Luton, Bedfordshire, United Kingdom, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Industrial Coatings Market.
The global industrial coatings market size is expected to grow at more than 3.4% CAGR from 2021 to 2028. It is expected to reach above USD 113.8 billion by 2028 from a little above USD 84.2 billion in 2021. The market has diverse end users and is tied to multiple industries. The drivers of the general market are population growth, improved standard of living, infrastructure growth, global GDP growth, and growth in the construction industry. Lighting fixtures, antennas, and electrical components are some of the powder-coated products used daily. The key factor driving the growth of the market includes the increasing demand from end-use industries. The general industrial, by end-use industry in Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for Industrial Coatings.
Industry Developments
- In July 2021, AkzoNobel N.V. and Mercedes-Benz extended their partnership agreement for another four years. This means the company will continue to provide vehicle refinish products including the automotive and specialty coatings, and services in China and a preferred partner in Indonesia.
- In March 2021, AkzoNobel N.V. has invested in Qlayers coating technology which offers a fully automated solution to safer, more consistent, and faster than manual the manual coating processes used now in the industry. By eliminating overspray, it’s sustainable solution that saves cost. This technology is helping the customers in applying the anti-corrosive coating systems and others
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Companies Covered in Industrial Coatings Market Report:
- Akzo Nobel N.V.
- Axalta Coating Systems, Llc
- Jotun As
- Ppg Industries Inc.
- The Sherwin-Williams Company
- Nippon Paint Holdings Co., Ltd.
- Kansai Paint Co., Ltd.
- Rpm International Inc.
- Tikkurila Oyj
- Hempel As.
Latest Trends:
Sustainability Emerges as a Key Focus in the Coatings Industry to Drive Market Trends
Sustainability is becoming an increasingly critical aspect in the coatings industry. Manufacturers of additives, pigments, resins, and final coatings are focusing on producing environmentally friendly methods that use less energy, generate less waste, and emit fewer pollutants. Some organizations have taken the initiative to raise awareness, spur innovation, and promote the ongoing improvement and expansion of sustainable operations. Green manufacturing not only benefits the environment but also has a significant impact on productivity and profitability. The principles of green chemistry emphasize efficiency and hazard prevention. Energy reduction, which is directly linked to reducing carbon dioxide emissions, is a priority. In the coatings sector, companies are also improving resource utilization, with a focus on reducing energy usage, which is a crucial step in the development and implementation of greener manufacturing processes. This is expected to create new opportunities for industry growth.
| Report Coverage | Details |
| Market Size Value in 2021 | USD 84.2 billion |
| Revenue Forecast in 2028 | USD 113.8 billion |
| CAGR | 3.4% |
| Years Considered for the study | 2021-2028 |
| Base year | 2021 |
| Forecast period | 2022–2028 |
| Units considered | Value (USD) and Volume (kiloton) |
| Segments | By Technology By Resin By End-Use Industry By Region |
| Regions covered | Asia Pacific, Europe, North America, Middle East & Africa, South America |
| Companies profiled | Akzo Nobel N.V., Axalta Coating Systems, Llc, Jotun As, Ppg Industries Inc., The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Rpm International Inc., Tikkurila Oyj, Hempel As. |
Driving and Restrains:
Increased Adoption of Environment-Friendly Coatings to Propel Market Growth
Manufacturing methods for finished products, solvents, and alcohols produce volatile organic compounds (VOCs), which are harmful to the environment and human health. Coatings are a significant source of VOC emissions, particularly in the automotive industry where they are produced during the spray process using solvent-borne coatings. Anti-corrosion and heavy-duty protective coating manufacturers are under pressure to reduce their VOC emissions. However, there is a growing shift towards water-borne and powder-based coatings due to economic factors, environmental concerns, and stricter regulations around the world.
Low-VOC coatings are becoming increasingly popular as a result of customer preferences, tightening regulations, and green certification programs like LEED v4, EU-Ecolabel, and AgBB. The increasing concern over air pollution and the harmful effects of VOCs is driving the demand for low-VOC coatings.
Drying Time Hinders Market Growth
The drying time of coatings is influenced by several factors, including the structure, thickness, and environmental conditions such as humidity and temperature. Each coating manufacturer has specific guidelines for the drying time of their products, which the applicator should review before starting the coating process. There are specific temperature requirements for the perfect application of coatings, for example, oil-based coatings need an air temperature of above 700C, while acrylic and latex coatings require a temperature above 1cc. However, in humid regions, the drying time of acrylic and latex coatings and oil-based coatings can be significantly affected.
Water-borne coatings have a shorter drying time compared to solvent-borne coatings as they are dried through a natural drying process. However, applying water-borne coatings on wooden surfaces can be challenging as wood tends to absorb moisture from the air, affecting its substrate adhesive properties and causing peeling or bubbling. To overcome this challenge, coating manufacturing companies are investing in humidity test chambers.
Key Market Segments: Industrial Coatings Market
Industrial Coatings Market by Resin Type, 2022-2028, (In USD Million)
- Polyurethane
- Epoxy
- Acrylic
- Polyester
- Alkyd
- Fluoropolymer
- Others
Industrial Coatings Market by Technology, 2022-2028, (In USD Million)
- Solvent-Based
- Water-Based
- Powder
- Others
Industrial Coatings Market by End Use Industry, 2022-2028, (In USD Million)
- General Industrial
- Protective
- Automotive OEM
- Industrial Wood
- Automotive Refurnish
- Coil
- Packaging
- Marine
- Aerospace
- Rail
Industrial Coatings Market by Regions, 2022-2028, (In USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Frequently Asked Questions About This Report
- How big is the industrial coatings market?
- What is industrial coatings market growth?
- Which segment accounted for the largest industrial coatings market share?
- Who are the key players in industrial coatings market?
- What are the factors influencing the growth of Industrial coatings?
- What are the major applications for Industrial coatings?
- Who are the major manufacturers?
- Why Industrial coatings are gaining market share?
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