Industrial Coatings to Dominate Industrial Coatings Market
Industrial Coatings Market Size was predicted at USD 65.3 billion in 2021. The industrial coatings industry is projected to grow from USD 67.4 billion in 2022 to USD 84.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.28% during the forecast period (2022 - 2030). The industrial coatings market is mainly driven by the growing demand from the marine, automotive, and general industrial sectors, according to the MRFR report. The report presents a comprehensive overview of the Global Industrial Coatings Market by profiling the market’s leading drivers and restraints, key players, and major trends affecting the market. The impact of the COVID-19 pandemic on the Global Industrial Coatings Market is also studied in the report.
Industrial coatings are coatings designed for their protective abilities rather than aesthetic abilities. Industrial coatings impart strong resistance against environmental factors such as moisture and oxygen, as well as heat. Due to this, industrial coatings are widely used in a range of industrial applications for protective purposes. The growing automotive industry is likely to be a major driver for the Global Industrial Coatings Market over the forecast period. As the industry has grown, the demand for longer-lasting automotive components has increased. Consumers now demand higher product standards from the automotive industry, leading to a growing demand for solutions that can prolong the life of automotive components and protect them from environmental corrosive agents. The growing demand for longer-lasting passenger as well as commercial vehicles is likely to be a major driver for the Global Industrial Coatings Market over the forecast period. The growing insistence on product innovation and research and development in the automotive industry is also likely to be a major driver for the Global Industrial Coatings Market over the forecast period, as this is likely to lead to the creation of new industrial coating formulations that provide high-quality performance.
The increasing demand for environment-friendly industrial coatings is likely to remain a major trend within the Global hot spray industrial coatings Market over the forecast period. Environment-friendly industrial coatings do not contain VOCs (volatile organic compounds), which reduces the emission of environmentally harmful gases from the coatings and makes them more environmentally viable. This is likely to remain a major trend in the Global Industrial Coatings Market, as governments all over the world have given their support to the development of VOC-free industrial coatings through incentives to the use of VOC-free coatings or bans on the use of VOC-containing industrial coatings. Companies that develop effective industrial coatings without VOCs are likely to prosper in the market over the forecast period.
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Leading players in the Global Industrial Coatings Market include Wacker Chemie AG, Sika AG, NOROO Paint & Coatings Co. Ltd., KCC Corporation, Hempel A/S, RPM International Inc., Beckers Group, Kansai Paint Co. Ltd., Jotun, Asian Paints PPG Pvt. Ltd., Akzo Nobel NV, The Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Axalta Coating Systems Ltd., and PPG Industries Inc. Major players in the Global Industrial Coatings Market are likely to focus on product innovation to produce VOC-free industrial coatings over the forecast period.
In August 2019, PPG Industries, a leading coatings company, acquired Dexmet Corporation, a manufacturer of specialty materials for aerospace, automotive, and industrial applications.
In March 2019, PPG Industries acquired Whitford Worldwide Company, a global manufacturer that specializes in offering low-friction and non-stick coatings for applications in industrial and consumer products.
The Global Industrial Coatings Market is segmented on the basis of resin, technology, end use, and region.
By resin, the Global Industrial Coatings Market is segmented into acrylic, polyurethane, epoxy, polyester, fluoropolymers, and others. The acrylic segment holds the largest share in the Global Industrial Coatings Market and is likely to remain the leading revenue generator over the forecast period.
By technology, the Global Industrial Coatings Market is segmented into solvent-based, water-based, powder coatings, and others. Water-based coatings are likely to remain the dominant segment in the Global Industrial Coatings Market and exhibit growth at the highest growth rate over the forecast period.
By end use, the Global Industrial Coatings Market is segmented into general industrial, automotive and transportation, industrial woods, marine protective, packaging, and others. The general industrial segment accounted for the largest share in the industrial coatings market in 2020.
Asia Pacific holds a dominant share of more than 45% in the Global Industrial Coatings Market and is likely to remain the dominant regional market over the forecast period due to the growing industrial sector in countries such as China and India.
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