: The increasing focus on infrastructure development in emerging economies presents an opportunity for companies to expand their customer base and provide coatings for large-scale infrastructure projects such as bridges, highways, and buildings.
Technological advancements: Advances in coating technology, such as the development of nano-coatings and smart coatings, present an opportunity for companies to differentiate themselves and offer coatings with superior properties.
Mergers and acquisitions: The industrial coatings market is highly fragmented, with many small and medium-sized companies operating in regional markets. This presents an opportunity for larger companies to acquire smaller companies and expand their market share.
Browse Market Data Tables and Figures spread through 180 Pages and in-depth TOC on Industrial Coatings Market Forecast Report (2022-2028).
Key Questions Answered in the Report:
- What is the current size of the industrial coatings market and what are the growth prospects for the coming years?
- What are the key drivers, restraints, and opportunities in the industrial coatings market?
- What are the different types of industrial coatings available in the market and what are their respective applications?
- Which industries are the largest consumers of industrial coatings and which regions have the highest demand for these coatings?
- Who are the key players in the industrial coatings market and what are their market shares?
- What are the recent developments and innovations in the industrial coatings market, and how are they impacting the market?
- What are the challenges faced by the industrial coatings market, and how are companies addressing them?
- What are the regulatory frameworks and standards governing the industrial coatings market, and how are they impacting the market?
- What is the competitive landscape of the industrial coatings market and how are companies competing with each other?
- What is the future outlook for the industrial coatings market and what are the key trends that are expected to shape the market in the coming years?
Industrial Coatings Market Segmentation
By Resin Type
- Polyurethane
- Epoxy
- Acrylic
- Polyester
- Alkyd
- Fluoropolymer
- Others
By Technology
- Solvent-based
- Water-based
- Powder
- High Solids
- Others
By End-User Industry
- General Industrial
- Protective
- Automotive OEM
- Automotive Refinish
- Industrial Wood
- Coil
- Packaging
- Marine
- Aerospace
- Rail
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