Industrial Coatings Market Share, Size, Trends, Industry Analysis Report, By Resin (Epoxy, Acrylic, Alkyd, Polyester, Polyurethane, Fluoropolymer, Others); By Technology; By End-Use; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jul-2022
- Pages: 118
- Format: PDF
- Report ID: PM2508
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global industrial coatings market was valued at USD 97.33 billion in 2021 and is expected to grow at a CAGR of 3.1% during the forecast period. The growing demand from general industries, automotive, and aerospace, coupled with a greater need for enhanced aesthetics, is expected to boost the adoption of the product. The demand for environmentally friendly coatings is expected to increase during the forecast period owing to increased concerns and awareness regarding the environment and health hazards.
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Industrial coatings are manufactured using polymer substances to offer chemical and corrosion resistance, non-stick performance, abrasion resistance, and chemical protection. Polymers in the product provide high resistance to acids, bases, and chemical solvents. These coatings are also used to provide superior aesthetics, durability, and environmental compliance.
These solutions are applied on a primer and finished with a sealant. The product is mainly used to protect concrete or steel from rusting. These coatings are available in powder, water-based, and electrocoating or E-coating forms, which make materials more resistant to fire or water.
Industrial coatings are used in numerous applications such as building products, vehicles & boats, transportation equipment, outdoor structures and equipment, sports and play equipment, and construction & agricultural equipment, among others. Acrylic products are commonly used in automotive and architectural applications as they offer high-gloss and superior corrosion resistance.
Several zinc-based coatings are applied on steel parts. The presence of zinc provides a polymeric and galvanic barrier to offer high corrosion resistance. Epoxy offers superior properties of corrosion, abrasion, and weathering. These solutions are also resistant to extremely high temperatures.
The COVID-19 outbreak has negatively impacted the industrial coatings market owing to disruption of the supply chain, lack of raw materials, operational challenges, transportation delays, and travel restrictions. Manufacturing and construction activities have also been halted due to various government regulations across the globe.
The pandemic has severely affected the industry and has experienced reduced demand and workforce impairment. Restrictions on imports of goods to curb the spread of the virus have further contributed to restricting the market growth.
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Industry Dynamics
Growth Drivers
Rising industrialization, urbanization, and increasing commercial activities across the globe drive the growth of the market. The application of the product has increased in the automotive sector owing to the greater need to improve aesthetics and offer protection to vehicles. These industrial products are increasingly used in aerospace, oil & gas, energy and power, and marine sectors. Growing investment in research & development, technological advancements, and increasing application in diverse industries are driving the growth of the industrial coatings market.
Economic growth in countries such as China, Japan, and India and the growing demand for automobiles in the Asia Pacific further support the market growth. Global players are expanding into these countries to tap market potential provided by the automotive, and marine sectors, further boosting the market growth. Technological advancements, new product launches, and acquisitions by leading players in the market have strengthened the industrial coatings market.
Report Segmentation
The market is primarily segmented based on resin, technology, end-use industry, and region.
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By Resin |
By Technology |
By End-Use |
By Region |
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Epoxy resin segment is expected to hold a significant revenue share
Epoxy resins are widely used in varied industries owing to their high resistance against extreme temperatures, corrosion, abrasion, and weathering. They are used for coating white goods such as washers, driers, and others owing to their ease of application and durability.
Automobiles and boats are coated with epoxy to prevent corrosion and ensure the adhesion of paints. These coatings also offer corrosion resistance and are used in steel pipes and fittings used in the oil and gas industry, water transmission pipelines, and concrete reinforcing.
Solvent borne segment accounted for a major market share in 2021
Solvent-borne solutions are composed of organic compounds and are used on surfaces to prevent corrosion. These solutions offer greater resilience than water-borne coatings during the curing of the coating. Solvent-borne solutions are preferred over water-borne coatings when considering corrosion, hardness, and chemical resistance. Solvent-borne coatings are widely used in industrial segments as they provide exceptional performance in application and curing, irrespective of environmental conditions.
The manufacturing growth in China, India, and Japan and the established automotive industry drive the growth of this region. Increasing industrialization and urbanization across the globe, especially in emerging economies, has given rise to the application of the product in automotive, oil and gas, energy and power, and aerospace, among others.
General industry sector is expected to hold a significant revenue share
The products are applied to general industrial products such as mechanical parts, building materials, construction machinery, rail cars, and others. This segment is driven by rising industrialization and growing demand for infrastructure development. Increasing urbanization and rising application in the manufacturing sector would provide growth opportunities during the forecast period.
These coatings are increasingly being used in the automotive sector. The increasing demand for passenger vehicles and the growing modernization of vehicles support the growth of this segment. Other driving factors include:
- Rising disposable income
- Changing the lifestyle of consumers
- Growth in automotive production volume
- Increasing need for fuel-efficient vehicles
Asia Pacific is expected to hold a significant revenue share
There has been a growing demand for industrial coatings from the automotive, marine, and industrial sectors in the Asia Pacific. The economic growth in countries such as China, India, and Japan, rising automotive penetration, and the growing application in the energy & power sector drive the market growth of this region.
Increasing urbanization, expansion of international market players in this region, and technological advancements further support the growth in this region. The easy availability of raw materials and growing applications in the aerospace & defense, and mining sector has further increased the demand for industrial coatings in the Asia Pacific.
Competitive Insight
Some major players operating in the global market include Akzo Nobel N.V., Asian Paints Ltd, Axalta Coating Systems, LLC, BASF SE, Beckers Group, Hempel A/S, Henkel AG & Company, KGaA, Jotun A/S, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., Teknos Group Oy, The Chemours Company, and The Sherwin-Williams Company.
These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen their presence in the market. The companies are also introducing new innovative products to cater to the growing consumer market demands.
Recent Developments
In July 2022, IGL Coatings introduced an Eco coat Armor, which can be applied on various surfaces for maintenance and to extend the life of surfaces. Eco coat Armor is a tough and durable coating that offers high flexibility, impact resistance, and chemical resistance. The coating offers protection against chemicals, corrosion, and harsh environments.
In December 2021, Axalta launched Imron Industrial Ultra 2.8 VOC Topcoat for agriculture, construction, and earthmoving equipment (ACE) applications. These coatings offer a faster cure, reduced VOC emissions, and superior weatherability.
In July 2020, Nippon Paint India introduced a new range of industrial paints under the Protec brand. Under the Protec range, the company offers primers, top coats, and specialized coating products. This new range is focused on industrial applications for protection and maintenance purposes. These products are developed to withstand and protect surfaces under extreme weather and chemical environment. This new product launch enabled the company to enhance its offerings in the industrial coatings segment.
Industrial coatings Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 97.33 billion |
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Revenue forecast in 2030 |
USD 127.13 billion |
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CAGR |
3.1% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Resin, By Technology, By End-Use Industry, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Akzo Nobel N.V., Asian Paints Ltd, Axalta Coating Systems, LLC, BASF SE, Beckers Group, Hempel A/S, Henkel AG & Company, KGaA, Jotun A/S, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., Teknos Group Oy, The Chemours Company, and The Sherwin-Williams Company. |
