Global Industrial Coatings Market

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 2025-2032


Report ID: SQMIG20A2036 | Region: Global | Published Date: August, 2024
Pages: 202 | Tables: 59 | Figures: 75

Industrial Coatings Market Insights

Industrial Coatings Market size was valued at USD 99.13 Billion in 2023 and is poised to grow from USD 102.9 Billion in 2024 to USD 138.67 Billion by 2032, growing at a CAGR of 3.8% during the forecast period (2025-2032).

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.

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FAQs

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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Global Industrial Coatings Market

Report ID: SQMIG20A2036

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