What is the global market size of Industrial Coatings Market?

Industrial Coatings Market size was valued at USD 137.1 billion in 2021 and is poised to grow from USD 142.86 billion in 2022 to USD 198.54 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).

Who are the key vendors in the Global Industrial Coatings Market?

The global industrial coatings market is highly competitive with the presence of several key players. These companies are adopting various strategies such as mergers and acquisitions, partnerships, and collaborations to expand their market share. The market is also characterized by intense competition based on price, quality, and performance. The increasing focus of market players on research and development activities to introduce new and innovative products is expected to further intensify the competition. Moreover, the growing trend of adopting sustainable coating solutions is creating opportunities for new entrants in the market, thereby increasing the competition. 'AkzoNobel N.V.', 'PPG Industries Inc.', 'The Sherwin-Williams Company', 'BASF SE', 'Axalta Coating Systems Ltd.', 'Jotun A/S', 'RPM International Inc.', 'Hempel A/S', 'Nippon Paint Holdings Co. Ltd.', 'Kansai Paint Co. Ltd.', 'Asian Paints Ltd.', 'Beckers Group', 'KCC Corporation', 'Valspar Corporation', 'Berger Paints India Ltd.', 'Teknos Group Oy', 'Tikkurila Oyj', 'Noroo Paint & Coatings Co. Ltd.', 'Diamond Vogel Paints', 'The Magni Group, Inc.'

What is the key driver of Global Industrial Coatings Market?

One major driver in the industrial coatings market is the increasing demand from end-use industries such as automotive, aerospace, construction, and marine due to the need for protection against harsh environmental conditions. Industrial coatings provide excellent resistance to corrosion, abrasion, and chemicals, which increases the lifespan of the product and reduces maintenance costs. Additionally, the growing demand for high-performance coatings that offer aesthetic appeal and functionality is driving the growth of the industrial coatings market. The increasing focus on reducing carbon footprint and improving energy efficiency is also expected to boost the demand for eco-friendly coatings.

What is the key market trend for Global Industrial Coatings Market?

One key market trend in the industrial coatings market is the increasing adoption of eco-friendly coatings due to the growing environmental concerns and government regulations. The demand for waterborne coatings, powder coatings, and high-solid coatings is on the rise as they are low in volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) compared to traditional solvent-based coatings. Additionally, there is a growing focus on the development of coatings that offer better protection against harsh environmental conditions, such as corrosion and abrasion resistance, while also providing aesthetic appeal.

Which region accounted for the largest share in Global Industrial Coatings Market?

North America is dominating the industrial coatings market due to the presence of a well-established industrial sector, high demand for durable and long-lasting coatings, and strict government regulations regarding the use of eco-friendly coatings. The US and Canada are the major contributors to the growth of the industrial coatings market in North America. The automotive, aerospace, and construction industries are major end-users of industrial coatings in this region. Additionally, the growing demand for waterborne coatings and powder coatings is also driving the growth of the global in North America.

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 News

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 Market Report Snapshots

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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 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. '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)'

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.

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.

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.

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Industrial Coatings Market News

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What is the global market size of Industrial Coatings Market?

Who are the key vendors in the Industrial Coatings Market?

What is the key driver of Industrial Coatings Market?

What is the key market trend for Industrial Coatings Market?

Which region accounted for the largest share in Industrial Coatings Market?

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