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The Asia Pacific Industrial Coatings Market size is estimated to grow by USD 10.88 billion, at a CAGR of 4.36% between 2023 and 2028. The market's expansion hinges on several factors: rising demand for water-borne coatings, the burgeoning automotive sector in APAC, and heightened emphasis on research and development. These elements collectively drive growth by stimulating innovation, meeting evolving consumer needs, and enhancing product performance. The increasing adoption of environmentally friendly coatings aligns with global sustainability efforts, further bolstering market prospects. Additionally, strategic investments in R&D foster technological advancements, enabling companies to stay competitive and capture emerging opportunities. This dynamic environment underscores the pivotal role of these factors in shaping the market landscape, encouraging industry players to innovate and adapt. As such, stakeholders are poised to capitalize on these trends, leveraging them to achieve sustainable growth and meet the diverse demands of a rapidly evolving market.
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Industrial coatings refer to protective coverings applied to various surfaces in industrial settings to enhance their performance, lifespan, and aesthetic appeal. The market for industrial coatings is diverse, catering to several end-use industries such as vehicle refinish, electronics, aerospace, oil & gas, mining, marine, power generation, and large-scale infrastructure projects. Two significant trends driving the industrial coatings market are the demand for eco-friendly products and VOC-free coatings. The European Union's stringent laws on volatile organic compounds (VOCs) have led to the increased adoption of water-based or aqueous coatings and powder coatings. Powder coatings and aqueous coatings are popular choices due to their low VOC content and eco-friendliness. The industrial coatings market also caters to the needs of various industries, including automotive, electronics, aerospace, and construction. Industrial coatings are essential in various applications, such as protecting bridges, roads, commercial buildings, and large-scale infrastructure projects from harsh operating conditions. The demand for industrial coatings is high in industries where equipment and structures are exposed to extreme temperatures, corrosive environments, and heavy wear and tear. The performance and lifespan of industrial coatings are crucial factors that influence their adoption in different industries. The ability of industrial coatings to withstand various operating conditions makes them an essential component in various industrial applications.
Surging demand for water-borne coatings is notably driving the market growth. Water-borne coatings offer various advantages and are vastly used in automobiles, buildings and construction, marine, oil and gas, metallurgy, and metal forming, among others. They are relatively more cost-effective than solvent-borne coatings and do not require additives, thinners, or hardeners. Similarly, as compared with other variants, relatively low quantities of waterborne coatings are required for covering a surface area. As a result, the demand for water-borne coat is increasing at a significant rate, which also had an influence on the market growth. Waterborne coatings are emerging as the coating technology is experiencing high innovation in the general industrial segment.
Furthermore, electrocoating is one of the leading waterborne technologies and is used as the first line of corrosion protection on cars and light commercial vehicle bodies in automotive OEMs. Prominent companies of the market are using waterborne surfaces and colour basecoats, which is driving the demand in the market during the forecast period.
Extension plans by vendors to enhance capacity is one of the emerging market trends. One of the positive trends in the market is the proliferation of industrial coating manufacturing and storage facilities. Such market expansion enables companies to advance their market share. Moreover, such a growing industry has encouraged significant companies to opt for the expansion of their industrial coating manufacturing and storage facilities regionally.
For instance, Berger Paints is also investing in setting up a new paints and coats manufacturing unit in Lucknow, Uttar Pradesh, India, to enhance its market presence. Such developments are anticipated to intensify the market presence of companies by enabling them to deliver various portfolios of products in the market. Therefore, such factors are likely to fuel the growth during the forecast period.
Volatile raw material prices are a significant challenge hindering market growth. Petrochemical feedstock required for manufacturing most coatings includes binders and solvents such as polyesters, alcohols, and epoxy resins. The basic raw materials used for producing binders are crude oil and natural gas. Volatility in crude oil prices will have a direct influence on the cost of feedstock. Moreover, due to the mechanical adhesion techniques, propylene cannot be used on metal surfaces such as stainless steel and gold. Such factors pose a challenge in identifying materials for specific substrates, which will hinder the growth. Many industrial coatings crack, especially during the curing or drying processes.
However, the cracks can change the shape during the drying process and put pressure on the overall coating. A large number of coats can lead to uneven drying, which can cause cracks. Therefore, the compatibility of the material and cracking will negatively affect the market during the forecast period.
The market growth analysis research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Akzo Nobel NV - The company offers industrial coatings such as Interpon, Sikkens, and Chemcraft.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The waterborne segment is estimated to witness significant growth during the forecast period. Waterborne coatings contain maximum water as a solvent to disperse a resin. Other solvents, such as glycol ethers, are added in significantly small quantities to industrial coats manufactured using waterborne technology, which makes them eco-friendly and easy to apply. Also, these coatings are low in VOC content. Therefore, the adoption of waterborne technology in industrial coatings has increased, which will have a positive impact on the market.
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The waterborne segment was the largest segment and was valued at USD 16.15 billion in 2018. Waterborne-based coatings take longer to dry as it is dependent on various environmental factors such as temperature, airflow, and humidity. In comparison, solvent-based coatings dry much faster. However, solvent-based coatings release harmful fumes while drying. Waterborne coatings can also release fumes if mixed with reducers, but in lesser quantities compared to solvent-based coatings. Regional vendors have expanded their presence by investing in waterborne technology to manufacture industrial coatings which resulted in the market expansion. The increasing preference for waterborne technology in industrial coatings is expected to drive steady growth of the segment in focus during the forecast period.
The market research report provides comprehensive data, with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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Industrial coatings refer to protective coverings applied to various surfaces in industries to enhance durability, aesthetic appeal, and resistance to harsh environments. The market for industrial coatings is diverse, catering to sectors such as automotive, furniture, electronics, aerospace, oil & gas, mining, marine, power generation, and more. Two significant trends driving the market are the demand for VOC-free coatings and eco-friendly products. EU laws, among others, have imposed stringent regulations on VOC emissions, leading to the popularity of waterborne industrial coatings and powder-based coatings. Powder coatings and aqueous coatings are popular choices due to their low VOC content and excellent performance in various industries. Thin films, such as polyurethane resin and epoxy resin-based coatings, offer superior protection against corrosion and provide self-healing capabilities.
Further, anti-corrosion coatings are essential in harsh environments, ensuring the longevity of large-scale infrastructure projects like bridges and roads. Smart coatings with self-healing capabilities and regulatory policies are also gaining traction in the market. Industries like luxury cars, vehicle refinish, and the furniture industry rely on industrial coatings for their aesthetic appeal and durability. Sectors such as aerospace, electronics, and oil & gas demand coatings for their protective properties in extreme conditions. Industrial coatings are used in various applications, including coil coatings, acrylic industrial coatings, and alkyd industrial coatings. The market for industrial coatings is expected to grow due to the increasing demand for long-term product lifetime, maintenance, and the need for anti-corrosion coatings in various industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 10.88 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.11 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Akzo Nobel NV, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Beckers Group, Chugoku Marine Paints Ltd., Hempel AS, Jotun AS, Kansai Paint Co. Ltd., KCC Co. Ltd., Nippon Paint Holdings Co. Ltd., NOROO Paint and Coatings Co. Ltd., Pidilite Industries Ltd, PPG Industries Inc., RPM International Inc., SK Kaken Co. Ltd., The Sherwin Williams Co., TOA Paint Thailand Public Co. Ltd., and Wacker Chemie AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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