Market Overview:
The size of the worldwide industrial coatings market was estimated at USD 132 billion in 2020 and is expected to increase at a compound annual growth rate (CAGR) of 4.2% from USD 137.1 billion in 2021 to USD 183.2 billion in 2028. The COVID-19 epidemic has had an unparalleled and profound effect on the world, causing a decline in demand for industrial-grade coatings in every region. Our analysis showed that in 2020, the global market shrank by 4.2%. The market's demand and growth, which will eventually revert to pre-pandemic levels after the pandemic is ended, are responsible for the abrupt increase in CAGR.
The demand for industrial coatings is predicted to rise as a result of the increasing use of refinish coatings for vehicle maintenance, repair, and aftermarket painting due to its attractive look, corrosion resistance, and surface protection. While rising construction activity drives product demand in the wood industry, these coatings' excellent CO2 retention qualities to preserve freshness, as well as their high flexibility and stickiness, are driving their demand in the packaging business.
Market Growth:
Market Segmentation: The market is divided by factors like:
Type: This includes materials like acrylic, epoxy, polyurethane, and more, each with specific properties and applications.
Technology: Solvent-borne, water-borne, and powder coatings offer different benefits and environmental considerations.
End-Use Industry: Automotive, construction, general industrial, aerospace, and others all have distinct coating needs.
Challenges: The market faces potential headwinds like raw material price fluctuations, supply chain disruptions, and stricter environmental regulations that may increase production costs.
Future Trends: The demand for eco-friendly coatings with lower VOCs and sustainable materials is expected to rise. Additionally, advancements in self-healing, anti-corrosive, and fire-resistant coatings are creating exciting possibilities.
Market Driver:
The industrial coatings market is propelled by a confluence of factors:
· Booming End-Use Industries: Growth in automotive, construction, and packaging industries drives demand for industrial coatings for aesthetics, protection, and extended product life.
· Infrastructure Development: Rising urbanization and government investments in infrastructure like bridges and buildings fuel the need for industrial coatings in these projects.
· Environmental Regulations: Increasing regulations on VOC (volatile organic compound) emissions are pushing the demand for eco-friendly, water-borne coatings.
· Asia Pacific as a Growth Engine: This region's expanding population, low production costs, and booming construction sector make it a major driver of the global industrial coatings market.
Regional Analysis:
Asia Pacific dominated the industrial coatings market, accounting for USD 55.7 billion, and is expected to hold this position during the forecast period. Government subsidies, rising automobile production, building activities, general industrial output, low interest rates, and high consumer spending, all major components of GDP, are anticipated to drive market growth.
Source: https://www.fortunebusinessinsights.com/industry-reports/industrial-coatings-market-101741
Key Development:
Rapid curing technique was developed by Sherwin-Williams Company Protective & Marine to drastically cut down on labor expenses and time required to protect structural steels. Compared to a conventional two-pack coating system, the company's Envirolastic 2500 system may be applied as a single or multi-coat system and has comparable color and gloss retention to a polyurethane topcoat, resulting in faster shop throughput.
LIST OF KEY COMPANIES PROFILED IN INDUSTRIAL COATINGS MARKET:
· Akzo Nobel N.V. (Netherlands)
· Axalta Coating Systems, LLC (U.S.)
· Industrial Coatings Ltd. (Finland)
· PPG Industries, Inc. (U.S.)
· The Sherwin-Williams Company (U.S.)
· Nippon Paint Holdings Co., Ltd. (Japan)
· Kansai Paint Co., Ltd. (Japan)
· RPM International Inc. (U.S.)
· BASF SE (Germany)
· PPG Asian Paints Pvt Ltd. (India)
· Hempel A/S (Denmark)