Industrial Coatings Market is Expected to Register a CAGR of 3.28% By 2030
Research Reports
Sep 21, 2023
Insights from Future Market Research
In 2021, the Industrial Coatings Market is expected to be worth USD 65.3 billion. The industrial coatings market is anticipated to expand from USD 67.4 billion in 2022 to USD 84.5 billion by 2030, with a CAGR of 3.28 percent during the forecast period (2022 – 2030).
The primary factor accelerating market expansion is the increased everyday due to the developing construction and building industries, where metals are exposed to the environment. Urbanization, industrialisation, and the development of materials like solvent-free powder coatings are all contributing to the growth of the industrial coatings industry.
Products, solvents, and alcohols can all be produced through a variety of industrial procedures. Volatile organic compounds (VOCs), which are emitted into the environment because of the production process, must be carefully removed. Industrial coatings are a substantial human source of VOCs. Almost zero VOC is currently reported by most of the top North American paint and coating manufacturers.
Given that up to 50 g/L VOC is permitted even in the strictest product categories and geographic locations, such as the Southern California Air Quality Management District, this is a voluntary activity on the side of the company (SCAQMD). As a result, the market’s CAGR has increased in recent years due to the trend of zero VOC emission.
Most light commercial vehicles and passenger cars have industrial finishes (LCVs). Asia Pacific was the biggest market for OEM coatings for cars. China is the world’s top vehicle market because to its people’s rising disposable income, which climbed at a double-digit pace. Prospects for the industrial coatings industry are predicted to be favourable due to rising vehicle production and sales.
Demand is generally influenced by demographic changes, such as a decline in the number of elderly drivers and an increase in younger individuals who are worried about the effects of vehicle emissions on the environment. Another element boosting the industrial coatings market’s sales is the rising car sector.
Regional Analysis:
The Asia Pacific is the fastest and largest growing market for industrial coating. The rise in the number of industries and the increase in economic growth in emerging economies such as China and India are the prime determinant of the market.
North America market is expected to be led by the U.S. owing to technological advancements, substantial purchasing power, and demand for high-value advanced coatings such as Terrazzo. The Europe market is dominated by Germany, France and the U.K. The Middle East and Africa market is estimated to be governed by the oil and chemicals sector of Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
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Market Segmentation:
The worldwide industrial coating market has been segmented based on applications and types.
The type-based segments enlisted in the report are powder coatings, water-based coatings, and solvent-based coatings. Water-based coatings cover the maximum portion owing to low amount of Volatile Organic Compound (VOC) which results in less emission of carbon in the environment.
With context to application, the market can be narrowed down to marine coatings, automotive OEMs, coil coatings, protective & maintenance coatings, wood coatings packaging coatings, among others. The hike in demand for fire-resistant and corrosion-resistant coatings from the building and construction industry is projected to accelerate the demand for industrial coating in the coming years.
Key Players:
The top contenders in the worldwide industrial coatings market are NOROO Paints & Coatings, Burke Industrial Coatings, PPG Industries Inc., Sherwin-Williams Co. Ltd, BASF SE, DuPont Co, Industrial Nanotech, Inc., Asian Paints, Valspar (U.S.), AkzoNobel N.V, among others.
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