New York, United States , July 24, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Coatings Market Size to grow from USD 147.34 Billion in 2022 to USD 215.66 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period.
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Industrial coatings are specialty paints or surface treatments applied to a variety of materials and surfaces in industrial settings. The surface's aesthetics are improved, the substrate is protected against corrosive, wear-causing, and chemical degradation, and functional properties like heat resistance, electrical conductivity, or non-stick features are offered. Industrial coatings are frequently created with specific properties in order to meet the requirements of various industries and applications. These include composites, metal, concrete, wood, and plastic, among other materials.
Environmentally friendly industrial coatings are revolutionising the industry. The main cause of this is actually quite simple, namely the sharp rise in demand for environmentally friendly coatings. Industrial coatings are crucial for enhancing the lifespan and functionality of machinery, infrastructure, and other industrial objects. They support the integrity of surfaces and reduce maintenance costs in industrial settings. Additionally, the major market players are working hard to influence the value chain and are investigating the potential social effects of their endeavour. However, because they are more aware of the effects on the environment, advanced industrial facilities are adopting careful precautions to limit their carbon footprint.
The quick drying of coatings is one of the major constraints limiting the market for industrial coatings worldwide. In addition to structure, coating quality has a significant impact on the environment. Due to the temperature, humidity, and other climatic factors, there are numerous problems. Aside from this, the industry leaders must enhance their systems in order to comply with the growing number of government regulatory policies. Products that don't adhere to legal criteria are prohibited in nations with severe environmental rules. Industrial coatings are required to meet exacting quality standards in order to guarantee dependable performance and customer satisfaction.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on, "Global Industrial Coatings Market Size, Share, and COVID-19 Impact, By Technology (Powder Based, Solvent Borne, Water-Borne and Others), By Product (Polyurethane, Acrylic, Epoxy, Alkyd, Polyester), By End-User (Electronics, Aerospace, General Industrial, Marine, Mining, Power Generation, Automotive & Vehicle Refinish, Oil & Gas and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Here:
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Product Insights
Acrylic segment holds the largest market share over the forecast period
On the basis of product, the global industrial coatings market is segmented into Polyurethane, Acrylic, Epoxy, Alkyd, Polyester. Among these, the acrylic segment is dominating the market by holding the largest market share over the forecast period. They are widely employed in a variety of industries, including heavy casting, automotive, pipelines, consumer appliances, industrial sites, structural steel, and construction equipment. The need for industrial coatings is being driven by properties including abrasion resistance, fire resistance, excellent weathering resistance, gloss retention, and UV light resistance.
However, over the projection period, alkyd is expected to have the fastest market development. In industrial contexts, alkyd coatings are frequently employed, especially on metal structures, machinery, and equipment. They provide strength, resistance to corrosion, abrasion, and chemical deterioration. Industrial coatings with an alkyd foundation are used in a variety of industries, such as automotive, machinery production, metal fabrication, and general industrial maintenance.
Technology Insights
Solvent borne is dominating the market with the largest market share over the forecast period
On the basis of technology, the global industrial coatings market is segmented into Powder Based, Solvent Borne, Water-Borne and Others. Among these, the solvent borne segment is dominating the market with the largest market share over the forecast period. Numerous industries, including those in the oil, gas, marine, and automotive sectors, are using solvent-borne industrial coatings more frequently. Its quicker drying time and increased effectiveness in humid and open environments are credited with the growth. This expansion is the result of strong general industrial growth and infrastructural expansion.
On the other hand, the market for water-based industrial coatings is expected to increase at the quickest rate. For water-based coatings, water is a great cleaning solution that reduces the need for corrosive solvents and speeds up the cleaning process for tools and equipment. Water-based industrial coatings are becoming more and more common because of their performance capabilities, regulatory compliance, and environmental advantages.
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End User Insights
General industrial segment accounted the largest market share over the forecast period
On the basis of end user, the global industrial coatings market is segmented into Electronics, Aerospace, General Industrial, Marine, Mining, Power Generation, Automotive & Vehicle Refinish, Oil & Gas and Others. Among these, the general industrial segment accounted the largest market share over the forecast period. General industrial growth is crucial for global economic progress, job creation, technological advancement, and greater living standards. The confluence of economic factors, technological breakthroughs, infrastructure, support from the government, market demand, and sustainability initiatives shapes the trajectory of industrial growth in a given economy.
On the other hand, the market share for automotive coatings is expected to grow at the quickest rate. Automobile coatings are specialised coatings used in the automotive industry to enhance the appearance of cars, protect surfaces, and lengthen their lifespan. These coatings, which are put on different automotive parts like the exterior, interior, and underbody, serve both functional and cosmetic purposes.
Regional Insights
Asia Pacific region is dominating the market with the largest market share over the forecast period
Among all other regions, the Asia Pacific region is dominating the market with the largest market share over the forecast period. Low labour costs, a ready supply of raw materials, and an escalating metropolitan population are all factors in the region's expansion. In addition to this, the proliferation of auto manufacturing facilities across the regions is fostering the area's development.
Europe, on the other hand is anticipated to witness the fastest market growth over the forecast period. Consumer demand for high-performance coatings, economic development, infrastructure developments, environmental regulations, technological advancements, and governmental guidelines all have an impact on the industrial coatings industry in Europe. With an emphasis on sustainability, product innovation, and meeting the particular requirements of numerous industries in the region, the industry is still growing.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Hempel A/S, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., Norco Paint & Coatings Co., Ltd., PPG Industries Inc., RPM International Inc., Teknos Group, The Sherwin-Williams Company, Tikkurila OYJ, Weilburger Coatings GmbH and Among Others.
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