Global Industrial Coatings Market Size By Resin Type (Polyurethane, Epoxy), By Technology (Solvent-Based, Water-Based), By Vertical (General Industrial, Protective), By Geographic Scope And Forecast

Industrial Coatings Market Size And Forecast

Industrial Coatings Market size was valued at USD 779.87 Million in the year 2023, and it is expected to reach USD 1199.56 Million in 2031, at a CAGR of 6.10% from 2024 to 2031.

• Industrial coatings are applied to surfaces to provide protection rather than just aesthetics. These coatings are used in a variety of applications, with corrosion control being the most common function. This is achieved by creating a barrier between the surface and the environment.
• A wide variety of formulations are available for industrial coatings, each with unique properties. The specific needs of the project will determine the best type of coating for a particular application.
• Epoxy coatings are known for their durability and chemical resistance, these coatings are commonly used in a variety of applications.
• Polyurethane coatings are flexible and abrasion-resistant coatings. They are commonly used in applications where the surface will be subject to wear and tear.
• Acrylic coatings are commonly used in applications where the surface will be exposed to the elements. Weatherability and UV resistance are offered by these coatings.
• Alkyd coatings are a traditional type of coating. They are known for their affordability and ease of application. However, they are not as durable as some other types of coatings.

Global Industrial Coatings Market Dynamics

The key market dynamics that are shaping the industrial coatings market include

Key Market Drivers

• Increasing demand for protective coatings Infrastructure development and growth in industries like oil & gas are creating a need for durable coatings that can protect surfaces from corrosion, chemicals, and wear.
• Stringent environmental regulations Regulations are pushing manufacturers towards developing and using low VOC (volatile organic compound) coatings that have a lower environmental impact. This is driving innovation in the industry.
• Rising demand from Asia Pacific Economic growth and government investments in infrastructure in this region are leading to a surge in demand for industrial coatings for construction and other applications.
• Focus on high-performance coatings Advancements in technology are resulting in the development of coatings with improved properties like self-healing abilities, increased fire resistance, and superior conductivity.
• Shift towards sustainable coatings There’s a growing demand for eco-friendly coatings produced using renewable resources or with lower environmental impact during production and disposal.

Key Challenges

• Fluctuations in raw material prices The cost of resins, pigments, and solvents used in industrial coatings can be volatile, impacting profit margins for manufacturers.
• Stringent environmental regulations Compliance with increasingly strict regulations regarding VOCs (volatile organic compounds) can be expensive and technically challenging for manufacturers.
• Meeting industry-specific requirements Developing high-performance coatings that meet the specific needs of different industries requires significant research and development investments.
• Supply chain disruptions The global market has experienced disruptions in the supply chain, leading to difficulties in obtaining raw materials and finished products.
• COVID-19 pandemic impact The pandemic caused slowdowns in production and decreased demand for industrial coatings across various end-user industries. However, the market is expected to recover in the coming years.

Key Trends

• Durable coatings for protection Infrastructure development and growth in industries like oil & gas are driving the demand for coatings that offer superior protection against corrosion, chemicals, and wear on surfaces.
• Low VOC innovation Stringent environmental regulations are mandating the development and use of low VOC (volatile organic compound) coatings, leading to advancements and innovation in the industry.
• Asia Pacific’s surge in demand Economic growth and government investments in infrastructure in the Asia Pacific region are resulting in a significant increase in demand for industrial coatings used in construction and other applications.
• High-performance advancements Advancements in technology are enabling the development of next-generation coatings with improved properties like self-healing abilities, increased fire resistance, and superior conductivity.
• Eco-friendly focus There is a growing demand for sustainable coatings that are produced using renewable resources or have a lower environmental impact during their production and disposal processes.

Global Industrial Coatings Market Regional Analysis

Here is a more detailed regional analysis of the industrial coatings market

Asia Pacific

• The Asia Pacific region leads the global industrial coatings market due to economic booms in China, India, and Japan.
• Growth in automotive, infrastructure, and government support for these sectors propel the APAC market.
• China dominates with its manufacturing base, while India and developed economies like Japan and South Korea contribute significantly.
• Continued economic growth, urbanization, and focus on sustainability ensure APAC’s market dominance.
• Fluctuating raw material prices, environmental regulations, and diverse industry needs require ongoing attention.

