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  • Industrial Coatings Market Analysis | 2023-2028

    Industrial Coatings Market Analysis | 2023-2028

    Industrial Coatings Market Analysis | 2023-2028
    Report code - SR2761 Delivery - 2 Weeks
    Industrial Coatings Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth See more...

    The Industrial Coatings Market is likely to grow at a promising CAGR of 2.5%, in the long run, to reach US$ 116 billion in 2028”.

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    Market Dynamics

    Introduction

    Industrial coatings are specialized protective layers applied to surfaces in manufacturing and industrial settings. Comprising materials like paints and polymers, these coatings provide corrosion resistance, durability, and aesthetic enhancement. They safeguard structures and equipment from environmental factors, chemicals, and wear, extending lifespan and maintaining operational efficiency.

    Market Drivers

    Industrial coatings have a broad application across several different end-use sectors, including automotive and vehicle refinish, electronics, aerospace, oil & gas, mining, marine, and power generation. Among the most essential industrial coatings are those used in automotive and refinishing. The need for industrial coatings is anticipated to increase due to the expanding use of refinish coatings for automobile maintenance, repair, and aftermarket painting due to appearance, surface protection, and corrosion resistance.

    The market is associated with various sectors and has a variety of end customers. Population increase, a rising standard of living, infrastructure expansion, the expansion of the global GDP, and the expansion of the construction sector are the main drivers of the general market. Electrical parts, lighting fixtures, and antennas are a few everyday items with powder coating. The rising demand from end-use industries is a primary driver fueling the market's expansion. The demand for Industrial Coatings will rise as a result of the anticipated boom in the Asia-Pacific region's general industrial, by end-use industry.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Resin-Type Analysis

    Polyurethane, Epoxy, Acrylic, Alkyd, and Others.

    Acrylic resin is the most preferred resin in the industrial coatings market in the years to come.

    Technology-Type Analysis

    Solvent-based, Water-based, Powder, and Others

    Solvent-based technology is likely to be the dominant technology in the industrial coatings market in the coming years.

    End-Use Industry

    General Industrial, Protective, Automotive, Aerospace, Wood, Packaging, and Others.

    The protective industry is anticipated to be the dominant end-use industry in the industrial coatings market.

    Regional Analysis

    North America, Europe, Asia-Pacific, and The Rest of the World

    Asia-Pacific is expected to remain the largest market over the next five years.

     

    By Resin Type

    “Acrylic is expected to remain the most preferred resin in the market during the forecast period”.

    The industrial coatings market is segmented into polyurethane, epoxy, acrylic, alkyl, and others. Acrylic is expected to dominate the market during the forecast period due to its corrosion resistance, good adhesion, barrier & inhibitory ability, and fast-drying features. It is widely used in general industries, automobile & auto refinish, aerospace, and other end-use industries. The use of acrylic industrial coatings can be found on new and renovated buildings, machinery, intermodal containers, and automobiles, among other things. Metal coatings are applied in an industrial setting using alkyd industrial coatings. These coatings resist corrosion and offer good gloss and color retention.

    By Technology Type

    “Solvent-based is expected to remain the dominant as well as the fastest-growing technology type in the market during the forecast period”.

    The market is segmented into solvent-based, water-based, powder, and others. Solvent-based technology is anticipated to maintain its position as the primary and most rapidly expanding technology type within the market throughout the forecast period. This is supported by the fact that it is increasingly used in the oil and gas, maritime, automotive, and other industries. During the projection period, attributes including shorter drying periods and improved performance in humid and open environments are also anticipated to fuel segment expansion. Due to the expansion of the industrial sector, solvent-borne coatings are predicted to be in high demand in growing nations like China, India, and Brazil. However, strict VOC emission restrictions, notably in North America and Europe, are anticipated to pose a development hurdle for this market.

    By End-Use Industry Type

    “The protective industry is anticipated to be the dominant end-use industry in the industrial coatings market during the forecast period”.

    The market is segmented into general industrial, protective, automotive, aerospace, wood, packaging, and others. During the forecast period, it is expected that the protective industry will emerge as the leading end-use sector in the industrial coatings market. The surface of materials can be shielded against oil, chemicals, light, water, excessive temperature swings, and other things by using protective coatings. Benefits of protective coatings include corrosion, fire, and chemical abrasion resistance, as well as waterproofing and thermal insulation. Applications for protective coatings include consumer goods, heavy equipment, infrastructure, power generation, water and sewage, petrochemicals, and oil and gas.

    Regional Analysis

    “Asia-Pacific is expected to remain the largest market for industrial coatings during the forecast period”.

    In terms of regions, Asia-Pacific is expected to remain the largest market for industrial coatings during the forecast period. This is due to countries like India, Japan, and South Korea's quick industrialization and rising product demand from the automotive and vehicle refinish sectors. Large-scale opportunities for the use of industrial coatings in various end-use sectors, including marine, automotive, vehicle refinish, and general industries, are predicted to be created by factors like less stringent laws regarding VOC emissions in Asia Pacific compared to Europe and North America and the simple availability of raw materials. Many foreign investors have established their manufacturing facilities in the rising nations of Asia and the Pacific due to the region's low labor costs. Thus, the expansion of manufacturing facilities is stimulating the region's building industry.

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    Key Players

    The following are the key players in the Industrial Coatings Market (arranged alphabetically)

    • Akzo Nobel N.V.
    • Axalta Coating Systems, LLC
    • BASF Coatings Gmbh
    • Hempel A/S
    • Jotun A/S
    • Kansai Paint Co., Ltd.
    • Nippon Paint Holdings Co., Ltd.
    • PPG Industries Inc
    • RPM International, Inc.
    • The Sherwin-Williams Company

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    in-depth Analysis of the Industrial Coatings Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research:

    Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The industrial coatings market is estimated to grow at a CAGR of 2.5% over the next five years.

    The industrial coatings market is likely to reach US$ 116 billion in 2028.

    The industrial coatings market is driven by population increase, a rising standard of living, infrastructure expansion, the expansion of the global GDP, and the expansion of the construction sector.

    Asia Pacific is estimated to remain dominant in the industrial coatings market in the foreseeable future. This is due to countries like India, Japan, and South Korea's quick industrialization and rising product demand from the automotive and vehicle refinish sectors

    Akzo Nobel N.V., Axalta Coating Systems, LLC, Jotun A/S, PPG Industries Inc., The Sherwin-Williams Company, and Nippon Paint Holdings Co., Ltd. are the leading players in the industrial coatings market.

    The market is studied from 2017-2028.

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