Industrial Coatings Market Size was predicted at USD 65.3 billion in 2021. The industrial coatings industry is projected to grow from USD 67.4 billion in 2022 to USD 84.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.28% during the forecast period (2022 - 2030). The growing daily due to the expanding construction and building sectors, where metals are exposed to the environment, is the key market driver enhancing market growth. The industrial coatings market is expanding due to urbanization, industrialization, and materials such as solvent-free powder coating advancements.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Various manufacturing processes can create completed goods, solvents, and alcohols. Due to the production process, volatile organic compounds (VOCs) are released into the environment and must be properly eliminated. A significant source of VOCs produced by humans is industrial coatings. Most top North American paint and coating producers now report nearly zero VOC. This is a voluntary action on the part of the business, given that up to 50 g/L VOC is allowed even in the tightest product categories and geographic areas, like the Southern California Air Quality Management District (SCAQMD). Therefore, the trend of zero VOC emission has enhanced the market CAGR in recent years.
Most passenger automobiles and light commercial vehicles have industrial finishes (LCVs). The largest market for automobile OEM coatings was Asia Pacific. Due to its citizens' increasing disposable income, which increased at a double-digit rate, China is the world leader in automobile sales. Growing vehicle sales and production are projected to provide attractive industrial coatings market prospects. Overall, demographic trends such as fewer older people driving and more younger people concerned about the environmental impact of auto emissions have an impact on demand. The expanding automobile industry is another factor driving the industrial coatings market revenue.
The industrial coatings market segmentation, based on resin, includes acrylic, epoxy, polyester, polyurethane, and fluoropolymers. In 2021, the acrylic category dominated the market with a revenue share of more than 35.0%. Due to its corrosion resistance, strong adhesion, barrier & inhibitory ability, and quick drying characteristics, the acrylic industrial coating is widely utilized in general industries, automotive and auto refinish aerospace, and other end-use industries.
September 2020: Dow is expanding its focus on the label business with the North American launch of its INVISUTM Acrylic Adhesive portfolio, the latest innovation for pressure-sensitive paper and film label applications. The new technologies make it easier for label stock manufacturers, converters, and brand owners to meet new and evolving industry expectations. This creation has further broadened the growth opportunity for the industrial coatings industry.
The second fastest-growing segment in the industrial coatings industry is epoxy. With its great resistance to harsh temperatures, corrosion, abrasion, and weathering, epoxy resins are extensively employed in various industries.
The industrial coatings market segmentation has been bifurcated by technology into water-based, solvent-based, and powder. In 2021, the solvent-borne technology category dominated the industrial coatings market revenue. Â Solvent-borne industrial coatings are widely utilized in various industries, including oil and gas, marine, automotive, and others.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Additionally, in 2021, water-based technology witnessed the fastest growth rate. Industrial coatings made of water are typically utilized when solvent-based industrial coatings are anticipated to react with the substrate. Due to their low VOC content and low emissions of harmful air pollutants, they are also flame-resistant and toxic-free.
Based on end-use, the industrial coatings data has been segmented into general industrial, automotive & transportation, industrial wood, marine protective, and packaging. In 2021, the general industrial end-use category dominated the industrial coatings market. The consumption of industrial coatings in coil, packaging, construction, agriculture, and wood applications is included in the general industry section. This is because coil coatings have excellent corrosion protection, long-lasting color, and scratch resistance. However, the wood industry also experienced significant growth in the industrial coating sector. It is applied to beautify and safeguard wooden or wood-made constructions. The coating helps increase the product life and enhance the visual cues of the wooden products. Hence, rising coating applications in the wood industry positively impact market growth.
By Region, the study provides market insights into Europe, North America, Asia-Pacific, and the Rest of the World. Asia Pacific industrial coatings market accounted for USD 28.01 billion in 2021 and is expected to exhibit a significant CAGR of 42.9 percent growth during the study period. During the projected period, the industrial coatings market is anticipated to be driven by rapid industrialization and rising product demand from the automotive and vehicle refinish industries in nations like India, Japan, and South Korea. India is one of the most powerful nations. The government's "Make in India" initiative has increased foreign direct investment (FDI) in the nation's manufacturing sector, which has advanced several industries. In turn, this has increased the demand for industrial coatings nationwide. Moreover, China's industrial coatings market held the largest market share, and the Indian industrial coatings market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's industrial coatings market accounts for the second-largest market share. Infrastructure projects and oil and gas sector improvements are projected to propel the European industrial coatings market. The expanding use of powder coatings is anticipated to result from recent technological advancements. Germany is also the region's top vehicle producer and the center of European production. Industrial coatings will be more in demand over the coming years as technological advancements like self-driving cars and electric vehicles are predicted to bolster the nation's automotive industry. In Germany in 2022, EVs represented 31% of all new-car registrations for the year or over 833,000 vehicles. Further, the German industrial coatings market held the largest market share, and the UK industrial coatings market was the fastest-growing market in the European region.
