Pune, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Pune, India Feb 20, 2023 (GLOBE NEWSWIRE) -- A significant market driver in the industrial coating market is the expanding demand for the general industrial end-use category. Industrial coatings are also widely employed in a variety of different end-use industries, such as mining, oil & gas, marine, electronics, aerospace, automotive and auto repair. Automotive and refinishing coatings rank among the most significant industrial coatings.
Refined coatings are utilized for vehicle maintenance, repair, and aftermarket painting because of its visual appeal, surface protection, and corrosion resistance, which is expected to enhance the need for industrial coatings. Industrial Coatings Market Size was valued at USD 107.12 billion in 2022, and is expected to reach USD 141.05 billion by 2030, and grow at a CAGR of 3.5% over the forecast period 2023-2030.
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Constraints in the industrial coating market
Since the GDP movement has a significant impact on sales, the COVID-19 pandemic has a detrimental effect on the coatings business. Most production facilities were shut down due to a lack of staff and lockdowns, which confused different producers and created problems in the supply chain.
In 2019–2020, the automotive sector saw weak sales, along with a structural recession, and a faltering economy. As most auto manufacturers and dealers were forced to close during the second COVID-19 peak in India, the sales of new automobiles declined.
| Report Metrix | Details |
| Market Size by 2030 | $141.05 Billion |
| Market Size in 2023 | $107.12 Billion |
| CAGR 2023-2030 | 3.5% |
| Market Segmentation | |
| By Technology | Waterborne, Solventborne, Powder Coatings, Others |
| By Resin | Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Fluoropolymer, and Others |
| By End-Use Industry | General Industrial, Protective, Automotive Refinish, Automotive OEM, Industrial Wood, Marine, Coil, Packaging, Aerospace, and Rail |
| Key Players | PPG Industries, Inc (US), Jotun (Norway), Axalta Coating Systems Ltd (US), The Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd (Japan), Asian Paints PPG Pvt. Limited (India), Akzo Nobel N.V. (Netherlands), and other players |
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| Restraints |
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| Regional Analysis | |
| Regions | North America Europe Asia-Pacific Middle East & Africa Latin America |
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REGIONAL SEGMENTATION AND OTHER INFLUENTIAL COMPANIES
Although the Asia Pacific region has emerged as the most opportunistic regional market for industrial coatings, it is also projected that established markets in Western Europe and North America would show encouraging signs. Due to the availability of cheap labour, affordable raw materials, and the region's growing urban population, Asia Pacific held the top spot in the global market in terms of revenue in 2022, accounting for over 44.6% of the total. The rise of the market is further aided by the presence of numerous car manufacturing plants in the area.
In 2019, China became the region's top customer and generated the most revenue. This development is attributable to China's position as the region's top automobile producer and growing market for automotive refinishes. However, the current COVID-19 pandemic is severely impacting the world's industrial sector.
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