Burlingame, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, the global industrial coatings market is estimated to be valued at US$ 38.42 Billion in 2022 and is forecast to reach a value of US$ 64.61 Billion by 2030 at a CAGR of 6.7% between 2023 and 2030.
The industrial coatings market is primarily driven by the favorable government regulations regarding the use of eco-friendly coatings. With growing concerns over environmental pollution, governments across the globe are implementing strict regulations to promote the use of low VOC (volatile organic compound) and water-based coatings. These coatings emit less harmful substances, reducing the impact on the environment and ensuring a safer working environment for industrial workers. Additionally, advancements in technology have resulted in the development of innovative coatings that offer superior performance and longer durability, further driving the market growth. The growing demand for industrial coatings in various end-use industries such as automotive, aerospace, and construction is also fueling the market growth.
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Market Trends:
Growing demand from the automotive industry: The automotive industry is one of the major consumers of industrial coatings. The increasing production of vehicles, coupled with the rising demand for customization and aesthetics, is driving the adoption of industrial coatings in this sector. Industrial coatings provide corrosion protection, enhance the appearance, and increase the lifespan of automotive parts and components.
Rising popularity of powder coatings: Powder coatings are gaining popularity in the industrial coatings market due to their eco-friendliness, durability, and cost-effectiveness. Powder coatings have a lower environmental impact compared to solvent-based coatings as they do not contain solvents or harmful substances. They also provide excellent resistance to corrosion, chemicals, and UV rays, making them ideal for various applications in industries such as architecture, automotive, and appliances.
Water-borne Coatings to Dominate the Industrial Coatings Market
The water-borne segment is anticipated to dominate the industrial coatings market during the forecast period. This dominance can be attributed to the increasing demand for environmentally friendly coatings that have low VOC (volatile organic compound) content. Water-borne coatings offer several advantages such as low toxicity, ease of application, quick drying time, and excellent durability. These coatings also provide superior resistance to corrosion, chemicals, and abrasion, making them suitable for various applications.
The demand for water-borne coatings is particularly high in the automotive industry, as manufacturers are increasingly adopting sustainable practices. Additionally, stringent regulations by government bodies regarding the use of coatings with low VOC content further drive the demand for water-borne coatings. These factors contribute to the dominance of water-borne coatings in the industrial coatings market.
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Polyurethane Resin Type to Witness Significant Growth in the Industrial Coatings Market
Polyurethane resin is anticipated to witness significant growth in the industrial coatings market. This growth can be attributed to the excellent properties offered by polyurethane coatings, including high durability, chemical resistance, and versatility. Polyurethane coatings provide exceptional adhesion to various substrates, making them suitable for a wide range of applications.
The demand for polyurethane coatings is particularly high in the automotive industry, where these coatings are used for applications such as body panels, bumpers, and underbody protection. The growing automotive industry, coupled with the increasing demand for high-performance coatings, drives the demand for polyurethane coatings.
Furthermore, polyurethane coatings find extensive usage in the construction industry, particularly for protective coatings in infrastructure and buildings. The increasing construction activities and infrastructure development projects further contribute to the growth of polyurethane coatings in the industrial coatings market.
Recent development:
In 2021, Berger Paints, purchased Shalimar Tar Product Ltd. In order to increase their waterproofing and protective coatings product offerings.
In January 2020, Royal DSM introduced a bio-based self-matting resin, which coatings formulators have effectively incorporated.
Key Market Takeaways:
The industrial coatings market is anticipated to witness a CAGR of 6.7% during the forecast period 2023-2030, owing to the increasing demand for environmentally friendly coatings and the growth of end-use industries such as automotive, construction, and general industrial equipment.
On the basis of category, the water-borne segment is expected to hold a dominant position, owing to its environmentally friendly nature and low VOC content. The water-borne segment offers advantages such as low toxicity, quick drying time, and excellent durability, driving its adoption in various applications.
In terms of resin type, polyurethane coatings are expected to dominate the market due to their versatility, high durability, and chemical resistance. Polyurethane coatings find extensive usage in the automotive and construction industries, driving their demand in the industrial coatings market.
In terms of applications, general industrial equipment is expected to dominate the market. Growing industrialization and the need for protective coatings in machinery and equipment contribute to the dominance of this segment.
On the basis of region, Asia Pacific is expected to hold a dominant position in the industrial coatings market. The rapid industrialization, growing automotive industry, and infrastructure development projects in countries like China and India drive the demand for industrial coatings in the region.
Key players operating in the industrial coatings market include Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company. These key players focus on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and cater to the growing demand for industrial coatings.
Overall, the industrial coatings market presents promising growth opportunities driven by the increasing demand for environmentally friendly coatings, growth in end-use industries, and technological advancements in coating formulations.
Read complete market research report," Industrial Coatings Market, By Category, By Resin Type, By Application, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- Global Industrial Coatings Market, By Category:
- Water-borne
- Solvent-borne
- Powder
- E-coat
- Others
- Global Industrial Coatings Market, By Resin Type:
- Polyurethanes
- Epoxy
- Acrylic
- Fluoropolymer
- Others
- Global Industrial Coatings Market, By Application :
- Global Industrial Equipment
- Agriculture Equipment
- Construction Equipment
- Other Industrial Equipment
- Automotive Coatings
- Coil & Extrusion
- Energy & Power
- Packaging
- Marine
- Aerospace
- Rail
- Others
- Global Industrial Coatings Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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