Global Industrial Coatings Market Insights Forecasts to 2032
- The Industrial Coatings Market Size was valued at USD 147.34 Billion in 2022.
- The Market Size is Growing at a CAGR of 4.7% from 2022 to 2032
- The Worldwide Industrial Coatings Market Size is expected to reach USD 215.66 Billion by 2032
- Europe is expected to grow the fastest during the forecast period
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The Global Industrial Coatings Market Size is expected to reach USD 215.66 Billion by 2032, at a CAGR of 4.7% during the forecast period 2022 to 2032.
Industrial coatings are specialised paints or surface treatments that are used in industrial settings on a variety of materials and surfaces. The substrate is shielded from corrosive, wear-causing, and chemical damage, the surface's aesthetics are enhanced, and functional qualities like heat resistance, electrical conductivity, or non-stick features are provided. To fulfil the needs of various sectors and applications, industrial coatings are often produced with certain qualities. They are applied to a variety of materials, including composites, metal, concrete, wood, and plastic. The coating ingredients might be powder-based (like powder coatings) or liquid-based (like paints and varnishes). They are applied to surfaces using a variety of techniques, such as electrostatic deposition, electrodipping, brushing, and spraying.
Impact of COVID 19 On Global Industrial Coatings Market
The impact of the COVID 19 pandemic has created a negative impact on the industrial coatings because the sales of the final product are impacted by the GDP movement. This was mainly because maximum production units had to shut down because of the lack of skilled labours and worldwide lockdowns which has led to the uncertainty among different producers as well as supply chain constraints. In fact the automotive industry have witnessed the decline in the sales and structural slowdown over the period of pandemic. Having said that, the relaxation of norms in the European nations during the second phase of pandemic will help in reviving the automotive industry. Laboratories were functioning securely thanks to the use of appropriate masks, appropriate social distance, and stricter cleaning & disinfection regulations. However, due to non-laboratory personnel working from home, many locations were not running fully. The global market for industrial coatings has been severely hampered by the pandemic.
Global Industrial Coatings Market Report Coverage
|Market Size in 2022 :||USD 147.34 Billion|
|Forecast Period 2022-2032 CAGR:||4.7%|
|2032 Value Projection:||USD 215.66 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Technology, By Product, By End-User, By Region|
|Companies Covered:||Hempel A/S, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., Norco Paint & Coatings Co., Ltd., PPG Industries Inc. , RPM International Inc., Teknos Group, The Sherwin-Williams Company , Tikkurila OYJ, Weilburger Coatings GmbH|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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Key Market Drivers
Industrial coatings which are environmentally friendly are making huge innovation. The key reason behind this is really a straightforward one such as the demand for eco friendly coatings are increasing in a significant way. Industrial coatings are essential for extending the life and performance of industrial items, infrastructure, and machinery. In industrial environments, they help maintain the integrity of surfaces and lower maintenance expenses. Moreover, the key market leaders are giving their best to influence the value chain and are researching on how their initiative may affect the society. However, the advanced industrial facilities are taking strict measures to reduce their carbon footprint because they have become more conscious of its impacts on the environment.
In addition, in the manufacturing and processing industries, industrial coatings are applied on machinery and equipment. These coatings offer defence against deterioration due to wear, abrasion, and chemical degradation. By lowering friction, boosting releasing qualities, or offering heat resistance, they contribute to equipment longevity and performance. The automobile and transportation industries depend heavily on industrial coatings. They are employed to guard against corrosion, scuffs, and environmental harm to a vehicle's outside surfaces. Automotive coatings come in a variety of colours and finishes and add aesthetic appeal as well. In order to save energy and increase fuel efficiency, many car components are also coated with materials with low friction qualities. All these factors are propelling the growth of the global industrial coatings market.
Key Market Challenges
One of the key restraining factors of the global industrial coatings market is the rapid drying of coatings. Other than structure, the quality of coatings plays an important role in the environmental conditions. Various issues related are owing to the humidity, environmental conditions, and temperature. Apart from this, with the increase in the number of government regulatory policies, the market leaders need to improve their systems in order to comply with their policies. The products which does not meet the legal requirements are not allowed in the countries which have strict environment regulations. To ensure dependable performance and client satisfaction, industrial coatings must adhere to strict quality standards. It can be difficult to maintain consistent product quality throughout many batches and production lines, especially for businesses with extensive manufacturing operations. To overcome these difficulties, it is crucial to put in place reliable quality control systems, testing procedures, and process controls.
