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The Global Industrial Coatings Market size is estimated to grow by USD 18.74 billion between 2022 and 2027 accelerating at a CAGR of 3.81% during the forecast period. The growth of the market depends on several factors, including the surging demand for waterborne coatings, the growing automotive industry in APAC, and the increasing demand for eco-friendly coatings.
This industrial coatings market report extensively covers market segmentation by technology (waterborne, solvent-borne, powdered coatings, and UV-cured), application (general industrial, automotive OEMs, automotive refinishes, and packaging and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Industrial coatings are used on a myriad of surfaces, which include steel, aluminum, wood, plastic, and other materials for protection against external factors such as fire, corrosion, scratches, and moisture. These coatings are used in a wide range of industries, such as automotive, industrial machinery, aerospace, marine, and electronics.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Surging demand for waterborne coatings is a key factor boosting the industrials coatings market driver. Aqueous coatings have diverse advantages and are widely used in various industries such as automotive, construction, marine, oil and gas, aerospace, and healthcare. These coatings act as primers and offer exceptional heat and abrasion resistance, as well as strong adhesion. They have lower levels of volatile organic compounds (VOC) and hazardous air pollutants (HAP), making them less toxic and flammable compared to solvent-based coatings.
Waterborne coatings also have a reduced environmental impact due to lower organic compound emissions. They are cost-effective, eliminating the need for additives, thinners, or hardeners, and require less coating quantity for surface coverage. As coating technology evolves, waterborne coatings are gaining prominence across industries. In automotive OEMs, electrocoating is a leading waterborne technology used for corrosion protection. The use of waterborne surfaces and color basecoats by major vendors is expected to drive the demand for waterborne coatings in the global industrial coatings market.
The emergence of self-cleaning and self-healing coatings is a significant industrial coatings market trend. The emergence of self-cleansing and self-restoration coatings has the potential to significantly impact the business coatings industry. Global producers are investing in research and development to expand the range of paints and coatings that can eliminate the need for multiple applications. While this poses a capability venture to business coating producers, the manufacturing costs associated with these coatings are high, limiting their widespread adoption.
For instance, Nissan has introduced the Ultra-Ever Dry nano-paint technology in a self-cleansing vehicle prototype, which prevents dirt from sticking to the surface. However, the company does not plan to offer this technology as a standard feature. Despite this, the adoption of self-healing and self-cleaning coatings is expected to increase, posing a challenge to the global industrial coatings market.
Volatile raw material prices are a major industrial coatings market challenge. The prices of raw materials used in industrial coatings, such as binders, pigments, and solvents, are subject to fluctuations due to supply chain disruptions, political tensions, and currency fluctuations. This poses challenges for manufacturers in maintaining stable pricing.
Petrochemical feedstock, including binders and solvents like polyesters and epoxy resins, rely on crude oil and natural gas, making them susceptible to changes in oil prices. Different types of coatings have limitations in terms of suitable surfaces and curing methods. Compatibility issues can arise when identifying materials for specific substrates, hindering market growth. Cracking is a common problem during the curing or drying processes of industrial coatings, which can deform the shape and create uneven surfaces. These factors impact the industrial coatings market during the forecast period.
The market share growth by the waterborne segment will be significant during the forecast period. Aquatic coatings are composed of maximum aqueous solutions to scatter resin. Other solvents, such as glycol ethers, are added in significantly small amounts to commercial coatings produced using aquatic technology, which makes them environmentally friendly and easily applicable. These coatings have low VOC content and comply with US and European regulations. As a result, the adoption of aquatic technology in commercial coatings has increased.
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The waterborne segment was valued at USD 32.27 billion in 2017 and continued to grow until 2021. Solvent-borne coatings discharge dangerous fumes during the evaporation process. Aquatic coatings also discharge such fumes but in relatively low amounts. Many global suppliers, such as Axalta Coating Systems, have expanded their reach by investing in aquatic technology to produce industrial coatings. Therefore, the growing preference for waterborne technology in industrial coatings is expected to drive the growth of the segment during the forecast period.
Based on application, the general industrial segment holds the largest market share. The general industrial market is expected to experience significant growth due to factors such as the expanding demand for industrial coatings from the construction industry and the increasing GDP in emerging economies. Moreover, the ongoing infrastructure development in APAC is projected to bolster the demand for industrial coatings in the general industrial coatings segment during the forecast period.
APAC is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The demand for industrial coatings in APAC is experiencing rapid growth, particularly in countries like India and China, due to increased production of automobiles and their components. Major players in the industry are expanding their presence in the region to capitalize on its lucrative business opportunities. The market's growth is also driven by factors such as a growing population, higher disposable incomes, and a thriving automotive sector. Additionally, the implementation of stricter environmental regulations will further boost the regional market.
Despite the negative impact of the second wave of COVID-19 in March 2021, with partial or complete lockdowns affecting the automotive industry, industrial manufacturing operations have gradually recovered, fueling the growth of the APAC market during the forecast period.
Vendors are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Orkla ASA- The company offers industrial coatings such as Jotamastic, SeaQuantum, and Tankguard, under the brand, Jotun.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The industrial coatings market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industrial Coatings Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.81% |
Market growth 2023-2027 |
USD 18.74 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.59 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 57% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Akzo Nobel NV, Axalta Coating Systems Ltd., BASF SE, Benjamin Moore and Co., Brillux GmbH and Co. KG, Chugoku Marine Paints Ltd., Cloverdale Paint Inc., DAW SE, Endura Coatings, Hempel AS, Kansai Paint Co. Ltd., Masco Corp., Nippon Paint Holdings Co. Ltd., NOROO Holdings Co. Ltd., Orkla ASA, PPG Industries Inc., RPM International Inc., Teknos Group Oy, and The Sherwin Williams Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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