The global industrial coatings market size is expected to reach USD 127.13 billion by 2030, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The adoption of industrial coatings is high in the Asia Pacific. Increasing application in automotive, marine, and energy & power sectors fuels growth in this region. Rising industrial growth, urbanization, and growth in the mining sector are supporting market growth. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities these countries offer.
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Industrial coatings are used in diverse industries such as general, automotive, aerospace, power generation, oil and gas, mining, and others. Industrial coatings are used in the automotive sector for clamps, pistons, shocks, gas tank hangers, steering column interlock plungers, valve springs, and valve retainers, among others.
Using these coatings in the vehicle body increases durability and strength while reducing overall weight. Increasing demand for high-performing passenger vehicles, modernization of vehicles, growing adoption of electric cars, and development of luxury vehicles have boosted the growth of this segment.
There has been a high demand for epoxy coatings owing to greater resistance against extreme temperatures, corrosion, abrasion, and weathering. Epoxy coatings are used in wide applications such as automotive, white goods, and steel pipes. Metal cans and containers are applied with an epoxy coating to prevent rust while packaging acidic foods. Epoxy coatings are also used to treat floors in industrial and commercial applications.
Solvent-borne coatings accounted for a significant share in 2021. These coatings are widely used for applications in humid environments. These coatings offer high corrosion, hardness, and chemical resistance. However, solvent-borne coatings are considered less environmentally friendly owing to the presence of volatile organic compounds (VOCs). Advances in water-borne coatings are expected to offer growth opportunities during the forecast period.
Industrial Coatings Market Report Highlights
- The epoxy resin segment accounted for a significant share owing to the rising use in automotive and oil and gas applications
- Solvent-borne coatings accounted for a significant share of the global revenue, which further accelerated industrial growth and strengthened automotive industry
- The general industry sector is expected to hold a significant market share over the forecast period due to greater use in mechanical parts, building materials, construction machinery
- Asia Pacific is expected to hold a significant share over the projected period on account of economic growth in countries such as China, India, and Japan, rising automotive penetration, and growing application in the energy & power sector
- The global industrial coatings market is highly competitive owing to prominent market players with a worldwide presence, including Akzo Nobel N.V., Asian Paints Ltd, Axalta Coating Systems, LLC, BASF SE, Beckers Group, and Hempel A/S
Polaris Market Research has segmented the industrial coatings market report based on resin, technology, end-use, and region:
Industrial Coatings, Resin Outlook (Revenue – USD Billion, 2018 – 2030)
Industrial Coatings, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- Solvent borne
- Water borne
- Powder based
Industrial Coatings, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- General Industry
- Power Generation
- Oil and Gas
Industrial Coatings, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa