New York, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The global industrial coatings market size is slated to expand at ~3% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 120 billion by the end of 2033, up from a revenue of ~USD 90 billion in the year 2022.Industrial coatings are widely used to ensure corrosion resistance and prevent wear and tear. Corrosion poses a remarkable threat to infrastructure such as pipelines, bridges, and buildings. Moreover, there are almost 600,000 bridges in the world today, and engineers are recommending industrial coatings to be applied for maintenance. On the back of this, the market is anticipated to garner remarkable revenue. Other than this, industrial coatings are widely used for corrosion control in steel or concrete. Appropriate coating on the steel surface efficiently shields it from the corrosive effects of harmful elements of moisture. It has been estimated that total world crude steel production was nearly 1.91 billion tons (Mt) in the year 2022.
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Due to the increase in global steel production, the industrial coatings market is rising prominently. Other than this, the increasing applications in the oil and gas industry are also fuelling the market growth. Furthermore, the oil and gas industry uses a protective coating in both the downstream and upstream segments for the functioning of oil and gas industry. Various kinds of protective coatings are utilized in refineries to stop corrosion. The demand for petroleum and natural gas increased by almost 5.1% from the previous years. This is leading to increased demand for industrial coatings across the globe and fuelling the market growth.
Growth in the Automotive Industry to Boost Market Growth
The growing usage of industrial coatings for automotive maintenance, repair, and after-market painting on vehicles is boosting the demand for the industrial coatings market. The expansion of the automotive industry is anticipated to raise the sales of industrial coatings in the forecast period. The global automotive manufacturing industry revenue in the year 2023 was USD 2.8 trillion in the year 2023. Due to the increased usage of industrial coatings in the automotive sector for surface finishing, decoration technologies, and many more areas. These industrial coatings help protect car bodies from rust and other form of corrosion. Furthermore, industrial coatings are also widely applied to aircraft in both civil and military spheres. The ADI-based polyurethane coatings provide durability and resistance to UV light as well as weathering. The worldwide fleet size count is almost 28,670 and these aircraft require constant maintenance. Furthermore, the global fleet is estimated to stand at almost 40,000 aircraft by the year 2030. On the back of the rising number of fleets all over the world, the market is expected to increase remarkably. The automotive industry is an umbrella term for various domains such as natural gas, spark ignition engines, performance, and emissions. All these sectors require industrial coatings to be applied
Industrial Coatings Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Construction Sector to Drive Growth in the North America Region
The industrial coatings market in the North America region is estimated to garner the largest revenue by the end of 2033. On the back of countless industrial coating solutions for a variety of construction needs. As the construction domain is highly versatile, industrial coatings are used for protective functions. It is widely applied in parking roofs, bridges, wastewater treatment plants, industrial receptacles, sewage treatment, and tunnels. For instance, the global tunnel market is anticipated to grow from USD 24 billion in the year 2022. Hence, the growing construction of tunnels all across the world is leading to increased demand for industrial coatings. Other than this, the industrial coatings insulate the new buildings in both cold and hot climates. It has been estimated that there are almost 5.5 million buildings in the United States of all types and sizes in the year 2022. All of these buildings require maintenance this will propel the demand for the industrial coatings.
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Rising Automobile Industry Rising Automobile to Drive Growth in the Asia Pacific Region
The Asia Pacific Industrial Coatings region market is estimated to garner the largest revenue by the end of 2033. The reason for the growth of the market in the Asia Pacific region is the growing automobile industry. For instance, the number of registered vehicles in China was reported at 311,844,371 units in December 2022. In India, the number of registered vehicles reached almost 326.1 million in the year 2020. The increasing number of vehicles is propelling the industrial coatings market.
Industrial Coatings Segmentation by Resin
- Epoxy
- Polyurethane
- Acrylic
- Polyester
The acrylic segment is anticipated to hold the largest revenue by the end of 2033. The acrylics provide a durable and glossy surface that is resistant to chemicals and weather conditions. The characteristics of the acrylic are lightweight, abrasion resistant, easy to clean, elastic, etc. For example, the tensile strength of the acrylic is 9,400 PSI, and the flexural strength is 13,000 PSI.
Industrial Coatings Segmentation by Technology
- Solvent-borne
- Waterborne
- Powder
The water-borne segment in industrial coatings market is anticipated to hold the largest revenue by the end of 2033. These types of coatings decrease the VOC emissions during the application and can be cleaned easily. The water-borne coatings are widely utilized due to low volatile organic compounds content which is less than 3.5 pounds per gallon of water. The coatings can be easily applied on the word and plastic substrate.
Industrial Coatings Segmentation by End Use
- General Industries
- Automotive OEM
- Automotive refinish
- Protective wood
- Marine
- Construction
The rising construction sector is expected to hold the maximum lucrative opportunities. The maintenance and revamping work of the buildings require industrial coatings.
A few of the well-known industry leaders in the global industrial coatings market that are profiled by Research Nester are Akzo Nobel N.V, Axalta Coating Systems, LLC, PPG Industries, The Sherwin Williams Company, Nippon Paint Holdings Co., Ltd, Kansai Paint Co., Ltd, RPM International Inc., BASF SE, Hempel A/S, The Chemours Company FC, LLC. and other key market players.
Recent Development in the Industrial Coatings Market
- In August 2020, Sherwin Williams Company Protective & Marine introduced rapid curing technology to eliminate the time and labor cost for the protection of structural steels. The company’s Envirolastic 2500 system can be applied as a single or multi-coat system.
- In July 2020, PPG Industries, declared the introduction of hydrophobic coating for PPG surface seal. The newly manufactured product is UV light resistant and also compatible with almost all fluids in aerospace maintenance and cleaning.
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