Report Overview

The global industrial coatings market size was valued at USD 87.19 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.5% from 2023 to 2030. Industrial coatings are widely used in various other end-use sectors, including automotive and vehicle refinish, electronics, aerospace, oil & gas, mining, marine, and power generation. Automotive and refinish coatings are among the major industrial coatings. The growing usage of refinish coatings for automotive maintenance, repair, and aftermarket painting on account of visual appearance, surface protection, and corrosion resistance is expected to propel the demand for industrial coatings.

Moreover, the growing need for customized designs and paints in vehicles is likely to support the market growth. The U.S. is a leading manufacturer of aerospace and related components and one of the major aerospace markets in the world. The availability of well-trained aerospace engineers, machinists & other skilled laborers, and increasing air commute are driving investments in the U.S. aerospace industry. The presence of prominent aircraft manufacturers, such as The Boeing Company, Gulfstream Aerospace, and Textron Aviation, Inc., is expected to significantly fuel the growth of the aerospace industry in the country.

Gather more insights about the market drivers, restrains and growth of the Global Industrial Coatings Market

Technology Insights

The solvent-borne technology segment dominated the industry in 2022 and accounted for the maximum revenue share of 35.90% of the overall revenue. This is attributed to its growing utilization in the oil & gas, marine, automotive, and other sectors. Properties, such as lower drying times and better functionality in open & humid conditions, are also expected to fuel the segment growth during the forecast period. Solvent-borne coatings are expected to witness high demand in emerging countries, such as China, India, and Brazil, owing to the growth of the industrial sector. However, stringent regulations regarding VOC emissions, particularly in North America and Europe, are expected to challenge the segment growth.

End-use Insights

The general industrial segment dominated the industry with a revenue share of 44.9% in 2022. This is attributed to the increasing consumption of industrial coatings in coil, packaging, construction, agriculture, and wood applications. Increasing demand for coil coatings from metal roofing, wall panel, HVAC equipment, automotive, appliances, and other applications owing to properties, such as excellent corrosion protection, long-lasting color, and scratch resistance, is anticipated to positively influence the overall market growth during the forecast period. Industrial coating is widely used in various wood applications, such as joinery, kitchen cabinets, furniture, millwork, and musical instruments.

Product Insights

The acrylic product segment dominated the industry in 2022 and accounted for the maximum share of more than 35.75% of the overall revenue. This is attributed to its wide usage in general industries, automotive & auto refinish, aerospace, and other end-use industries owing to its corrosion resistance, good adhesion, barrier & inhibiting ability, and fast-drying properties. New construction and refurbishment, machinery equipment, intermodal containers, and automobiles are some of the applications of acrylic industrial coatings. Alkyd industrial coatings are used in an industrial environment for metal coatings. These coatings have good gloss & color retention and corrosion resistance.

Regional Insights

Asia Pacific dominated the industry with a revenue share of 45.2% in 2022. This is attributed to the rapid industrialization and growing product demand from the automotive and vehicle refinish sectors in countries, such as India, Japan, and South Korea. Factors, such as less stringent laws regarding VOC emissions, in Asia Pacific compared to Europe and North America and the easy availability of raw materials, are expected to create large-scale opportunities for the use of industrial coatings in various end-use sectors, such as the marine, automotive, vehicle refinish, and general industries. Low labor cost in the emerging nations of Asia Pacific has attracted many foreign investors to set up their manufacturing facilities in the region. Thus, the growing number of manufacturing facilities is boosting construction activities in the region.

Key Companies & Market Share Insights

The industry is highly fragmented with the presence of several key as well as some small- and medium-scale global and regional players. The global players face intense competition from each other as well as from regional players who have well-established supply chain networks and are well aware of the regulations and suppliers in the market. Major players are involved in the expansion of their manufacturing facilities, R&D investments, mergers & acquisitions, and new product development to cater to the increasing global demand, ensure competitive effectiveness, enhance sales & operations planning, and expand their customer base.

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Some of the prominent players in the global industrial coatings market include:

• Akzo Nobel N.V.
• Axalta Coating Systems, LLC
• Jotun
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Nippon Paint Holdings Co., Ltd.
• Hempel A/S

Industrial Coatings Market Segmentation

Grand View Research has segmented the global industrial coatings market on the basis of product, technology, end-use, and region:

Industrial Coatings Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

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

Industrial Coatings Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Solvent-borne
• Water-borne
• Powder-based
• Others

Industrial Coatings End-user Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• General Industrial
• Marine
• Automotive & Vehicle Refinish
• Electronics
• Aerospace
• Oil & Gas
• Mining
• Power Generation
• Others

Industrial Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • U.K.
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE

Order a free sample PDF of the Industrial Coatings Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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