Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Alkyd), Technology (Solvent-based, Water-based, Powder), End-Use Industry (General Industrial, Protective, Automotive, Aerospace, Wood, Packaging), and Region - Global Forecast to 2025
The industrial coatings market is projected to register a CAGR of 3.9%, in terms of value, between 2020 and 2025.
The industrial coatings market size is expected to grow from USD 85.2 billion in 2020 to USD 103.2 billion by 2025, at a CAGR of 3.9% during the forecast period. The increasing demand for environmentally-friendly coatings, the need for efficient process and durable coatings with better aesthetics, and growing demand from the APAC region are expected to drive the industrial coatings market. However, difficulty in obtaining thin films in powder coatings and the requirement of more drying time for water-based coatings are the major restraining factors for the market.
Acrylic is projected to be the fastest growing resin chemistry during the forecast period.
Acrylic resin-based industrial coatings have high demand, especially in the automotive industry, owing to stringent environmental regulations and the high corrosion resistance of these coatings. Apart from automotive, consumer appliances is the major end-use industry of these coatings. The coatings based on acrylic resins are also being used in wood, transportation, marine, and general industrial applications.
Powder-based industrial coatings are expected to be the fastest-growing technology during the forecast period
Powder-based industrial coatings are highly efficient with over 98% powder overspray recoverability, more resistant to chipping, scratching, fading, and wearing than other finishes. This process releases negligible VOC into the environment and takes less cure time beyond the cool-down period. Powder-based industrial coatings emit low levels of VOCs, providing superior performance and cost efficiency for applications that require maximum abrasion resistance, and hardness.
Increasing consumption of industrial coatings in general industrial and automotive industries is expected to fuel the demand for industrial coatings
The general industrial and automotive segments are the largest end-user industries of industrial coatings. Population growth, improved standard of living, infrastructure growth, global GDP growth, and recovery and growth in the construction industry are driving the growth of the general industries. Automotive OEM is an integral part of automotive manufacturing. Coatings offer excellent quality and durability to automotive equipment. Industrial coatings possess superior mechanical properties that protect automobiles from scratches, environment, and chemical exposure. Interior automotive coatings improve the surface area. Increasing automobile production in some parts of the world is expected to drive the demand for industrial coatings.
APAC is expected to register the highest growth during the forecast period.
APAC has emerged as the leading consumer and producer of industrial coatings due to the growing manufacturing sector in all major economies of the region. Also, the presence of many large, as well as small industrial coatings producers, is driving the market in the region. The demand for industrial coatings in APAC is driven majorly by consumption in China. Other APAC countries such as Vietnam and India are also witnessing significant investments in the automotive and marine sectors to cater to the demand.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the industrial coatings market.
By company type: Tier 1 – 42%, Tier 2 – 25%, and Others – 33%
By designation: C Level – 36%, Director Level – 19%, and Others – 45%
By region: Europe – 42%, North America – 25%, APAC – 17%, South America – 8%, and the Middle East & Africa – 8%
The industrial coatings market comprises major solution providers such as The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Nippon Paint Holdings Co., Ltd. (Japan), PPG Industries, Inc. (US), Jotun A/S (Norway), Axalta Coating Systems (US), RPM International Inc. (US), Hempel A/S (Denmark), Tikkurila Oyj (Finland), NOROO Paint & Coatings Co Ltd (South Korea), Kansai Paint Co., Ltd. (Japan), WEILBURGER Coatings GmbH (Germany), The Chemours Company (US), and Teknos Group (Finland). The study includes an in-depth competitive analysis of these key players in the industrial coatings market, with their company profiles, recent developments, and key market strategies.
The market study covers the industrial coatings market across segments. It aims at estimating the market size and the growth potential of this market, across different segments based on resin type, technology, end-use industry, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall industrial coatings market and the subsegments. This report will also help them understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. Furthermore, the stakeholders can understand the pulse of the market and obtain information about key market drivers, restraints, challenges, and opportunities in the market.
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