Global Industrial Coatings Market Size Will Surpass $128.4 Billion by 2030 at 2.80% CAGR Growth | Vantage Market Research

WASHINGTON, July 06, 2023 (GLOBE NEWSWIRE) -- Global Industrial Coatings Market is valued at USD 105.9 Billion in 2022 and is projected to reach a value of USD 128.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 2.80% over the forecast period 2023-2030.

One of the most significant economic areas is the Industrial Coatings business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.

The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for industrial coatings, including rising investment requirements, developing technology, and new laws.

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Market Overview

According to Vantage Market Research, some of the key factors anticipated to accelerate the Industrial Coatings market growth over the forecast period. One of the main factors favorably affecting the demand for Industrial Coatings is the increasing demand from end-use industries, rising construction activities, and the need for protective coatings in harsh environments and the increasing demand for eco-friendly coatings.

We forecast that the epoxy category in Industrial Coatings market sales will account for more than 30% of total sales by 2030 due to its excellent adhesion, chemical resistance, and durability. The rising demand for high-performance coatings that offer superior protection against harsh environmental conditions is also boosting the demand for epoxy coatings.

Asia Pacific dominates the market, and this trend of dominance will continue throughout the projection period. The region is witnessing significant growth in industries such as automotive, construction, and marine, which is expected to drive the demand for industrial coatings in the region.

Market Dynamics

Increasing Demand from End-use Industries to Drive the Market

The growth of the industrial coatings market is driven by increasing demand from a variety of end-use industries, such as automotive, aerospace, construction, and marine. The growing emphasis on protecting machinery and equipment from harsh environmental conditions is fueling the market's growth.

Advancements in Technology to Promote Market Growth

Innovations in the field of coating materials and application technologies have resulted in improved product performance, durability, and efficiency. These advancements have expanded the range of uses for industrial coatings and increased their demand.

Top Players in the Global Industrial Coatings Market

  • PPG Industries, Inc.
  • AkzoNobel N.V.
  • Sherwin-Williams Company
  • Kansai Paint Co. Ltd.
  • Jotun Group
  • The Valspar Corporation
  • Axalta Coating Systems Ltd.
  • RPM International Inc.

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Top Trends in Global Industrial Coatings Market

  • One trend that Vantage Market Research (VMR) expects to see in the Industrial Coatings industry is the surge in automotive production. The automotive industry is a major consumer of industrial coatings, owing to the need for corrosion protection, color retention, and long-lasting finishes. With the rise in automotive production globally, the demand for industrial coatings is expected to grow substantially.
  • Another trend that VMR predicts will continue in the Industrial Coatings industry is the rapid expansion of the construction industry. The global construction industry is growing at a fast pace, driven by rising urbanization, increasing infrastructure development, and demand for sustainable housing. This is expected to boost the demand for industrial coatings in the coming years.

Top Report Findings

  • Based on resin type, most of the Industrial Coatings market's revenue is controlled by the epoxy category because it is widely used in automotive, transportation, and aerospace industries due to their excellent adhesion, chemical resistance, and durability.
  • Based on technology, the solvent-based category dominated the Industrial Coatings market. This trend is anticipated to continue because of its high demand from end-use industries such as automotive, building and construction, and aerospace.
  • Based on end-user industry, the automotive category dominated the Industrial Coatings market, and it is anticipated that this trend will continue because of the increasing demand for coatings in the automotive sector to enhance the aesthetic appeal, durability, protection against abrasion and corrosion, and resistance to chemicals and weathering.

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Top 10 Players Generates More Than 45% of the Global Industrial Coatings Market Revenue

The report also found that the largest players in the Industrial Coatings market are manufacturers and technology providers such as PPG Industries, Inc., AkzoNobel N.V., Sherwin-Williams Company, and BASF SE. These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new products. Other major players include Kansai Paint Co. Ltd., Jotun Group, The Valspar Corporation, Axalta Coating Systems Ltd., RPM International Inc., Hempel A/S, Nippon Paint Holdings Co. Ltd., Berger Paints India Ltd. and others. As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.

Solvent-Based Coatings Category in Industrial Coatings Market to Generate Over 30% Revenue

Industrial Coatings is an expensive investment. Vantage Market Research has analyzed the market for Industrial Coatings to understand its current state and potential future growth factors. For better understanding, based on technology the Industrial Coatings market is divided into: solvent-based, water-based, powder, high solids, and others.

During the forecast period, the market for solvent-based is anticipated to experience the highest CAGR due to its high demand from end-use industries such as automotive, building and construction, and aerospace. Solvent-based coatings are widely used in various industries due to their excellent properties such as high durability, resistance to corrosion and weathering, and good adhesion to different substrates.

On the other hand, the powder coating category is anticipated to grow significantly over the forecast period because of its durability, resistance to wear and tear, and environmental sustainability. Powder coatings are widely used in industries such as automotive, aerospace, construction, and furniture sector.

Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Industrial Coatings Market Forecast Report (2023-2030).               

Global Industrial Coatings Market Segmentation

By Resin Type

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

By Technology

  • Solvent-based
  • Water-based
  • Powder Coating
  • High Solids
  • Others

By End-User Industry

  • General Industrial
  • Protective
  • Automotive
  • Industrial Wood
  • Coil
  • Packaging
  • Marine
  • Aerospace
  • Rail

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 105.9 Billion
Revenue Forecast by 2030USD 128.4 Billion
CAGR2.80% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersPPG Industries, Inc., AkzoNobel N.V., Sherwin-Williams Company, BASF SE, Kansai Paint Co. Ltd., Jotun Group, The Valspar Corporation, Axalta Coating Systems Ltd., RPM International Inc.
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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