Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Alkyd, and Others), Technology (Powder Coating, Solvent-Borne Coatings, Water-Borne Coatings, and Others), End-use Industry (Aerospace, Automotive, Wood, Packaging, Marine, and Others): Global Market Size Estimates and Forecast (2022–2030)

Code: BMIRE00025920 | Pages: 100 | Industry: Chemicals and Materials | Date: Sep 2022 | Type: Global

The market crossed US$ 105 billion mark in 2022 and is expected to hit US$ 134 billion by 2030, recording a CAGR of 3% during the forecast period.

Industrial coatings market has been significantly growing with the higher adoption of these coatings from various end-use industries.

The major factor driving the industrial coatings market growth is an increasing their demand from end-use industries such as automotive, aerospace, packaging, wood, and others. Industrial coatings help various industries maximize their productivity by making sure their products are protected from the elements and that their employees have a safe working environment. Due to various benefits offered by these coatings, they are highly used in many industries. The acrylic segment is expected to held the significant share of the market during the forecast period. These acrylic industrial coatings are highly used in automotive, aerospace, and other end-use industries due to their properties such as corrosion resistance and good adhesion. Further, other segments such as polyurethane, epoxy, and alkyd are also expected to gain traction during the forecasted year.

Within the report, the market is segmented into resin, technology, end-use industry, and geography. By resin, the market is further segmented into polyurethane, epoxy, acrylic, alkyd, and others. On the basis of technology, the market is segmented into powder coating, solvent-borne coatings, water-borne coatings, and others. By end-use industry, the market is categorized into aerospace, automotive, wood, packaging, marine, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Increasing demand for eco-friendly industrial coatings

Now a days, various industries are becoming more aware of their environmental impact and they are taking various steps to reduce carbon footprints. Some of the industrial coatings use solvents that emit Volatile Organic Compounds (VOCs), which pollute the air. As a result, various industries are switching to eco-friendly coatings. These eco-friendly industrial coating provides improved functionality and better performance.

Growing use of industrial coatings in the automotive industry is accelerating the market growth.

Industrial coatings are used in various end-use industries such as aerospace, automotive, wood, packaging, marine, and others. Within these industries, the automotive industry is one such industry, wherein the use of industrial coatings is increasing. Acrylic industrial protective coatings are most commonly used in automotive applications owing to their corrosion resistance and high-gloss characteristics. In addition, many coating products help make vehicles lighter or improve the rolling resistance of tires, which enables the automakers and suppliers to produce fuel-efficient vehicles. All these benefits are leading to an increasing their use in the automotive applications.

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Recent strategic developments in industrial coatings market

The industrial coatings market has undergone several significant developments, and a few of these have been mentioned below:

  • In June 2020, Axalta launched a new industrial powder coating product collection in Mexico. A new product, Alesta BE+, does not generate emissions of volatile organic compounds (VOC), requires less time to cure, and uses less energy, which increases productivity while lowering production costs for customers.
  • In December 2021, PPG announced an investment of US$ 2.7 million to expand its powder coatings manufacturing capabilities at its facility in Sumaré, in the Brazilian state of São Paulo. The project is expected to increase the plant’s production capacity for powder coatings by approximately 40%, beginning in the third quarter of 2022.

The industrial coatings market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ppg asianpaints; Akzo Nobel N.V.; Hempel A/S, Nippon Paint Holdings Co., Ltd., and The Sherwin-Williams Company are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Industrial coatings related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Application industries of industrial coatings
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Resin
    • Polyurethane
    • Epoxy
    • Acrylic
    • Alkyd
    • Others
  • Technology
    • Powder Coating
    • Solvent-Borne Coatings
    • Water-Borne Coatings
    • Others
  • End-use Industry
    • Aerospace
    • Automotive
    • Wood
    • Packaging
    • Marine
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • ppg asianpaints
    • Akzo Nobel N.V.
    • Hempel A/S
    • Nippon Paint Holdings Co., Ltd.
    • The Sherwin-Williams Company
  • ppg asianpaints
  • Akzo Nobel N.V.
  • Hempel A/S
  • Nippon Paint Holdings Co., Ltd.
  • The Sherwin-Williams Company
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