Industrial Coatings Market Outlook
According to the report by Expert Market Research (EMR), the global industrial coatings market size is projected to grow at a CAGR of 3.30% between 2023 and 2028. Aided by the escalating demand for durable and high-performance coatings across diverse industries and the increasing application of industrial coatings in various sectors, the market is expected to grow significantly by 2028.
Industrial coatings are specialty paints and finishes applied to equipment, machinery, and structures to enhance and safeguard them against corrosion, wear, and extreme temperatures. These coatings, widely employed in sectors like automotive, marine, aerospace, oil and gas, and construction, offer benefits like improved durability, resistance to chemicals and harsh environmental conditions, and enhanced aesthetics.
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The ever-growing demand for durable, performance-oriented coatings is the main factor propelling the global industrial coatings market growth. As industries worldwide become increasingly cognizant of the benefits of industrial coatings, such as prolonged equipment lifespan and enhanced productivity, the use of these coatings has experienced a significant surge.
The broadening applications of industrial coatings across various industries also contribute significantly to the industrial coatings market expansion. In the automotive industry, these coatings are used to protect vehicles from corrosion, enhance their aesthetic appeal, and improve their overall lifespan. In the aerospace sector, industrial coatings offer protection against extreme temperatures and harsh operating conditions, thus playing a crucial role in aircraft maintenance.
The construction industry, too, utilises industrial coatings extensively, applying them to buildings and structures to provide protection from environmental damage and enhance longevity, increasing the industrial coatings market demand. Similarly, in the marine sector, these coatings are used to prevent corrosion caused by constant exposure to saltwater, reducing maintenance costs and prolonging the lifespan of ships and offshore structures.
Technological advancements and innovations in the industrial coatings realm also play a substantial role in driving the industrial coatings market growth. The development of eco-friendly, low-VOC (Volatile Organic Compounds) coatings has been a notable advancement, responding to the global call for sustainability and the reduction of environmental impact. This has opened new growth avenues for the industrial coatings market.
The rising trend of urbanisation, coupled with the burgeoning construction activities worldwide, is expected to provide additional impetus to the industrial coatings market. As more infrastructure projects take off, the demand for industrial coatings, essential in protecting and extending the lifespan of these structures, is anticipated to rise proportionately.
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Industrial Coatings Market Segmentation
The market can be divided based on resin, technology, end use, and region.
Market Breakup by Resin
- Polyurethane
- Epoxy
- Acrylic
- Polyester
- Others
Market Breakup by Technology
- Water-Borne Coatings
- Solvent-Borne Coatings
- Powder Based
- Others
Market Breakup by End Use
- Oil and Gas
- Mining
- Power
- Infrastructure
- Marine
- Automotive
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Industrial Coatings Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global industrial coatings companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Akzo Nobel NV
- Jotun A/S
- PPG Industries, Inc.
- The Sherwin-Williams Company
- Axalta Coating Systems
- Others
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