Acrylic segment holds the largest market share over the forecast period
On the basis of product, the global industrial coatings market is segmented into Polyurethane, Acrylic, Epoxy, Alkyd, Polyester. Among these, the acrylic segment is dominating the market by holding the largest market share over the forecast period. They are used extensively in industries such as construction equipment, structural steel, metal coating, industrial site, automotive, pipes, consumer appliances, heavy casting, and others. Features such as resistance of abrasion, fire resistance, high weathering resistance, gloss retention, and UV light resistance are propelling the demand of industrial coatings.
Alkyd, on the other hand, is anticipated to witness the fastest market growth over the forecast period. Alkyd coatings are widely used in industrial settings, particularly on metal buildings, machinery, and equipment. They offer durability, corrosion protection, and abrasion and chemical resistance. Industries include automotive, machinery manufacturing, metal fabrication, and general industrial maintenance use industrial coatings with an alkyd basis.
Solvent borne is dominating the market with the largest market share over the forecast period
On the basis of technology, the global industrial coatings market is segmented into Powder Based, Solvent Borne, Water-Borne and Others. Among these, the solvent borne segment is dominating the market with the largest market share over the forecast period. Solvent borne industrial coatings are increasingly used by various industries such as gas, marine, automobile, and oil. The growth is attributed due to its shorter drying period as well as improved performance in humid and open situations. This growth is owing to significant infrastructural development and mounting general industrial sector.
Water based industrial coatings, on the other hand is witnessing the fastest market growth over the forecast period. Water is an excellent cleaning agent for water-based coatings, which eliminates the need for harsh solvents and streamlines the cleaning of tools and equipment. Due to their performance capabilities, regulatory compliance, and environmental benefits, water-based industrial coatings are growing in popularity.
End User Insights
General industrial segment accounted the largest market share over the forecast period
On the basis of end user, the global industrial coatings market is segmented into Electronics, Aerospace, General Industrial, Marine, Mining, Power Generation, Automotive & Vehicle Refinish, Oil & Gas and Others. Among these, the general industrial segment accounted the largest market share over the forecast period. For overall economic expansion, job creation, technical advancement, and higher living standards, general industrial growth is essential. The trajectory of industrial growth in a given economy is shaped by the interaction of economic considerations, technological advancements, infrastructure, government backing, market demand, and sustainability initiatives.
Automotive coatings, on the other hand is witnessing the fastest market share over the forecast period. Automobile coatings are specialised coatings used in the automobile sector to improve the look of vehicles, safeguard surfaces, and increase longevity. These coatings are applied to various car parts, such as the outer body, interior components, and underbody, and they have both aesthetic and practical uses.
Asia Pacific region is dominating the market with the largest market share over the forecast period
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Among all other regions, the Asia Pacific region is dominating the market with the largest market share over the forecast period. The growth of the region is attributed to the low labour cost, availability of raw materials, and increasing urban population in the region. Apart from this, the presence of huge number of automotive manufacturing plants across the regions is propelling the growth of the region.
Europe, on the other hand is anticipated to witness the fastest market growth over the forecast period. The need for high-performance coatings from consumers as well as economic growth, infrastructural expansion, environmental laws, technological improvements, and government regulations all influence the industrial coatings market in Europe. The industry is still developing, with a focus on sustainability, product innovation, and fulfilling the unique needs of many sectors in the area.
Recent Market Developments
- In February 2021, PPG have launched digital styling software which helps the automobile designers in generating realistic three dimensional modelling of car colours.
- In February 2021, Nippon Paint Marine have introduced a new antifouling technology.
List of Key Companies
- Hempel A/S
- Kansai Paint Co., Ltd.
- Nippon Paint Holdings Co., Ltd.
- Norco Paint & Coatings Co., Ltd.
- PPG Industries Inc.
- RPM International Inc.
- Teknos Group
- The Sherwin-Williams Company
- Tikkurila OYJ
- Weilburger Coatings GmbH
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Industrial Coatings Market based on the below-mentioned segments:
Industrial Coatings Market, Product Analysis
Industrial Coatings Market, Technology Analysis
- Powder Based
- Solvent Borne
- Water Borne
Industrial Coatings Market, End Use Analysis
- General Industrial
- Power Generation
- Automotive and Vehicle Refinish
- Oil and Gas
Industrial Coatings Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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