Analysis from GMI Research finds that the Industrial Coating Market earned revenues of USD 104.6 billion in 2022 and forecast to touch USD 127.4 billion in 2030 will grow at a CAGR of 2.5% from 2023-2030.
Industrial Coatings Trends and Drivers
Major factors driving Industrial Coatings market includes the increasing demand for industrial coating across various end-users such as automotive, electronics, mining, oil and gas, marine, among others. Moreover, increasing demand for eco-friendly coating has increased adoption of Industrial Coatings worldwide. Increasing adoption of Industrial Coatings for maintenance and repair in automotive industry along with the rising need for customise design and paints in vehicles will boost the growth of Industrial Coatings market. Growing need for effective and efficient processes with the durable coatings is enhancing the market growth. Other factors such as increasing disposable income, rapid urbanization, increasing spending power of consumer, rapid growth in the infrastructure and development of the middle class population are further expected to propel the Industrial Coatings market during the forecast period. Leading aircraft players such as Boeing Company, Gulfstream Aerospace, and Textron Aviation will drive the aerospace sector. This results to create more growth opportunities for the industrial coating in near future. Rising use of nano- coatings along with the increasing demand for extended product lifetime will further drive the global industrial coating market. However, increasing environmental and safety regulations, high cost of raw material of industrial coating is hampering the Industrial Coatings market growth.
Based on Type, Epoxy segment held the largest market share.
Increasing usage of epoxy industrial coatings across various areas such as construction, wastewater treatment and shipbuilding due to its unique properties. In addition, increasing demand for epoxy among automotive and aerospace industries. These factors will boost the market growth across the globe.
Based on Region, Asia-Pacific region is projected to grow at fastest rate in the Industrial Coatings market.
Asia-Pacific Industrial Coatings market is driven by increasing usage of industrial coatings across end-use industries such as coil, packaging, protective, automotive refinish, marine, rail, aerospace, among others. In addition, increasing demand for industrial coating among automotive and vehicle refinish sector in countries like Japan, South Korea and India. Due to the easy availability of raw materials and less stringent regulations regarding the VOC emissions as compared to other region is further paving way for the Asia-Pacific region. Other factors such as favourable government subsidies, increasing automobile production, rising consumer spending and low interest rates are further expected to propel the growth of the Asia-Pacific industrial coating market.
Top Market Players
Some of the major companies operating in the Industrial Coatings market are Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., Axalta Coatings System LLC., Jotun , TIKKURILA OYJ Kansai Paint Co.,Ltd., RPM International Inc., Hempel A/S, among others.
- In 2021, Akzo Nobel N.V. signed an partnership agreement with Mercedes for another 4 years. The company will provide vehicle refinish products and services in China.
- In 2020, The Sherwin-Williams Company launched rapid curing technology to reduce the time and cost for the protection of structural steels.
Segmentation by Type
o Epoxy Coatings
o Polyurethane Coatings
o Polysiloxane Coatings
Segmentation by Application
o Metal and Plastic
o Protective and Marine
o Coil and Packaging
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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