Industrial Coatings Market Growth & Trends
The global industrial coatings market size is expected to reach USD 101.9 billion by 2027, expanding at a CAGR of 3.0% over the forecast period, according to a new study by Grand View Research, Inc. Increasing product demand from the general industry, automotive and refinish, oil and gas, marine, mining, power generation, electronics and aerospace industry is expected to propel market growth.
Industrial coatings are widely used in general industrial applications such as in heat exchangers, steel structure, containers, concrete, furniture, appliances, and material handling equipment to protect them from heat and humidity. It also helps to protect equipment against corrosion, abrasion, and chemical attack, and thereby improves product efficiency.
Growing economies such as Brazil, China, and India are expected to provide new opportunities for the market on account of rapid industrialization. The presence of a large number of manufacturers is also projected to fuel the demand for industrial coatings for general industrial applications. However, the outbreak of COVID-19 in China and other countries, including India, Australia, Thailand, and Japan, has resulted in lockdown of major cities and caused a sharp slowdown in manufacturing industries, which is expected to hinder market growth in the coming years.
Based on product, the alkyd segment is anticipated to witness substantial growth rate over the forecast period. Alkyd coatings are used in an industrial environment majorly for metal coatings. They have good gloss, color retention, and corrosion resistance properties. In addition, they increase the durability of metal, which find application in the glazing of various structures such as bridges, towers, oil and gas plants, automotive parts, and marine vessels.
Alkyd coatings segment is expected to witness a volume-based CAGR of 2.6% over the forecast period. Rising product demand is attributed to its expanding application scope in construction, automotive, and oil and gas industries. The presence of low VOC is also expected to drive the segment in matured countries of Europe along with U.S. and Canada.
The powder based segment is projected to witness considerable growth during the forecast period. It is more durable and eco-friendly as compared to its counterparts. Powder based coatings have negligible VOC content due to the absence of solvents and thus, they comply more efficiently and economically with the Environmental Protection (EP) regulations. They are widely used in agricultural equipment, automotive, machine components, mechanical parts, building facades, and electrical fixtures to prevent corrosion and provide a thicker blazing. Increasing demand for farming equipment such as tractors in Brazil, India, and China is expected to drive the segment.
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Industrial Coatings Market Report Highlights
- Asia-Pacific dominated the market during the forecast period from 2020 to 2027 and is projected to witness a revenue-based CAGR of 3.4%
- The acrylic segment is anticipated to witness highest revenue-based CAGR owing to its rising demand in various end-use industries
- Various strategic initiatives were recorded over the past few years in order to boost the growth of the market. For instance, in July 2019, Axalta Coating Systems, LLC showcased its new technology Amarium Pre-Catalyzed Lacquers for use in wood blazings. The new technology is employed for various applications including wooden furniture, cabinets, and other interior wood surfaces and protects the surface from ultra-violet radiation.
Industrial Coatings Market Segmentation
Grand View Research has segmented the global industrial coatings market on the basis of product, technology, end use, and region:
Industrial Coatings Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Acrylic
- Alkyd
- Polyurethane
- Epoxy
- Polyester
- Others
Industrial Coatings Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Solvent Borne
- Water Borne
- Powder Based
- Others
Industrial Coatings End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- General Industrial
- Marine
- Automotive & Vehicle Refinish
- Electronics
- Aerospace
- Oil & Gas
- Mining
- Power Generation
- Others
Industrial Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- France
- UK.
- Italy
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
List of Key Players of Industrial Coatings Market
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- Jotun
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Nippon Paint Holdings Co., Ltd.
- Hempel A/S
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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