Industrial Coatings Market Overview
The industrial coatings market size is projected to be worth USD 84,803.5 million by 2030, registering a CAGR of 3.28% during the forecast period (2021–2030).
The industrial coatings market expansion can be attribute to the diverse industrial coatings solutions across end-use industries, such as automotive and transportation. Other major sectors that widely use industrial coating are packaging and marine protective, which can contribute to the expansion of the market in the analysis period. The increase in the demand for coatings that are eco-friendly, such as UV cure coatings, powder coatings, and water-borne coatings can promote the expansion of the market in the analysis period. The rise in the demand for industrial coating and the intervention of modern technologies that offer better coating solutions can support the global market.
Segmental Analysis
The segment assessment of the industrial coatings global market is based on end use, resin, and technology.
The resin based segment of the industrial coatings global market are epoxy, acrylic, polyurethane, fluoropolymers, and polyester among others. The acrylic resin segment can thrive at 3% CAGR in the analysis period as acrylic resins are cost-effective and have exceptional properties. The rise in applications of polyester resin can gain high traction for industrial coatings.
The technology based segment of the industrial coating are water-based, powder, solvent-based, and others. The water-based segment can rise at 4% CAGR and value USD 40 billion by 2027. It can earn high revenue for the global market. The increase in the need for low-VOC and VOC-free coatings to comply with strict government regulations can support the market expansion.
The end use based segment of the market are automotive & transportation, general industrial, packaging, marine protective, industrial wood, and others. The general industrial segment can earn high revenue as rise in industries and the emergence of powerful economies in APAC are observed.
Regional Analysis
North America global coatings market can expand at a high pace in the analysis period. In Europe, the industrial coatings market can earn high revenue in the analysis period. In Asia Pacific, following Middle East & Africa and Latin America can thrive in the analysis period. As per MRFR regional evaluation, Asia Pacific can dominate the worldwide market across the study period. APAC market can rise at 4.5% CAGR in the forecast period. The market in Europe can acquire about 25% share by the conclusion of the analysis period. In North America, the regional market can rise at 2% CAGR in the forecast period. The market in Latin America and MEA can surge at 3% CAGR in the analysis period.
Key Players
Nippon Paint Holdings Co., Ltd. (Japan), Axalta Coating Systems Ltd. (US), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (US), PPG Industries, Inc. (US), Jotun (Norway), Sika AG (Switzerland), RPM International, Inc. (US), Asian Paints PPG Pvt. Limited (India), KCC CORPORATION (South Korea), Kansai Paint Co., Ltd. (Japan), Beckers Group (Germany), NOROO Paint & Coatings Co., Ltd. (South Korea), Hempel A/S (Denmark), and Wacker Chemie AG (Germany) are listed by MRFR.
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Industry News
August 2020
Axalta Coating Systems, a reputed coating solution dealer, have actively implemented safety and hygiene practices to counter COVID 19 and comply with operational guidelines. These have not only secured their employees but have maintained their revenue.
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