North America is predicted to have significant industrial coatings market growth. It is anticipated that the industrial sector in North America will revive gradually. The region is anticipated to produce strong demand for industrial coatings due to the growing industrial production. Increased building activity, rising car sales, and other factors are anticipated to fuel this area's industrial coatings market expansion. Further, the US industrial coatings market held the largest market share, and the Canadian industrial coatings market was the fastest-growing market in the European region.
The industry will expand as major market players make significant R&D efforts to diversify their product ranges. Market participants participate in many strategic measures to strengthen their positions, in addition to important market developments such as new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. If competitors in the industrial coatings industry want to progress and succeed in a more competitive market, they must charge reasonable prices for their products.
Local manufacturing to lower operational costs is one of the key business methods employed by the industrial coatings industry to satisfy clients and increase the market sector. The industrial coatings industry has made some of the most significant medical discoveries in recent years. Industrial coatings market major players, such as PPG Industries Inc. (US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), and Axalta Coating Systems (US), are investing in R&D projects to enhance demand.
PPG Industries Inc. (PPG) is a chemical firm that produces and sells paints, coatings, optical goods, and specialty materials. It manufactures and distributes protective and ornamental coatings, sealants, and amorphous precipitated silicas. Customers in various end-use markets benefit from the company's goods and services, including industrial equipment and components, packaging material, aerospace and marine equipment, original automotive equipment (OEM), automotive refinish, and industrial and consumer products. For instance, in January 2020, PPG completed its acquisition of Industria Chimica Reggiana S.p.A., a paint and coatings manufacturer for the automotive refinish and light industrial coatings industries. The acquisition occurred in the first quarter of 2020, subject to customary closing conditions. Financial information was not provided.
Nippon Paint is a Japanese company with over 140 years of experience in the paint industry. Asia's premier paint manufacturer and one of the world's largest paint makers. Nippon Paint produces high-quality paints and coatings for the automotive, industrial, and decorative markets. Nippon Paint's mission is to serve society by providing enhanced products that increase the quality of life while safeguarding the environment. Through revolutionary technologies, Nippon Paint benefits both its clients and society. For instance, in July 2020, Nippon Paint India debuted a new line of industrial paints under the Protec brand. The Protec line includes primers, top coats, and specialist coating materials. This new line is intended for industrial applications such as protection and maintenance. These solutions are designed to endure and protect surfaces in harsh weather and chemical environments.
July 2022:Â IGL Coatings introduced Eco coat Armor, which may be used to maintain and extend the life of various surfaces. Eco-coat Armor is a robust and long-lasting coating with excellent flexibility, impact resistance, and chemical resistance. The coating provides resistance to chemicals, corrosion, and extreme conditions.
August 2020:Â Sherwin-Williams Protective & Marine introduced quick-curing technology to drastically reduce time and labor costs for structural steel protection. Compared to a standard two-pack coating system, the company's Envirolastic 2500 system can be applied as a single or multi-coat system with equivalent color and gloss retention to a polyurethane topcoat, resulting in faster shop throughput.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 65.3 billion |
| Market Size 2022 | USD 67.4 billion |
| Market Size 2030 | USD 84.5 billion |
| Compound Annual Growth Rate (CAGR) | 3.28% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Resin, technology and End-Use |
| Geographies Covered | Europe, North America, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | PPG Industries Inc. (US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), and Axalta Coating Systems (US). |
| Key Market Opportunities | Increasing use of nano-coatings |
| Key Market Dynamics | The growth of the market is the increase in demand for industrial coatings in automotive Marine applications |
Frequently Asked Questions (FAQ) :
The size of the market for industrial coatings size was estimated at USD 65.3 billion in 2021.
The industrial coatings market is estimated to expand at a CAGR of 3.28% during the forecast period 2022-2030.
The largest portion of the industrial coatings market was in Asia Pacific.
The key players in the industrial coatings market are PPG Industries Inc. (US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), and Axalta Coating Systems (US).
The acrylic category dominated the market in 2021.
The solvent-based technology had the largest share of the industrial coatings market.
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