Chicago, Feb. 25, 2024 (GLOBE NEWSWIRE) -- The Industrial Coatings Market size is projected to grow from USD 108.1 billion in 2022 to USD 129.2 billion in 2028, at a CAGR of 3.3%, as per the recent study by MarketsandMarkets™. Stringent regulations promoting the reduction of emissions and hazardous waste, increasing demand for solvent recovery in end-use industries, and financial benefits through reduced procurement costs and waste disposal expenses will propel solvent recovery and recycling market growth during the forecast period.
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Browse in-depth TOC on “Industrial Coatings Market”.
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List of Key Players in Industrial Coatings Market:
- Akzo Nobel N.V. (Netherlands)
- Axalta Coatings Systems LLC. (US)
- Jotun A/S (Norway)
- PPG Industries Inc. (US)
- The Sherwin-Williams Company (US)
Drivers, Restraints, and Opportunities in Industrial Coatings Market:
- Driver: Environmental regulations boost demand for VOC-free coatings
- Restrain: Difficulty in obtaining thin films in powder coatings
- Opportunity: Continuous demand for extended product lifetime and reduced maintenance
- Challenge: Stringent regulatory policies
Key Findings of the Study:
- Epoxy segment is expected to hold largest share of the industrial coatings market during the forecasted period.
- Solvent borne coating technology segment hold the largest segment in overall industrial coatings market during forecast period.
- General Industrial end-use industry accounted largest share of the global industrial coatings market during forecasted period.
- Asia Pacific region likely to account the largest share of the global industrial coatings market during forecasted period.
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Acrylic resin type industrial coatings accounted for the largest share of the overall industrial coatings market, in terms of volume, in 2022. The demand for acrylic resin-based industrial coatings is notably high, primarily within the automotive sector, driven by strict environmental guidelines and the exceptional corrosion resistance these coatings offer. Besides automotive applications, consumer appliances represent a significant end-use sector for these coatings. Acrylic resin-based coatings are also prevalent in wood treatments, transportation, marine settings, and various general industrial applications.
The solvent borne coatings technology segment is estimated to account a largest share in 2022 terms of volume. The development of the developing electrical & electronics, rail, and marine industries is what is driving the market for solvent-borne coatings. Particularly in countries like Singapore, Indonesia, Philippines, India, and Singapore, foreign investments have fuelled economic expansion and the rise of a variety of industries, including general manufacturing. Over the projected term, it is expected that these patterns would increase demand for industrial coatings.
General industrial end-use industry dominated the overall industrial coatings market, in terms of volume, in 2022. The general industrial coatings market is associated with several industries and has a wide range of end users. Increases in infrastructure, global GDP, population, living standards, and the building sector are the main factors propelling the general industrial coatings market.
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Asia Pacific is the leading market for industrial coatings market. The Asia Pacific region witnesses a surge in the demand for luxury automobiles owing to the rising purchasing capacity of consumers. Simultaneously, substantial investments in the automotive sector within the region propel the need for powder and waterborne coatings. This robust growth in Asia Pacific primarily arises from its high economic growth rate and significant investments in sectors like marine, automotive, consumer goods, appliances, construction, and furniture. Moreover, manufacturers are relocating their operations to this region due to cost-effective production methods and the opportunity to cater more efficiently to the burgeoning local market.
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