North America

• North America has a well-established industrial coatings market with stable growth, but slower than Asia Pacific.
• Construction, transportation, and manufacturing drive demand for high-performance and durable coatings due to regulations.
• Strict VOC emission rules push manufacturers towards compliant, low-VOC coatings.
• North America leads in research and development of advanced and sustainable coatings.
• Aging infrastructure creates a need for maintenance, not large-scale construction projects demanding high volumes of coatings.
• North America remains a key player due to established players, advanced coatings, and infrastructure focus, but must adapt to regulations and emphasize innovation.

Global Industrial Coatings MarketSegmentation Analysis

The Industrial Coatings Market is segmented based on Resin Type, Technology, Vertical, And Geography.

Industrial Coatings Market, By Resin Type

• Polyurethane
• Epoxy
• Acrylic
• Polyester
• Alkyd
• Fluoropolymer
• Others

Based on Resin Type, the global industrial coatings market is divided into Polyurethane, Epoxy, Acrylic, Polyester, Alkyd, Fluoropolymer, and Others. Among these, the acrylic resin type is expected to have the highest Compound Annual Growth Rate (CAGR) throughout the projected period, especially in the automotive industry, due to the strict environmental regulations. The industrial coatings provide excellent corrosion resistance, which is one of the key factors driving the growth of the industry. Acrylic resins are known for their strong chemical and photochemical resistance, making them widely used in various applications, including solvent- and water-based industrial coatings and architectural coatings.

Industrial Coatings Market, By Technology

• Solvent Based
• Water-Based
• Powder
• High Solids
• Others

Based on Technology, the industrial coatings market is segmented into Solvent Based, Water Based, Powder, High Solids, and Others. Among these, Powder-based technology is expected to grow rapidly due to its low environmental impact, superior performance, and cost-effectiveness. Powder coating is highly resistant to corrosion and abrasion, making it a better option compared to liquid coatings. To enhance the anti-corrosive or anti-abrasive properties of the powder coatings and extend their lifespan, many companies add compounds to them. Powder coating has many advantages and requires minimal setup and training, making it a cost-effective solution. However, applying evenly thick or thin coats of powder coating is more challenging due to material movement and gravity’s impact on larger coatings.

Industrial Coatings Market, By Vertical

• General Industrial
• Protective
• Automotive OEM
• Industrial Wood
• Automotive Refinish
• Others

Based on Vertical, the industrial coatings market is classified into General Industrial, Protective, Automotive OEM, Industrial Wood, Automotive Refinish, and Others. The general industrial and protective industrial verticals are predicted to have the largest market shares, owing to a growing population, expanding infrastructure, and a rise in GDP growth. The market expansion for industrial coatings is being driven by various factors, such as the need for effective processes, long-lasting coatings with better aesthetics, rising consumer desire for ecologically friendly coatings, and increasing demand from developing countries in the Asia Pacific. The automotive OEM market is crucial to the automotive engineering industry, and automotive equipment benefits greatly from the longevity and quality of coatings. The superior mechanical qualities of automotive OEM coatings protect cars from the elements, chemical exposure, and scratches. The coating is applied to the interior components to increase the surface area of the car body.

Key Players

The “Industrial Coatings Market” study report will provide valuable insight with an emphasis on the global market including some of the major players of the industry are Hempel A/S, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., Norco Paint & Coatings Co., Ltd., PPG Industries Inc., RPM International Inc., Teknos Group, The Sherwin-Williams Company, Tikkurila OYJ, and Weilburger Coatings GmbH.

Our market analysis offers detailed information on major players wherein our analysts provide insight into the financial statements of all the major players, product portfolio, product benchmarking, and SWOT analysis. The competitive landscape section also includes market share analysis, key development strategies, recent developments, and market ranking analysis of the above-mentioned players globally.

Industrial Coatings Market Recent Developments

• In April 2024, BASF announced plans to invest in the expansion of its advanced additives plant in Nanjing, China.
• In March 2024, WEG invested R$100 million ($20 million) in a new industrial liquid paints factory in Mexico.
• In February 2024, Covestro announced it is developing a Waterborne and Waterborne UV family of high-performing resins for industrial coating applications such as wood furniture, cabinetry, and building products.
• In January 2023, Azelis and Sun Chemical signed a new distribution deal which expands Azelis’ pigment product range in the French and Benelux markets for coatings, adhesives, sealants, elastomers, and advanced materials & additives (AM&A). The contract includes the pigment portfolio that Sun Chemical acquired from BASF in 2021 and became effective on January 1, 2023.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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