Visiongain has published a new report entitled Industrial Coatings Market Report 2023-2033: Forecasts by Chemistry (Acrylic, Polyurethane, Alkyd, Epoxy, Vinyl, Polyester, Others), by Technology (Solvent-borne, Water-borne, Powder Coating, Others), by Application (General Industrial, Protective & Marine, Automotive OEM, Automotive Refinish, Aerospace, Packaging, Traffic Solutions, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The industrial coatings market was valued at US$93.00 billion in 2022 and is projected to grow at a CAGR of 5.2% during the forecast period 2023-2033.
Growing Marine Fleet Size Along with the Shipment
The marine industry heavily relies on industrial coatings for the protection and maintenance of ships, offshore structures, and marine equipment. As the global economy expands and international trade continues to grow, there is an increasing demand for marine transportation to facilitate the movement of goods and commodities across the globe. The growth in the marine fleet size directly translates to a higher demand for industrial coatings. These coatings play a crucial role in protecting marine vessels and offshore structures from harsh environmental conditions, such as corrosion, fouling, and abrasion. They are applied to the ship's hull, decks, ballast tanks, and other critical components to ensure their longevity, operational efficiency, and compliance with safety regulations. In addition to protection, industrial coatings also contribute to the performance and fuel efficiency of marine vessels. Antifouling coatings, for example, help reduce the build-up of marine organisms on the ship's hull, resulting in smoother sailing and improved fuel consumption. Moreover, specialized coatings that offer resistance to extreme temperatures, chemicals, and UV radiation are crucial for ships operating in challenging environments, such as offshore oil and gas exploration or polar regions.
The growing shipment of goods and commodities worldwide further drives the demand for industrial coatings in the marine industry. As global trade volumes increase, there is a need for additional shipping capacity, including new vessels and container fleets. Each of these ships requires a considerable amount of industrial coatings for their construction and ongoing maintenance. Coatings are applied during shipbuilding to provide initial protection and are periodically re-applied throughout the vessel's lifecycle to ensure continuous performance and durability. The marine industry's focus on sustainability and environmental regulations also influences the demand for industrial coatings. Stricter regulations on emissions, ballast water management, and waste disposal require the use of environmentally friendly and compliant coatings. Manufacturers are developing coatings with low volatile organic compound (VOC) content, biocide-free antifouling properties, and improved resistance to marine pollutants, thus supporting the industry's sustainability goals.
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How has COVID-19 had a Significant Negative Impact on the Industrial Coatings Market?
The COVID-19 pandemic had a notable impact on the industrial coatings market. One significant effect was the disruption in global supply chains. As countries implemented lockdown measures and travel restrictions, manufacturing facilities faced temporary closures, and transportation of raw materials became challenging. These disruptions resulted in delays in the availability and delivery of essential ingredients for the production of industrial coatings. As a consequence, companies in the industrial coatings industry had to grapple with supply chain issues and adjust their production processes accordingly.
Moreover, the pandemic caused a decline in industrial activities across various sectors. Industries such as automotive, aerospace, and manufacturing experienced a significant reduction in production and construction activities. This decline in industrial output directly translated into a reduced demand for industrial coatings, as these coatings are extensively used for protection and aesthetics in these sectors. The slowdown in these industries further compounded the challenges faced by the industrial coatings market, as the demand for their products dwindled.
Additionally, the pandemic also affected the global economy, leading to financial uncertainties and cautious spending. Many companies postponed or scaled back their capital expenditure plans, including investments in infrastructure and industrial projects. Consequently, the demand for industrial coatings used in these projects experienced a downturn. Reduced investments and cautious spending by industries and governments had a negative impact on the growth prospects of the industrial coatings market.
How will this Report Benefit you?
Visiongain’s 371-page report provides 112 tables and 188 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the industrial coatings market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for industrial coatings. Get financial analysis of the overall market and different segments including chemistry, technology, and application and capture higher market share. We believe that there are strong opportunities in this fast-growing industrial coatings market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Aerospace Sector Coupled with New Commercial Aircraft Orders
The aerospace industry has witnessed substantial growth in recent years, driven by increasing air travel demand and the continuous development of new aircraft models. Industrial coatings play a critical role in the aerospace sector, as they are essential for protecting aircraft surfaces from harsh environmental conditions, providing aerodynamic performance, and enhancing the visual appeal of the aircraft. The order of new commercial aircraft models significantly contributes to the demand for industrial coatings. As aircraft manufacturers develop technologically advanced and fuel-efficient aircraft, there is a need for coatings that offer high durability, weight reduction, and resistance to extreme temperatures. These coatings are applied to the aircraft's exterior surfaces, such as the fuselage, wings, and tail, to provide protection against corrosion, UV radiation, and abrasion. They also contribute to the aircraft's aerodynamic performance by reducing drag and improving fuel efficiency.
Increasing Demand of Coatings in Packaging Industry Especially in Beverage Can
The packaging industry plays a crucial role in preserving and protecting products while also providing aesthetic appeal. Industrial coatings are widely used in the packaging industry to enhance the performance and visual appeal of packaging materials, with beverage cans being a prominent application. The demand for industrial coatings in the beverage can segment is driven by several factors. Firstly, the growth in the consumption of canned beverages, including carbonated soft drinks, energy drinks, and alcoholic beverages, has been substantial. This increased consumption leads to a higher production volume of beverage cans, thus creating a demand for coatings used in their manufacturing process. Industrial coatings for beverage cans serve multiple purposes. They provide corrosion resistance to the can, preventing the contents from interacting with the metal surface and maintaining the quality and taste of the beverage. These coatings also act as a barrier against light, moisture, and oxygen, ensuring the preservation and freshness of the beverage over an extended period. Furthermore, coatings contribute to the visual appeal of the beverage can, providing branding opportunities and attracting consumers through vibrant colours, designs, and finishes.
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Where are the Market Opportunities?
Double Digit Growth in Electric Vehicle Sales
As the global automotive industry transitions toward sustainable transportation solutions, the surge in EV adoption has created a promising market for industrial coatings. Electric vehicles require specialized coatings to meet their unique requirements, such as thermal management, electrical insulation, and corrosion protection. The increasing sales of electric vehicles provide a growth opportunity for industrial coatings manufacturers. EVs utilize advanced battery technologies, lightweight materials, and innovative designs, necessitating the development of coatings that can withstand the specific demands of these vehicles. Industrial coatings play a critical role in protecting the battery systems, electric components, and exterior surfaces of electric vehicles, ensuring their performance, longevity, and safety.
Competitive Landscape
The major players operating in the industrial coatings market are AkzoNobel N.V., Axalta Coating Systems Ltd., BASF SE, Beckers Group, Chugoku Marine Paints, Ltd., H.B. Fuller Company, Hempel A/S, Henkel AG & Co. KGaA, Jotun, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., and The Sherwin-Williams Company. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 25th May 2023, PPG announced a US$44 million investment to upgrade five powder coating manufacturing facilities in the U.S. and Latin America. The projects are part of PPG’s strategic efforts to expand its powder coatings offerings and increase global production to meet growing customer demand for sustainably advantaged products.
- On 25th May 2023, AkzoNobel launched bisphenol-free internal coating for beverage can ends. As a BPA-NI coating, Accelshield 700 does not use BPA or bisphenol-based epoxies as part of its manufacturing process. It complies with both Food and Drug Administration (FDA) and EU regulations.
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