Industrial Coatings Market Size is Projected to Reach USD 141.1 Billion by 2032, Growing at a CAGR of 3%: Straits Research
New York, United States, Sept. 24, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, The industrial coatings market size was valued at USD 108.2 billion in 2023. It is estimated to reach from USD 111.4 billion in 2024 to USD 141.1 billion by 2032 at a CAGR of 3% during the forecast period (2024–2032).
Industrial coatings are useful in a variety of industries, including marine, electronics, automobile & vehicle repair, aerospace, oil & gas, electricity production, mining, and general industrial uses. High abrasion resistance, chemical resistance, color and gloss preservation, and resistance to corrosion are all driving market growth in the industries indicated above.
Growing industrial development, particularly in developing nations like China and India, is driving the industrial coatings industry forward. Acrylic industrial coatings are predicted to expand significantly over the projection period, based on product type. End-use applications are fueling their demand for properties like good abrasion resistance, quick-drying and curing, and chemical resistance.
The need for water-based industrial coatings is likely to increase over the projected period, owing to the growing understanding of the negative effects of solvent-based industrial coatings and numerous legislation aimed at reducing VOCs and other harmful air pollutants (HAPs). Due to the toxic and combustible nature of solvents, the set of laws that apply to the creation of industrial coatings is quite strict. As a result, VOC-free powder and water-based coatings are likely to grow in popularity over the projection period.
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Rise in Applications in Oil & Gas Industry to Drive Market
The Oil and Gas category includes offshore and onshore oil and gas exploration, production, and refining facilities, pipelines, refineries, gas pipelines, petrochemical plants, and storage containers. In both the input and output sections of the oil and gas industry, protective coatings are employed to carry oil and gas to refineries. This industry uses anti-corrosion, heat-resistant, abrasion-resistant, fire-resistant, and other types of protective coatings.
The industry has been on the lookout for measures to cut capital expenditures. The need to adhere to strict environmental regulations has led to a desire for a long-lasting coating system that efficiently preserves assets.
Furthermore, key contributors to the oil and gas sector's development include the United States, Saudi Arabia, Russia, China, and Canada, among others.
Advancements in Powder-Based Coatings Generate New Opportunities
Thermoplastic and thermosetting plastic polymers are the two kinds of resin used in powder coatings. Because thermosetting plastics polymers are significantly more stable at high temperatures, they are likely to contribute to a large proportion of the market during the forecast period. In comparison to traditional solvent/water-based technologies, this is a modern benefit. Issues associated with liquid technologies are reduced or eliminated when powder-based technology is used. Compared to wet coatings, powder-based coatings have the following advantages:
- Durability - When compared to wet paints, powder coatings are more resistant to solvents, oxidation, weather, peeling, and scratching. Color-wise, powder-based coatings are superior since they stay brighter and fresher for longer.
- Operating expenses - When compared to alternative organic solvents, powder-based coatings are more cost-effective and cover a greater surface area. These coatings also save money in terms of operational manpower since they need fewer training sessions and direction. Powder-based paint technology produces less waste, uses less fuel, and costs less to dispose of.
Regional Insights
The industrial coatings market is segmented into four regions: North America, Europe, Asia-Pacific, Middle East & Africa, and Central and South America.
Over the projected period, the North American industrial coatings market is anticipated to expand significantly. The United States is the largest dominating market in North America. The increased demand for industrial coatings from industries such as general, mining, oil and gas, electrical, and energy production is likely to boost the market growth in the United States.
Asia-Pacific is the fastest-growing industrial coatings market. The Asia-Pacific industrial coatings market is predicted to be worth USD 27,793 million by 2030, increasing at a 4% CAGR. Reduced labor costs have encouraged many international investors to base industrial enterprises in Asia-Pacific's rising economies. As a consequence, the region's growing number of industrial facilities is boosting construction activity, which will drive demand for industrial coatings over the projection period. The major automotive market in the region is China. The country's car output is predicted to exceed 35 million units by 2025, as per the International Trade Administration. This is due to the high demand for autos, as well as commercial buses and trucks, which is predicted to boost the country's demand for industrial coatings.
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Key Highlights
- The industrial coatings market size was valued at USD 108.2 billion in 2023. It is estimated to reach from USD 111.4 billion in 2024 to USD 141.1 billion by 2032 at a CAGR of 3% during the forecast period (2024–2032).
- The global industrial coatings market is segmented into products: Acrylic, alkyd, polyurethane, epoxy, polyester, and others. The acrylic market is overtaken and expected to generate USD 41,098 million by 2030 at a CAGR of 3%.
- By technology, the market is classified into solvent-borne, water-borne, powder-based, and others. The solvent-borne coatings segment is anticipated to generate USD 38,9010 million by 2030 at a CAGR of 3%.
- On the basis of end-use, the industrial coatings market is classified into the general industry, marine, automotive & vehicle refinish, electronics, aerospace, oil & gas, mining, power generation, and others. The general industrial end-use segment was the highest contributor to the market and is estimated to reach USD 51,820 million by 2030, at a CAGR of 3% during the forecast period.
Competitive Players
- Akzo Nobel N.V.
- Axalta Coating Systems LLC
- Jotun
- PPG Industries Inc.
- The Sherwin-Williams Company
- Nippon Paint Holdings Co.Ltd.
- BASF SE
- Hempel A/S
- The Chemours Company LLC.
- Henkel AG & Company
- KGaA
- Beckers Group
Recent Developments
- In December 2022, AkzoNobel completed the acquisition of Lankwitzer Lackfabrik GmbH's wheel liquid coatings business, strengthening the firm's performance coatings offering.
- In December 2022, Axalta Partners with the UK's Fastest-Growing, Award-Winning Accident Repair Organization, Steer Automotive Group.
- In September 2022, the MegaGloss Metallic topcoat was introduced by Jotun Yachting.
- In April 2022, Jotun introduced SteelMaster 1200HPE, a high-performance epoxy intumescent coating that offers up to 120 minutes of protection from cellulosic fires.
Market Segmentation
- By Product
-
- Acrylic
- Alkyd
- Polyurethane
- Epoxy
- Polyester
- Others
- By Technology
-
- Solvent-Borne
- Water-Borne
- Powder Based
- Others
- By End-Use
-
- General Industry
- Marine
- Automotive & Vehicle Refinish
- Electronics
- Aerospace
- Oil & Gas
- Mining
- Power Generation
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
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About Straits Research Pvt. Ltd.
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