Industrial Coatings Market

Industry Overview

The global industrial coatings market is expected to grow from USD 89.7 billion in 2023 to 106.64 billion by 2030 at a compound annual growth rate (CAGR) of 2.5% during the forecast period ranging from 2025 to 2030.

An industrial coating is a specialized paint or covering designed primarily for its protective qualities. It serves a crucial role in preventing corrosion and degradation of materials like concrete and steel, particularly in harsh environments. Widely applied across diverse sectors including aerospace, automotive, plastics, and marine industries, these coatings safeguard critical equipment and structures from environmental factors such as moisture, chemicals, and abrasion. Their formulations are tailored to withstand specific conditions, ensuring longevity and reliability in demanding operational settings. Industrial coatings not only enhance durability but also contribute significantly to maintaining the integrity and performance of infrastructure and machinery worldwide.

The industrial coatings market is experiencing robust growth and is expected to continue expanding significantly in the forecast period. This growth is driven by the superior attributes of industrial coatings, such as their durability, resistance to corrosion, and effectiveness in fire protection. The increasing demand is largely due to the persistent wear and degradation that metals are subjected to, emphasizing the critical need for reliable protective solutions across various industries.

The significant challenges to growth of the industrial coatings market include increasing regulatory scrutiny on environmental impact and fluctuating raw material costs. Opportunities for growth include expanding applications in emerging industries such as renewable energy and electronics, as well as advancements in nanotechnology for more advanced and sustainable coating solutions.

Market Segmentation

Insight by Resin

The global industrial coatings market is divided on the basis of resininto acrylic, alkyd, epoxy, polyurethane, polyester, and other segments. Out of these segments, the acrylic resin segment is expected to dominate the market during the forecast period holding the largest share due to its higher adoption and widespread use in several applications across a wide range of end-user industries such as industrial wood, transportation, automotive, and more.

Insight by Technology

The global industrial coatings market is divided according to technologyinto water-based, solvent-based, high solids, and powder categories. Out of these categories, the solvent-based category is expected to dominate the market due to rising applications of these coating in tank interiors, trenches, flooring systems, containment lining, and others. However, during the forecast period, the water-based coatings segment is also expected to witness a higher growth rate due to the increasing environmental concerns across the globe. Along with that, the growing regulatory restrictions to volatile organic content emission are also fueling the growth of water-based coatings.

Insight by End-User

The global industrial coatings market is also divided by different end users into automotive, aerospace, wood, packaging, marine, protective, and other segments. Out of all these segments, the automotive industry will witness a higher growth rate due to a large consumer base, growing demand, and increasing safety and wear protection emphasis in automotive industry. These coatings also have a wide range of applications including vans, cars, lorries, and others as well as during refinish coating in bodyshops after accidental repairs.

Global Industrial Coatings Market Report Coverage

Industry Dynamics

Industry Trends

Some of the few notable industry trends in the global industrial coatings market include the growing sustainability initiatives and increased emphasis on eco-friendly formulations and procedures to eliminate environmental impacts and the development in nanotechnology and integration of nanomaterials to enhance durability and performance. There is also higher digitalization and automation adoption in the coating processes for improved efficiency, rising demand for coatings with better properties such as UV protection and chemical resistance.

Growth Drivers

The major factors that are driving the industrial coatings market growth are the increasing demand of eco-friendly coatings, increasing demand in automotive industry, and growing need of durable coatings. The demand of these coatings in the automotive industry is mainly driven by environmental and economic factors. The increasing vehicle demand, environmental concerns, ageing vehicles, and increased infrastructure are among the major forces driving the industrial coatings market.Furthermore, technological advancements in coating formulations, such as the development of low-VOC (volatile organic compound) and water-based coatings, are driving the shift towards eco-friendly solutions. These advancements help meet stringent environmental regulations and cater to the rising consumer preference for sustainable products. Moreover, the expansion of manufacturing and construction activities globally further amplifies the demand for durable industrial coatings to protect assets and infrastructure from wear and corrosion over extended periods, thereby pushing the market growth further.

Challenges

The most significant challenge to the growth of the global industrial coatings market is the fluctuating price of crude oil which is necessary to make industrial coatings. Along with that, environmental concern and fluctuating prices of other raw material prices such as resins, pigments, titanium oxides and additives also restrain the market growth.

Opportunities

The growth opportunities to the market are presented by the major players in the market who are adopting different novel strategies to expand their market and gain competitive advantage such as mergers and acquisitions, partnerships and collaborations. In addition, development of new technology and its adoption is also presenting novel growth opportunities to the market.

Geographic Overview

The North American industrial coatings market is expected to grow during the forecast period due to rapid expansion in the automotive and construction sectors which needs durable coatings for protection. It is also attributed to the rising investments in industrial infrastructure, strict environmental regulations necessitating eco-friendly coatings, and technological advancements in coating formulations. Furthermore, the increase in demand for specialty coatings in specific sectors such as electronics and aerospace contribute to the anticipated growth of the market in this region.

On the other hand, the Asia-Pacific market is expected to grow at a significantly high rate during the forecast period due to the rapid industrialization and significant rise in infrastructural development activities across the region. It is also attributed to the easy availability of resources as well as the favorable government regulations in developing countries such as India, China, and Japan.

Competitive Insight

Key participants in the market are acquiring small players in order to gain larger market share. Also, manufacturers are collaborating with distributors to expand their presence in the market and meet the global demand. Along with that, BASF SE, AkzoNobel N.V., Valspar Corporation, Nippon Paint Holdings, PPG Industries, The Sherwin-Williams Co. Ltd., DowDuPont Inc., Axalta Coating Systems, Kansai Paint Co. Ltd., and RPM International Inc. among others are some of the major players operating in the global industrial coatings market.

Akzo Nobel N.V., stylized as AkzoNobel, is a Dutch multinational company which creates paints and performance coatings for both industry and consumers worldwide. Headquartered in Amsterdam.

BASF SE, an initialism of its original name Badische Anilin- und Sodafabrik, is a European multinational company and the largest chemical producer in the world. 

Recent Developments by Key Players

A major investment project has been completed at AkzoNobel’s production plant in Bac Ninh province near Hanoi in Vietnam, that will help to strengthen the company’s position in Asia and sharpen its focus on more sustainable manufacturing. Also five new powder coating lines have been added at the multi-site, along with a line for producing water-based products for the consumer electronics market.

Nippon Paint Holdings Co., Ltd. has acquired shares of Nippon Paint (India) Private Limited and Berger Nippon Paint Automotive Coatings Private Limited. The companies have entered into a Master Agreement and a Share Purchase Agreement involving the acquisition.