Industrial Coatings Market Size to Reach USD 131.7 Billion by 2032 | CAGR: 2.6% | DataHorizzon Research

Fort Collins, Colorado, Sept. 20, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Industrial Coatings Market Size, Growth, Share, Statistics Report, By Product (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others), By Technology (Solvent Borne, Water Borne, Powder Based, Others), By End-User, By Region And Segment Forecasts, 2023-2032.” 

According to DataHorizzon Research, The industrial coatings market size was valued at USD 103.2 Billion in 2022 and is expected to reach a market size of USD 131.7 Billion by 2032 with a CAGR of 2.6%. The global report offers a comprehensive market analysis and detailed insights at global and regional levels.

Industrial coatings enhance the visual appeal in industrial settings and enable the manufacturers to differentiate themselves in the market and strengthen their brand image. Additionally, industrial coatings enhance surface performance by offering resistance to abrasion, impact, heat, and chemical exposure. By employing advanced coating technologies, manufacturers optimize the functionality of their processes, which results in improved operational efficiency and reduced maintenance costs.

A significant driver to the growth of the industrial coatings market is the continuous advancements in coating technologies and product innovations. The development of nanotechnology has opened up new possibilities in industrial coatings. Nano-coatings offer superior properties, including increased hardness, enhanced scratch resistance, improved adhesion, and self-cleaning capabilities. These coatings are extensively utilized in various industries to achieve exceptional surface protection and performance.

The rising environmental concerns and stringent regulations on solvent-based coatings have accelerated the adoption of waterborne coatings. These coatings provide similar performance characteristics as traditional solvent-based coatings but with significantly lower VOC (Volatile Organic Compound) emissions. Waterborne coatings also offer advantages like ease of application, quick drying time, and reduced fire hazards, driving their demand in the industrial sector.

The demand for high-performance coatings has increased with the need for specialized protective solutions in extreme environments. Coatings with exceptional properties, such as high-temperature resistance, UV, chemical, and anti-graffiti capabilities, are gaining traction across oil and gas, energy, and marine industries.

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Report Snapshot:

Segmentation Overview:

The global industrial coatings market has been segmented as product, technology, end-user, and region. Acrylic coatings accounted for a significant market share in 2022 and will remain dominant in the forthcoming years. These offer high accountability for architectural and industrial uses. Epoxy resins are fast-growing in the product segment and are widely known for their durability and chemical resistance. For technology, solvent-based coatings are dominant and are anticipated to lead with a significant revenue share in the following years.

Asia Pacific is the leading region for the global industrial coatings market. Factors such as growing urbanization, infrastructure development, and high-end manufacturing activities in several Asian countries are significant factors for the high demand for industrial coatings in the regional markets. Europe is a fast-growing market owing to stringent regulations, and emphasis on sustainable solutions.

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Industrial Coatings Market Report Highlights:

• The global industrial coatings market is set to reach USD 131.7 billion at a CAGR of 2.6% by 2032.

• The industrial coatings market is significantly driven by the growing use of industrial coatings in the automotive, transportation, aerospace, construction, and manufacturing sectors.

• Acrylic coatings accounted for a significant market share attributed to their characteristics and high-end use in industrial sectors.

• Asia Pacific is the leading region for industrial coatings and is projected to attain a large share by 2032. Growing urbanization and an increase in infrastructure are driving the growth of regional markets.

• Some of the prominent players in the industrial coatings market report include PPG, The Sherwin-Williams Co., AkzoNobel, Nippon Paint Holdings Co., RPM International Inc., Axalta Coating Systems, BASF Coatings, Asian Paints Limited, Kansai Paint Co. Ltd., and Jotun.

Key Developments in the Industry:

• In 2023, PPG Industries expanded its powder coatings facility in Brazil. The new facility features cutting-edge, automated equipment emphasizing process control and quality. This requires minimal setup time for production and color matching. Besides, the company has also planned with automated process and process synchronization.

• Coatings manufacturer Diamond Vogel has launched a new innovation center in Orange City, Iowa. The facility spans an area of 36,000 square feet, allowing around 60 scientists to work in office and laboratory space. The company stated this expansion empowers its ongoing research and development initiatives in Orange City.

• The FABTech 2023 event organized in Chicago witnessed some of the novel products from Sherwin Williams with an expanded portfolio of metal finishing solutions and the emergence of new services intended towards delivering rapid, convenient, and reliable support to businesses of all sizes. 

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Industrial Coatings Market Report Segmentation:

Industrial Coatings Market, By Product (2023-2032)

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

Industrial Coatings Market, By Technology (2023-2032)

• Solvent Borne
• Water Borne
• Powder Based
• Others

Industrial Coatings Market, By End-user (2023-2032)

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

Industrial Coatings Market, By Region (2023-2032)

• North America
  • U.S.
  • Canada

• Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa 

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