Industrial Coatings Market Size to Grow by USD18.74 billion from 2022 to 2027: Surging demand for waterborne coatings to boost the growth

NEW YORK, May 31, 2023 /PRNewswire/ -- The industrial coatings market size is estimated to grow at a CAGR of 3.81% from 2022 to 2027. The market size is expected to grow by USD 18.74 billion. Market growth is determined by several factors, including increasing demand for water-based paints, the growing automotive industry in the Asia-Pacific region, and increasing demand for environmentally friendly paints.

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Global Industrial coatings market – Customer Landscape

Our report analyzes the life cycle of the global industrial coatings market from the innovator's stage to the laggard's stage. The report illustrates the lifecycle of the global industrial coatings market, focusing on the adoption rates of the major countries such as the US, Canada, China, India, Japan, and Germany. To help companies evaluate and develop growth strategies for 2023-2027. To help companies evaluate and develop growth strategies, the report outlines –

Global Industrial coatings market – Vendor Analysis

Vendor Landscape - The global industrial coatings market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer industrial coatings in the market are AFT Fluorotec Ltd., Akzo Nobel NV, ASV Multichemie Pvt. Ltd., Axalta Coating Systems Ltd., Carl Bechem GmbH, DuPont de Nemours Inc., Endura Coatings, Henkel AG and Co. KGaA, IKV Tribology Ltd., Master Bond Inc., Poeton Industries Ltd., PPG Industries Inc., RPM International Inc., Sandwell UK Ltd., and others.

The global industrial coatings market is at its growing stage.

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Global Industrial Coatings Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on Technology (Waterborne, Solvent-borne, Powdered coatings, and UV-cured), Application (General industrial, Automotive OEMs, Automotive refinishes, and Packaging and others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).

Geography Overview

By geography, the global industrial coatings market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global industrial coatings market.

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Global Industrial Coatings Market – Market Dynamics

Surging demand for waterborne coatings is a key market driver - Aqueous coatings have multiple advantages and are widely used in the automotive, construction, marine, oil and gas, metallurgical, aerospace, mining and medical industries. These coatings act as primers, exhibit excellent heat and abrasion resistance, and offers excellent adhesion. Water-based paints have lower levels of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs), making them less toxic and less flammable. In contrast to solvent-based coatings, water-based coatings emit less organic compounds and therefore have less impact on the environment. Water-based coatings are also relatively cheaper than solvent-based coatings and do not require additives, thinners or hardeners. Additionally, less water-based coating is required to cover the area compared to other variants. As a result, the global demand for water-based coatings has increased significantly. Waterborne coatings are becoming more and more important across the industry as coating technology is revolutionized significantly. Electrodeposition is also the dominant waterborne technology among automotive original equipment manufacturers (OEMs) and serves as the primary corrosion protection for passenger cars and light truck bodies. The demand for water-based paints in the global industrial coatings market is expected to increase during the forecast period, as the major players in the market are using water-based finishes and color-based paints.

The emergence of self-cleaning and self-healing coatings is a leading trend in the market- The emergence of self-cleaning and self-healing coatings could have a significant impact on corporate coating manufacturers. Manufacturers of self-cleaning and self-healing coatings around the world are investing in research and development to develop paints and coatings that can eliminate the need for multiple coatings on the engine. Such R&D work can be a challenge for manufacturers of commercial coating products. However, although self-cleaning and self-healing coatings are material properties of coatings, the associated production costs are so high that they must be largely synthesized with the cooperation of coating manufacturers. For example, in one of its self-cleaning car prototypes, Nissan uses modern-generation nano paint Ultra-Ever Dry, which creates a layer of air between the coating and dirty liquids, preventing dust from sticking to the car body. supplied. It slides off easily and leaves no leaf marks. The company offers a self-healing, anti-scratch coating for its vehicles, and this generation has led many automakers to comply with this measure. Therefore, the prevalence of self-healing and self-cleaning coatings is very likely to increase, which could pose serious challenges to the global industrial coatings market during the forecast period.

Volatile raw material prices are hindering market growth - The prices of raw materials such as binders, pigments, and solvents used in industrial coatings can fluctuate due to various factors such as supply chain disruptions, political tensions, and exchange rate fluctuations. This can make it difficult for manufacturers to maintain stable prices for their products. The petrochemical raw materials required to manufacture most coatings include binders and solvents such as polyesters, alcohols, and epoxy resins. Petroleum and natural gas are the basic raw materials for binder production. Fluctuations in crude oil prices directly affect raw material costs. Each petrochemical commodity shows a clear correlation with the price of oil, which is influenced by factors such as supply and demand of the commodity, manufacturing processes and production regions. Fluctuations in petrochemical feedstock prices lead to instability in resin prices. Industrial paints are not suitable for all types of surfaces. For example, one-component epoxy coatings are primarily heat cured. Two-component epoxy resin coatings are used for coating heat-sensitive materials. Conformal silicone coatings are typically applied as thicker layers and, therefore, cannot be applied to small components. Furthermore, propylene cannot be used on metal surfaces such as stainless steel or gold due to its mechanical adhesion technology. These factors pose challenges in identifying materials for specific substrates and hinder market growth. Many industrial coatings crack, especially during the curing or drying process. Cracks can change shape during the drying process and exert pressure on the entire coating. Many coatings can dry unevenly and crack the surface. Therefore, material compatibility or cracking may adversely affect the market during the forecast period.

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Industrial Coatings Market Scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2022-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.81%

Market growth 2023-2027

USD 18.74 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.59 %

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 57%

Key countries

US, China, Japan, Germany, and France, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

AFT Fluorotec Ltd., Akzo Nobel NV, ASV Multichemie Pvt. Ltd., Axalta Coating Systems Ltd., Carl Bechem GmbH, DuPont de Nemours Inc., Endura Coatings, GMM Coatings Pvt. Ltd., Henkel AG and Co. KGaA, IKV Tribology Ltd., Master Bond Inc., Poeton Industries Ltd., PPG Industries Inc., RPM International Inc., Sandwell UK Ltd., and others.The global industrial coatings market is at its growing stage.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of content

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Technology

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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