Market Size of Industrial Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Industrial Coatings Market Analysis
During the time frame of the forecast, the industrial coatings market is expected to grow at a CAGR of more than 4%.
COVID-19 had a moderate impact on the global industrial coatings industry's growth by 2020. However, there is an upsurge in demand for industrial coatings in various industrial sectors, including oil and gas, chemical, and mining industries,
- The industrial coatings market is expected to grow in many ways, thanks to factors like the growing demand for products that last a long time and the increased use of powder coatings.
- The harmful environmental impact of solvent-borne coatings is likely to hinder the market's growth.
- In the future, the market is likely to have a chance to benefit from the rising demand for products that last a long time.
Asia-Pacific led the world market for industrial coatings because their use in developing countries like India and China is growing quickly.
Industrial Coatings Industry Segmentation
Industrial coating is a type of coating that is designed to meet the highest industrial application standards in chemical and corrosion resistance. They are intended to protect fasteners and steel pipes that contain gasses, oils, water, wastewater, and petrochemicals, as well as food processing equipment that requires a nonstick coating. The market is segmented by resin, technology, end-user industry, and geography. By "resin," the market is segmented into epoxy, polyurethane, acrylic, polyester, and other resins. By technology, the market is segmented into water-borne coatings, solvent-borne coatings, and other technologies. By end-user industry, the market is segmented into general industrial and protective coatings. The report also covers the market size and forecasts for the industrial coatings market in 16 countries across major regions. The market sizing and forecasts for each segment have been done based on revenue (USD million).
| Resin | |
| Epoxy | |
| Polyurethane | |
| Acrylic | |
| Polyester | |
| Other Resins |
| Technology | |
| Water-borne Coatings | |
| Solvent-borne Coatings | |
| Other Technologies |
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Industrial Coatings Market Size Summary
The industrial coatings market is poised for significant growth over the forecast period, driven by increasing demand across various sectors such as oil and gas, chemicals, and mining. The market's expansion is fueled by the rising need for durable products and the growing adoption of powder coatings, which offer enhanced performance and environmental benefits. However, the market faces challenges due to the environmental impact of solvent-borne coatings, which could impede growth. The Asia-Pacific region, particularly countries like India and China, is leading the market due to rapid industrialization and infrastructure development. The oil and gas industry, with its stringent requirements for protective coatings to combat corrosion and withstand harsh conditions, remains a crucial segment for market growth.
In India, the industrial coatings market is bolstered by factors such as low labor and raw material costs, government investments in infrastructure, and the "Make in India" initiative, which has attracted foreign direct investment in the manufacturing sector. The construction industry, a significant contributor to the country's GDP, is experiencing a resurgence post-pandemic, further driving demand for industrial coatings. Additionally, India's efforts to modernize its energy infrastructure and increase renewable energy capacity are expected to contribute to market growth. The global industrial coatings market is consolidated, with major players like Jotun, Akzo Nobel NV, PPG Industries, The Sherwin-Williams Company, and Axalta Coating Systems holding significant market shares. These companies are actively expanding their production capabilities to meet the anticipated demand for powder coatings, particularly in regions like Mexico and Europe.
Industrial Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Rising Demand for Protective Coatings
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1.1.2 Increasing Applications in Oil and Gas Industry
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1.2 Restraints
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1.2.1 Harmful Environmental Impact Of Solvent-borne Coatings
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1.2.2 Impact of COVID-19 Outbreak
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Resin
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2.1.1 Epoxy
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2.1.2 Polyurethane
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2.1.3 Acrylic
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2.1.4 Polyester
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2.1.5 Other Resins
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2.2 Technology
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2.2.1 Water-borne Coatings
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2.2.2 Solvent-borne Coatings
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2.2.3 Other Technologies
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2.3 End-user Industry
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2.3.1 General Industrial
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2.3.2 Protective Coatings
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2.3.2.1 Oil and Gas
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2.3.2.2 Mining
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2.3.2.3 Power
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2.3.2.4 Infrastructure
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2.3.2.5 Other Protective Coatings
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 Italy
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2.4.3.4 France
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2.4.3.5 Russia
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2.4.3.6 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle East & Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle East & Africa
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Industrial Coatings Market Size FAQs
What is the current Industrial Coatings Market size?
The Industrial Coatings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Industrial Coatings Market?
Akzo Nobel NV, Jotun, PPG Industries, The Sherwin-Williams Company and Axalta Coating Systems are the major companies operating in the Industrial Coatings Market.
