REDDING, Calif., Dec. 12, 2024 /PRNewswire/ -- According to a new market research report titled 'Industrial Coatings Market by Type (Waterborne, Solvent-borne, Powder), Resin Type (Polyurethane, Epoxy, Alkyd, Acrylic), End-use Industry (Automotive, Aerospace, Oil & Gas, Marine) -Global Forecast to 2031'.
The industrial coatings market is projected to reach $129.8 billion by 2031, at a CAGR of 3.4% during the forecast period 2024-2031.
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Industrial coatings are protective and decorative finishes applied to a variety of surfaces in industrial settings, such as metal, concrete, wood, or plastic. These coatings serve to improve the durability, performance, and aesthetic appearance of surfaces while protecting them from wear, corrosion, weather, chemicals, and other environmental factors.
The growth of the industrial coatings market is primarily driven by the rapid growth of the automotive industry, large-scale infrastructure projects in developing countries, stringent environmental regulations for lower VOC emissions, and increased demand in the industrial sector to extend product lifespan and reduce maintenance. However, the longer drying times associated with waterborne coatings and rising raw material costs may restrain the growth of this market.
Furthermore, advancements in polymers and nanotechnology and increasing demand for powder coating in marine applications are expected to generate growth opportunities for the stakeholders in this market. However, supply chain disruptions pose a significant challenge to the market's growth. Moreover, prominent technology trends in the industrial coatings market include smart coatings, sustainable materials, and additive manufacturing.
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The industrial coatings market is segmented based on by type (waterborne coating, solvent-borne coating, powder coating, and other industrial coatings), resin type (polyurethane, epoxy, alkyd, zinc-rich, acrylic, intumescent, and other resin types), end-use industry (automotive, marine, aerospace, construction, oil & gas, heavy machinery, semiconductor & electronics, industrial wood, textile, railway, and other end-use industries). The report also provides a comprehensive analysis of the industrial coatings market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Based on type, the waterborne coating segment is slated to register the highest CAGR during the forecast period. This segment's growth is driven by the development of low-VOC and high-performance formulations, increasing adoption of waterborne coatings in the automotive sector, and ongoing R&D in waterborne coating technology.
Based on resin type, the acrylic segment is slated to register the highest CAGR during the forecast period. This segment's growth is driven by the growing use of acrylic coatings in the automotive industry, the development of water-based acrylic coatings with lower environmental impact, and ongoing advancements in acrylic resin technology.
Based on end-use industry, the automotive segment is slated to register the highest CAGR during the forecast period. This segment's growth is driven by the growth in automotive production, rising demand for high-performance and durable coatings, and increasing use of industrial coatings to protect vehicle surfaces.
Based on geography, the Asia-Pacific market is slated to record the highest CAGR during the forecast period. The growth of this regional market is driven by rapid industrialization, increasing automation in the automotive industry, government initiatives supporting industrial development, and the presence of key market players in the region. Additionally, the region's infrastructural growth, particularly in China, South Korea, Japan, and India, combined with the rapid expansion of regional economies, rising demand for smart coatings, and increasing investment from market players, further contribute to the market's growth.
The key players operating in the industrial coatings market are BASF SE (Germany), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), Axalta Coating Systems, LLC (U.S.), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), Nippon Paint Holdings Co., Ltd. (Japan), Hempel A/S (Denmark), Teknos Group Oy (Finland), Beckers Group (Germany), Chugoku Marine Paints, Ltd. (Japan), Jotun A/S (Norway), RPM International Inc. (U.S.), Barpimo S.A. (Spain), and DAW SE (Germany).
Industrial Coatings Industry Overview: Latest Developments from Key Industry Players
- In August 2024, Qemtex Powder Coatings (UAE) opened a powder coatings manufacturing facility in the UAE to produce a wide range of products, including architectural, industrial, and specialized powder coatings.
- In July 2024, AkzoNobel N.V. (Netherlands) introduced the Selva Pro range of 2K polyurethane and acrylic coating systems specifically designed for the professional and industrial woodworking sector.
- In May 2024, Axalta Coating Systems (U.S.) launched Alesta BioCore, a range of powder coating solutions derived from non-food organic waste aimed at reducing CO2 emissions for applications in construction, architecture, and industry.
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Scope of the Report:
Industrial Coatings Market Assessment-by Type
- Waterborne Coating
- Solvent-borne Coating
- Powder Coating
- Other Industrial Coatings
Industrial Coatings Market Assessment-by Resin Type
- Polyurethane
- Epoxy
- Alkyd
- Zinc- Rich
- Acrylic
- Intumescent
- Other Resin Types
Industrial Coatings Market Assessment-by End-use Industry
- Automotive
- Marine
- Aerospace
- Construction
- Oil & Gas
- Heavy Machinery
- Semiconductor & Electronics
- Industrial Wood
- Textile
- Railway
- Other End-use Industries
Industrial Coatings Market Assessment-by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
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Industrial Coatings Market Research Summary
Particulars | Details |
Number of Pages | 250 |
Format | |
Forecast Period | 2024-2031 |
Base Year | 2023 |
CAGR (Value) | 3.4 % |
Market Size (Value) | USD 129.8 Billion by 2031 |
Segments Covered | By Type
By Resin Type
By End-use Industry
|
Countries Covered | North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Netherlands, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Australia & New Zealand, Indonesia, Thailand, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, South Africa, Israel, and Rest of Middle East & Africa) |
Key Companies | BASF SE (Germany), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), Axalta Coating Systems, LLC (U.S.), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), Nippon Paint Holdings Co., Ltd. (Japan), Hempel A/S (Denmark), Teknos Group Oy (Finland), Beckers Group (Germany), Chugoku Marine Paints, Ltd. (Japan), Jotun A/S (Norway), RPM International Inc. (U.S.), Barpimo S.A. (Spain), and DAW SE (Germany) |
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