USD 95.50 billion
Industrial Coatings Market Size, Share, Growth Analysis, By Technology(Waterborne Coatings, Solventborne Coatings, Powder Coatings, and Others), By Resin Type(Acrylic Resin, Alkyd Resin, Epoxy Resin, Polyester Resin), By End-use Industry(General Industrial, Protective, Industrial Wood, Automotive Refinish), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2036 |
Region:
Global |
Published Date: August, 2024
Pages:
202
|Tables:
59
|Figures:
75
Industrial Coatings Market Insights
Global Industrial Coatings Market size was valued at USD 95.50 billion in 2022 and is poised to grow from USD 99.13 billion in 2023 to USD 133.59 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).
The rising adoption of industrial coatings in several industries which include automotive, aerospace, construction, marine and others is driving the market growth. These coatings are used in different forms like liquid, powder, and pretreatment coatings. There are different methods for the applications of the industrial coatings which include spray, dip, and roll coating. Furthermore, there is a rising demand for customized paints in the vehicles which contributes to the market growth. The US holds a significant position in the manufacturing space and its parts and one of the major aerospace markets around the globe. The rising investment in the aerospace industry due to the availability of skilled labours, well trained engineers and others is driving the market in this region. Additionally, the presence of major players in the region is also driving the market. The rising awareness about the protection of the vehicle by applying paint or by healing damages or scratches on the surfaces further propels the growth. The rising disposable income particularly in the Asia-Pacific region contributes to the expansion of the market. The rising demand from the packaging industry like caps and closures, cans, and others are also propelling the market growth. The advancements in the technology are also contributing to the market growth what walloping ecofriendly and sustainable coating solutions. There is a rising demand for high performance coatings which include durability, weather resistant, UV protection and others which is contributing towards the expansion and therefore, driving the growth of the global industrial coatings market.
US Industrial Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Polyurethane Coatings
Fastest Growth
Polyurethane Coatings
Growth Rate
3.8% CAGR
Global Industrial Coatings Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Industrial Coatings Market Segmental Analysis
Global industrial coatings market is segmented into Technology, Resin Type, End-user, and Region. Based on Technology, the market is segmented into Waterborne Coatings, Solventborne Coatings, Powder Coatings, and Others. Based on Resin Type, the market is segmented into Acrylic Resin, Alkyd Resin, Epoxy Resin, Polyester Resin, Polyurethane Resin, Fluoropolymer Resin, and Others. Based on End-use Industry, the market is segmented into General Industrial, Protective, Industrial Wood, Automotive Refinish, Coil, Packaging, Marine, Aerospace, and Rail. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Resin Type
Polyurethane resin is the largest segment virus and type in the industrial coatings market. These provide superior properties like excellent adhesion, abrasion resistance, durability and flexibility which is driving its adoption. These are widely used in different sectors like automotive, aerospace, marine, and construction industries. The demand for high performance coatings is increasing as these provide protection against harsh environmental conditions contributing towards their dominance.
On the other hand, epoxy resins are the fastest growing segment but resin type in the market. These help in providing superior corrosion protection and are chemical resistance driving towards its adoption. The demand for epoxy coatings is continuously growing as these have the ability to provide excellent adhesion to different substances like concrete, metal, plastics, and others. Moreover, people are increasingly adopting ecofriendly coatings which is also driving their growth due to their lower volatile organic compounds and hazardous air pollutants.
Analysis by End-User
Automotive segment is the largest segment in the industrial coatings market by end user. The rise in the demand for vehicles is contributing to the growth of this segment. The people are seeking options for protecting their vehicles from various environmental factors like UV rays, corrosion and chemicals. Automotive coatings help in providing different advantages which include color retention, scratch resistance, durability and others. Rising demand for electric vehicles and lightweight vehicles is further driving the growth of the automotive coatings.
On the other hand, aerospace coatings are the fastest growing segment by end user in the market. The demand for lightweight and fuel-efficient aircraft is increasing, which is driving the market growth. These help in protecting the exterior surfaces of aircraft from variable and harsh environmental conditions like high altitudes, temperature changes, ultraviolet radiations, and others. The rising demand for air travel and the shift towards reducing carbon footprint of aircraft are further contributing to the segmental growth during the forecasted period.
Global Industrial Coatings Market Size By Resin Type
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Industrial Coatings Market Regional Insights
Asia Pacific is the largest region in the industrial coatings market and holds a share of about 43.6% in the market. The rapid expansion of the industrial sector and the increasing demand for high performance coatings is driving the market growth. The increase in the government initiatives is also promoting the industrial growth. China, India, Japan, South Korea and other regions are the major contributors in this market. The automotive industry, aerospace, and construction sectors are majorly contributing to the growth of this region. The rising population and increase in urbanization are driving the growth of the market. The rising disposable income is further contributing to the market growth.
