The Industrial Coatings Market is estimated to be valued at US$ 38.42 Bn in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial coatings are protective paints and coatings extensively used on metal surfaces in various end-use industries such as oil & gas, automotive, marine, mining, and infrastructure to prevent corrosion and increase asset life. These coatings provide durability, heat resistance, chemical resistance and enhanced performance.
Market key trends:
Waterborne coatings are gaining significant traction in the industrial coatings market. Strict environmental regulations regarding VOC emissions have boosted the demand for waterborne formulations. Waterborne coatings emit very low or zero VOC and are environment-friendly. They provide excellent mechanical properties, gloss, color retention and film forming ability. Rapid industrialization and infrastructure development especially in Asia Pacific is expected to drive the demand for waterborne industrial coatings during the forecast period.
Market
Key Trends:
One of the key trends in the Industrial Coatings Market Size of powder coatings. Powder coatings are gaining widespread acceptance over solvent-borne coatings due to their low VOC emissions and suitability for high production environments. Powder coatings result in a relatively thick and extremely durable finish using an electrostatic process where the coating is applied as a dry powder and then cured under heat to form a uniform smooth coating. Their advantages over liquid coatings such as simplicity of application and reduced waste have led to their increasing adoption in various industries such as automotive and appliances.
SWOT Analysis
Strengths:
– Longer lifespan and durability of coatings which reduces maintenance and repair costs.
– Suitability for high volume production processes owing to fast curing and minimal overspray.
Weaknesses:
– High upfront costs associated with powder coating equipment and booths.
– Limited color options and customization compared to liquid coatings.
Opportunities:
– Growing demand from industrial sectors such as automotive, machinery, and appliances.
– Increasing popularity of powder coatings due to their environment-friendly properties.
Threats:
– Availability of cheaper alternative liquid coatings in developing markets.
– Volatility in raw material prices can squeeze margins.
Key Takeaways
The industrial coatings market size is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period of 2023 to 2030, due to increasing infrastructure development and industrialization across developing regions. The market was valued at US$ 38.42 Bn in 2022.
Regional analysis: The Asia Pacific region currently dominates the global industrial coatings market and is expected to maintain its leading position during the forecast period as well, due to rapid industrialization and infrastructure development activities in major economies such as China and India.
Key players: Key players operating in the industrial coatings market include Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
