Industrial Coatings Market worth $129.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 8, 2024 /PRNewswire/ -- The report "Industrial Coatings Market by Type (Acrylic, Alkyd, Polyester, Polyurethane, Epoxy, Fluoropolymer), Technology (Solventborne Coatings, Waterborne Coatings, Powder Coatings), End-Use Industry (General Industrial), & Region - Global Forecast to 2028", is growing at a high rate due to the increased demand from various sectors. The global industrial coatings market size was USD 108.1 billion in 2022 and is projected to reach USD 129.2 billion by 2028, at a CAGR of 3.3% between 2023 and 2028.

The Asia Pacific accounted for the major share of the overall market in 2022. Because of easy availability to resources, rising income levels, and growing domestic market demand, Asia Pacific has become the world's largest producer and consumer of industrial coatings. Due to its vast industrial base, rising end-use industries, and expanding need for superior coating qualities, China holds the biggest market share in the industrial coatings sector. Brazil in particular has grown to become a significant market for industrial coatings in South America. South America is predicted to become a major location for industrial facilities because of its close proximity to the US. 

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350 – Tables
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The major driver for the industrial coatings market is environmental regulations, which boost the demand for VOC-free coatings.

Over the past decade, a significant trend in the coatings industry has been the growing preference for environmentally friendly attributes. This shift has largely been influenced by stringent EU regulations targeting the reduction of volatile organic compounds (VOC) emissions throughout the coating life cycle. Consequently, there's been a notable transition in demand from solventborne coatings to more eco-conscious alternatives like waterborne and powder coatings.

Moreover, various regulations, such as the Eco-product Certification Scheme (ECS) established by the European Commission and other governmental bodies, aim to uphold environmentally sustainable practices by minimizing or eradicating harmful VOC emissions. The anticipated continued focus on air pollution regulations in the US and Western Europe is expected to propel the adoption of new, low-polluting coating technologies further.

Due to increased awareness of the detrimental impact of VOC emissions and the regulations enforcing this awareness, demand has gradually shifted from solventborne coatings to eco-friendly alternatives such as waterborne, powder, high solids, and UV-curable coatings. These options contain fewer evaporating solvents during curing. In particular, powder coatings have surged in popularity as they release minimal to no VOCs and are solvent-free. Their market is rapidly expanding due to innovations in products, formulations, and application processes.

Powder coatings are extensively used in automotive, construction, appliances, and oil & gas pipeline industries. Looking ahead, the Asia Pacific region is projected to become the largest and fastest-growing market for powder coatings, attributed to the booming automotive, construction, and oil & gas sectors. Additionally, favorable regulations in the region are anticipated to drive increased demand for paints and coatings in the coming years.

Epoxy segment is expected to hold largest share of the industrial coatings market during the forecasted period.

Epoxy resin-based coatings are used in situations where excellent adhesion, remarkable chemical and mechanical properties, great corrosion resistance, and the capacity to meet demanding criteria are required. These coatings are frequently used in appliances, metal furniture, vehicle interior parts, and industrial equipment. This industry is expected to increase as a result of the increasing use of epoxy resin-based industrial coatings, which are used as primers in automotive and marine paints and to prevent corrosion in metal cans and containers.

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Solvent borne coating technology segment hold the largest segment in overall industrial coatings market during forecast period.

The growth in the developing rail, electrical & electronics, and marine industries is driving the solvent-borne coatings industry. Foreign investments have fueled economic expansion and the development of a variety of industries, including general manufacturing, especially in countries like Singapore, Indonesia, the Philippines, India, and others. These trends are expected to increase demand for industrial coatings during the projected period.

General Industrial end-use industry accounted largest share of the global industrial coatings market during forecasted period.

The market for general industrial coatings is connected to several industries and includes a wide range of end customers. The general industrial coatings market is driven by several factors, including increasing population, rising living standards, expanding infrastructure, rising global GDP, and expanding construction sector.

Asia Pacific region likely to account the largest share of the global industrial coatings market during forecasted period.

The Asia Pacific region is seeing an uptick in luxury car demand, fueled by increased consumer buying power. This surge in the automotive sector is also boosting the need for powder and waterborne coatings. The region's robust growth can be traced to its strong economic expansion and substantial investments in industries like marine, automotive, consumer goods, appliances, construction, and furniture. Furthermore, manufacturers are relocating their operations to this area due to cost advantages and better access to emerging local markets.

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Key Players

Akzo Nobel N.V. (Netherlands), Axalta Coatings Systems LLC. (US), Jotun A/S (Norway), PPG Industries Inc. (US), The Sherwin-Williams Company (US). The companies are majorly following product launch, merger & acquisition, and investment & expansion as the strategy to grow and expand the market.

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