Wilmington, Delaware, United States, July 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global industrial coatings market is projected to flourish at a CAGR of 5.4% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 118.4 billion is anticipated for the market in 2031. As of 2023, the market for industrial coatings is expected to close at US$ 82.5 billion.
The growing industrialization and infrastructural developments particularly in emerging economies to drive the demand for industrial coatings to protect equipment, machinery, and structures from corrosion, wear, and environmental damage. The increasing application of industrial coatings in various end-use industries such as automotive, metal, mining, aerospace & marine drives the market growth during the forecast period.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 78.9 Bn | |
| Estimated Value | US$ 118.4 Bn | |
| Growth Rate - CAGR | 5.4% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 437 Pages | |
| Market Segmentation | Chemistry, Layer, Technology, End-use | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | The Sherwin-Williams Company, The Lubrizol Corporation, BASF SE, Kao Corporation, PPG Industries, Inc., Hempel A/S, Jotun A/S, Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., KANSAI HELIOS Group, Carboline, and SilcoTek | |
Competitive Landscape
The industrial coatings are highly consolidated with presence of few market players. The leading players in the market are investing in new product development, mergers, acquisitions to gain competitive edge. Transparency Market Research has profiled the following players in its global industrial coatings market report:
The Sherwin-Williams Company, The Lubrizol Corporation, BASF SE, Kao Corporation, PPG Industries, Inc., Hempel A/S, Jotun A/S, Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., KANSAI HELIOS Group, Carboline, and SilcoTek.
Key Developments in the Industrial Coatings Landscape:
- In May 2023, PPG announced that it will deliver paint and clear film solutions for automotive and industrial customers through PPG Advanced Surface Technologies, a new joint venture formed with entrotech, Inc., a provider of technology-driven film solutions
- In December 2022, BASF launches automotive coatings using renewable raw materials according to a certified biomass balance approach. The product will help reduce around 20% product carbon footprint.
- Nippon Paint supplies industrial coatings for various industrial sectors, including machinery, electronics, infrastructure, and marine industries. These coatings offer protection against corrosion, abrasion, and other environmental factors. Nippon Paint is a major player in the automotive coatings industry, providing a comprehensive range of paints and coatings for automobile manufacturers.
The expansion of infrastructure projects, including construction of buildings, bridges, and roads, increases the demand for industrial coatings to provide protection, aesthetics, and longevity to these structures. The increasing application of industrial coating in aerospace industry to protect aircraft and aerospace components from extreme conditions, fueling the demand for high-performance coatings.
The growing emphasis on sustainability, and environmental regulation the demand for eco-friendly coatings is expected to rise. The increasing focus on energy-efficient solutions has led to the use of reflective coatings in roofing and buildings to reduce heat absorption, contributing to energy savings.
The increasing technological advancements in coating technologies, such as water-based coatings, high-performance polymers, and nano coatings contribute to the market expansion.
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Key Takeaways from the Market Study
- As of 2022, the industrial coatings market was valued at US$ 78.9 billion
- By layer, basecoat segment to enjoy high demand, accumulating high revenue
- Based on chemistry, polyurethane chemistry segment to account for highest market share
- By end-user, automotive & transportation segment is expected to generate high revenue during the forecast period
Industrial Coatings: Key Trends and Opportunistic Frontiers
- The growing demand for polyurethane coatings is driving the industrial coatings market. Polyurethane coatings offer exceptional durability, chemical resistance, and versatility, making them suitable for various applications across end-use industries.
- Increasing demand for durable & high performance coatings to extend the lifespan of industrial equipment, boosting the demand for various types of industrial coatings.
- Manufacturers continuously invest in research and developing durable and protective coatings for various industries including automotive, aerospace, construction, oil & gas, and marine.
Industrial Coatings Market – Regional Analysis
- North America is a significant market for industrial coatings, driven by industries such as automotive, aerospace, construction, and oil and gas. The region's focus on sustainability and strict environmental regulations has led to a growing demand for eco-friendly and low-VOC coatings. The United States and Canada are the primary contributors to the industrial coatings market in this region.
- Asia Pacific is the largest and fastest-growing market for industrial coatings. The region's rapid industrialization, urbanization, and infrastructure development fuel the demand for coatings in various industries, including automotive, construction, manufacturing, and marine. China, India, Japan, South Korea, and Southeast Asian countries are major contributors to the industrial coatings market in this region.
Industrial Coatings Market - Key Segments
Chemistry
- Acrylic
- Vinyl
- Vinyl Acetate Ethylene (VAE)
- Alkyd
- Polyurethane
- Epoxy
- Others
Layer
- Primer
- Basecoat
- Clearcoat
- Electrocoat
Technology
- Liquid Coatings
- Water-based Coatings
- Solvent-based Coatings
- Powder Coatings
End-use
- Automotive & Transportation
- Metal & Mining
- Industrial & Heavy Equipment
- Aerospace
- Oil & Gas
- Marine
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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