North America is the fastest growing region in the market and is expected to grow at the highest CAGR during the forecasted period. The presence of well-established industrial sector is driving the market. The increasing demand for durable and long-lasting coatings is contributing to the regional growth. District government regulations regarding the use of ecofriendly coatings are further contributing to the market expansion. The US and Canada are holding the major shares in the market. The different industrial sectors like automotive, aerospace, and constructions are contributing towards the growth of this region. Furthermore, the rise in the demand for waterborne coatings and powder coatings is further driving the growth of the market in North America.
Global Industrial Coatings Market By Region
- Largest
- Fastest
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Industrial Coatings Market Dynamics
Drivers
Growing Demand from End-use Industries
- Industrial coatings are increasingly used in different industries like automotive, construction, and others as these require protection against harsh environmental conditions. These help them by providing resistance to corrosion, abrasion, chemicals and others which help in increasing the lifespan of the product and reduces their maintenance costs.
The increase in the demand for strong and protective coatings in the automobile and construction sector
- The rise in the demand for high performance coatings is driving the growth of the market as these help to provide aesthetic appeal and functionality. The rising infrastructure development and the expansion of the automobile sector is driving the demand for protective coatings. The people are shifting towards eco-friendly solutions which is also expected to surge the demand for eco-friendly coatings.
Restraints
Stringent regulations by governments
- The government is continuously imposing strict regulations regarding the use of hazardous chemicals in industries. These hazardous chemicals can lead to serious illnesses in many people working in these industries. Furthermore, the increase in the demand for eco-friendly alternatives is also impacting the growth of the market.
The volatility in raw material prices and the high costs of coatings
- The rise in the cost of advanced coatings is also limiting their adoption in developing nations. The fluctuations in raw material prices is also hindering the growth of the market. Moreover, the adoption of the powder coatings and electroplating methods may also pose a threat to the growth of the market.
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Industrial Coatings Market Competitive Landscape
The market is competitive in nature. The companies are investing in research and development contributing towards intensifying the competition. The rising adoption towards ecofriendly solutions is creating a way for the startups, therefore increasing the competition.
Top Player’s Company Profiles
- AkzoNobel N.V. (Netherlands)
- PPG Industries Inc. (US)
- The Sherwin-Williams Company (US)
- BASF SE (Germany)
- Axalta Coating Systems Ltd. (US)
- Jotun A/S (Norway)
- RPM International Inc. (US)
- Hempel A/S (Denmark)
- Nippon Paint Holdings Co. Ltd. (Japan)
- Kansai Paint Co. Ltd. (Japan)
- Asian Paints Ltd. (India)
- Beckers Group (Germany)
- KCC Corporation (South Korea)
- Berger Paints India Ltd. (India)
- Teknos Group Oy (Finland)
- Noroo Paint & Coatings Co. Ltd. (South Korea)
- Diamond Vogel Paints (US)
- The Magni Group, Inc. (US)
- BARPIMO S.A. (Spain)
- DAW SE (Germany)
Recent Developments
- In November 2023, Induron Protective Coatings announced the launch of Novasafe, furfuryl modified, thick film, ceramic-filled Novolac epoxy which can stand up to the extreme environment conditions encountered in treatment plants.
- In February 2023, Asian Paints Limited announced its plans to invest in a new production facility for water-based coatings in Gujarat, India.
- In October 2022, RPM International Inc. acquired Schaffner Manufacturing Company, a manufacturer of specialty coatings and finishes for various industries.
Industrial Coatings Key Market Trends
- Increasing Adoption of Eco-friendly Coatings: Due to the rising environmental conditions and government regulations the people are shifting towards the adoption of eco-friendly coatings. The coatings which are low in volatile organic compounds and hazardous air pollution have high demand which include waterborne coatings, powder coatings, and high solid coatings. Furthermore, the development of the coatings is further contributing to the market growth as this will help in offering better protection against harsh environmental conditions like corrosion and abrasion resistance, Therefore, expanding the market.
Industrial Coatings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global industrial coatings market analysis, the rising demand for the general industries, automotives, aerospace, and others is driving the demand for industrial coatings market. The expansion of the industrial and the building sectors is further enhancing the market growth. The industrial coating market is expanding due to the rise in urbanization, industrialization and materials like solvent free powder coating advancements. The polyurethane resins segment dominated the market due to their excellent properties, while the fastest-growing segment is epoxy resins due to their superior corrosion and chemical resistance. Automotive coatings dominate the market due to high demand, while aerospace coatings are the fastest-growing segment due to increasing demand for lightweight and fuel-efficient aircraft. North America dominated the market due to its well-established industrial sector, while Asia-Pacific is the fastest-growing region due to its rapidly growing industrial sector and government initiatives to promote industrial growth. One major trend is the increasing adoption of the ecofriendly coatings. The global industrial coatings market is anticipated to increase in demand during the forecasted period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 95.50 billion |
| Market size value in 2031 | USD 133.59 billion |
| Growth Rate | 3.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Coatings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Coatings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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