New York, USA, July 13, 2022 (GLOBE NEWSWIRE) -- Industrial Coatings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Industrial Coatings Market Information by Resin, Technology, End Use and Region - Forecast till 2030”, the market is estimated to grow at a 3.28% CAGR to reach USD 84,803.5 Million by 2030.
Market Scope:
Industrial coatings are coatings engineered specifically for protective and functional properties, rather than aesthetic properties. Most of the industrial coatings are used to prevent the corrosion of metals and concrete. They have diverse applications and are available with various specifications for differing requirements and functions. Some of the end-use applications of industrial coatings include aerospace and aircraft coatings, automotive refinish, can coatings, coil coatings, marine coatings, wood finishes, and general industries. Industrial coatings can be used on steel, iron, and aluminum, as well as glass, plastic, and wooden surfaces.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 84,803.5 Million |
| CAGR | 3.28% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021–2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Resin, Technology, End Use and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Demand for Environment-Friendly Coatings |
| The shifting preferences of consumers across the globe towards eco-friendly coating |
Competitive Dynamics:
Some of the key players operating in the global industrial coatings market are
- PPG Industries, Inc (US)
- Axalta Coating Systems Ltd (US)
- Nippon Paint Holdings Co., Ltd (Japan)
- The Sherwin-Williams Company (US)
- Akzo Nobel N.V. (Netherlands)
- Asian Paints PPG Pvt. Limited (India)
- Jotun (Norway)
- Kansai Paint Co., Ltd (Japan)
- Beckers Group (Germany)
- RPM International Inc (US)
- Hempel A/S (Denmark)
- KCC CORPORATION (South Korea)
- NOROO Paint & Coatings Co Ltd (South Korea)
- Sika AG (Switzerland)
- Wacker Chemie AG (Germany)
Market Dynamics:
Market Drivers:
With the increasing environmental concerns, several governments and end users are increasingly using green and environment-friendly coatings. Consumers are more inclined towards eco-friendly coatings due to the growing focus on health, safety, and environmental regulations within the application areas of coating. Thus, the demand for environment-friendly products by the customers has prompted manufacturers to reduce the use of volatile organic compounds (VOCs) in coatings and opt for solvent-free coating products.
The demand for environmentally friendly coatings is being driven by strict EU rules for the reduction of VOC emissions in coating resins and low polluting coating processes. New and low-pollution coating technologies will continue to be promoted by government regulations, particularly those pertaining to air pollution, in the US and Western European nations. These regulations have caused consumers' preference for environmentally friendly products, such as water-based, powder-based, high-solids, and UV-curable coatings, to shift away from solvent-based coatings. There are less solvents in these environmentally friendly chemicals that evaporate during the curing process.
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Market Restraints:
Over the last few years, consumers have been increasingly preferring powder coatings due to their excellent hyper-durability, corrosion resistance, weatherability, unique color offerings, and abrasion and chipping resistance as compared to liquid coating. Additionally, powder coatings are relatively easy to apply as thick coatings to ensure a smooth, texture-free surface. However, it is challenging to apply powder coatings as smooth thin films. As the film’s thickness reduces, the film becomes more and more delicate due to the larger particle size and the glass transition temperature of the powder.
Growing concerns about the depleting ozone layer, increasing smog, and reduced outdoor air quality are prompting government bodies to pass more stringent regulations regarding the emissions and VOC content in coatings. The industrial coatings market is affected by the potential changes in the regulations, as it creates uncertainty throughout the entire value chain. Raw material producers, formulators, channel partners, and end users are proportionately affected by different regulatory changes in different geographic regions.
COVID-19 Analysis:
The outbreak of COVID-19 has significantly impacted the chemicals & materials supply chains, international trade, and manufacturing operations across the world. As a result of a lockdown across geographies, the production facilities have faced disruptions. The market players have had to shut production facilities or operate the facilities below the optimal production capacities to avoid the spread of COVID-19. All this has caused severe disruptions in production and trade restrictions significantly impacts the supply of industrial coatings into the market.
Market Segmentation:
By Resin
Acrylics offer a glossy, long-lasting surface that is immune to weather and chemicals. The industrial coatings market share was dominated by the acrylic segment as a result of the general increase in ceramic usage in the biomedical industry.
By Technology
The water-borne segment held the lion's share of the market share. These coatings reduce VOC emissions while being applied, are simple to clean, reduce the risk of fire, and lead to less worker exposure to organic vapors. To suit consumer demand, these coatings' essential properties—such as hardness and resistance to water and chemicals—have been improved.
By End-use
Due to their superior levels of corrosion resistance, chemical resistance, and UV or weather protection capabilities, which is essential for cost savings, these sorts of products are increasingly used in general industries. Promising market growth chances are being offered by a rising trend in infrastructure building activities and an expanding middle-class populace. High durability, chemical resistance, sustainability, and scratch resistance are some of the main factors driving the automotive coating industry, both in OEM and refinishing, along with low VOC and water-borne systems.
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Regional Analysis:
The highest market share in terms of volume and value belonged to Asia-Pacific, followed by Europe and North America. The biggest market share in 2020 belonged to the Asia-Pacific region. This is primarily owing to the rise in demand for industrial coatings in India, China, and Japan's automotive, aerospace, oil & gas, and energy & power sectors. China accounted for a 61.2 percent value share of the Asia-Pacific market in 2020, making it both the largest producer and consumer of industrial coatings.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
