Analyst Perspective
The global industrial coatings market is expected to register a CAGR of ~3%. The market is expanding due to global increases in industrialization, urbanization, and commercial activities. The automotive industry uses the product to enhance aesthetics and provide vehicle protection. Industrial coatings are seeing growing usage in aerospace, oil & gas, energy and power, and marine sectors. Growing awareness of environmental concerns drives the demand for sustainable and eco-friendly industrial coatings, creating an opportunity for manufacturers. The demand for specialty coatings with unique properties, such as fire resistance, corrosion resistance, and self-cleaning abilities, is expected to grow. These coatings can be used in various aerospace, marine, oil & gas applications. Raw material price volatility, Stringent regulations, and environmental concerns are significant challenges that may hamper the growth of the industrial coatings market.
Market Overview
Industrial coatings are a specialized form of paint that safeguard surfaces in different industries from corrosion, abrasion, chemicals, and harsh environmental conditions. Additionally, they offer decorative finishes and enhance equipment efficiency. Industrial coatings find extensive applications in diverse sectors like automotive, electronics, oil & gas, mining, aerospace, marine, and power generation. Automotive and refinish coatings play a crucial role, with increasing demand for refinish coatings in automotive maintenance and aftermarket painting due to their benefits in visual appeal, surface protection, and corrosion resistance. This trend is anticipated to drive the demand for industrial coatings. The widespread use of anti-corrosion coatings is also a contributing factor. However, the market faces constraints due to the adverse effects of solvent-based coatings on health and environment. There are growth opportunities in the market driven by the rising use of powder coatings and the increasing adoption of environmentally friendly coatings,
Market Drivers
- Rising demand for protective coatings
Increased investments in infrastructure like bridges, roads, and power plants necessitate using durable and protective coatings for corrosion resistance and extended lifespan. Growth in oil & gas, automotive, and marine industries fuels the demand for specialized coatings that can withstand harsh conditions and chemicals. Growing awareness of the importance of preventive maintenance and extending the life of assets drives the demand for refinish coatings and touch-up solutions.
Market Segmentation
The global industrial coatings market is segmented based on resin, technology, and end-user industry. The global industrial coatings market is segmented based on resin into acrylic, alkyd, polyurethane, epoxy, polyester, and others. Based on technology, the market is segmented into solvent-borne, water-borne, powder, and others. Based on end-user industry, the market is segmented into aerospace, automotive and transportation, consumer durables, general industrial, marine, and others.
Regional Analysis
The report provides a detailed industry overview, which includes qualitative and quantitative information. It gives information on an overview and forecast of the global industrial coatings market based on several segments. It also provides market size and forecast estimates from 2020 to 2030 concerning five major regions: Europe, North America, Asia-Pacific (APAC), Middle East & Africa (MEA) and South & Central America. The regional industrial coatings market is also sub-segmented by respective countries and segments. The industrial coatings market report covers an analysis and forecast of eighteen countries globally and the prevailing trends and opportunities in the region.
The report analyses factors affecting the industrial coatings market from both the demand and supply side. Furthermore, it evaluates market dynamics during the forecast period, i.e., drivers, challenges, opportunities, and future trends. The report also provides an extensive Porter's Five Forces analysis highlighting factors affecting the industrial coatings market in these regions.
Key Players
The reports cover vital organic and inorganic growth strategy developments in the industrial coatings market. Various companies concentrate on organic growth strategies such as product launches, approvals, patents, and others. Inorganic growth strategies activities observed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for the development of the business and customer base of market players. The market players in the industrial coatings market are expected to have lucrative growth opportunities with the increasing demand for powder coating in the shipbuilding sector in the global market.
The report includes key companies' profiles, SWOT analysis, and industrial coatings market strategies. The report also focuses on leading market players with information including components and services offered, company profiles, financial information for the last three years, and critical development in the past five years.
Below is a list of companies engaged in the industrial coatings market.
- AkzoNobel
- Baxalta Coating Systems
- Jotun A\S
- PPG Industries
- Kansai Paints
- Nippon Paint Holdings
- The Sherwin Williams Company
- BASF SE
- RPM International
- Asian Paints