by The industrial coatings market is estimated to be valued at US$ 38.42 Bn in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial coatings are primarily applied on metal and other substrates to protect them from corrosion and enhance their durability. They find wide application across industries such as general industrial, automotive refinish, wood, metal packaging, protective, coil, automotive oem, and heavy duty equipment. The automotive refinish segment accounts for a significant share in the industrial coatings market owing to rapidly growing automotive industry worldwide.
Market Dynamics:
Growth in the construction industry has been a major driver for the industrial coatings market. Rapid urbanization and infrastructure development activities have boosted the demand for industrial coatings from concrete, buildings, bridges, and other architectural structures. According to the Global Construction 2030 report, the global construction industry is projected to grow by 85% to $15.5 trillion worldwide by 2030.
Another key factor fueling the market growth is stringent regulations regarding low VOC emissions from coating materials. Major market players are engaged in R&D activities to develop bio-based and zero VOC industrial coatings in order to comply with such regulations. For instance, in January 2020, AkzoNobel introduced Dulux Weathershield Low VOC, a waterborne exterior masonry paint with low VOC level of less than 5 grams per liter.
Segment Analysis
The industrial coatings market is segmented by resin type into polyurethane, epoxy, acrylic, alkyd, and others. The polyurethane segment dominates the market and is expected to continue its dominance over the forecast period. Polyurethane coatings exhibit excellent chemical resistance, abrasion resistance and corrosion protection. They have low volatile organic compound content and emit lower emissions making them compliant with stringent environmental regulations.
PEST Analysis
Political: Fluctuations in crude oil prices affects the prices of raw materials used in industrial coatings manufacturing. Stringent environmental regulations in countries mandate use of low VOC coatings.
Economic: Growth of end-use industries such as automotive, infrastructure, machinery drives the demand for industrial coatings. Volatility in crude oil prices impacts raw material prices.
Social: Increasing consumer demand for durable, long-lasting and environment-friendly industrial coatings.
Technological: Developments in powder and water-based coatings reduce usage of hazardous solvents. Use of nanotechnology to enhance properties of industrial coatings.
Key Takeaways
The Industrial Coatings Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand from automotive, infrastructure and machinery industries. The US$ 38.42 Bn market in 2022 is projected to reach over US$ 66 Bn by 2030.
North America dominates the global market owing to large automotive production. Growth of manufacturing and construction sectors supports market growth in the region. Asia Pacific is the fastest growing regional market, driven by expanding production industries in China, India and other Southeast Asian countries.
Key players operating in the industrial coatings market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
