The global industrial coatings market size was valued at USD 87.19 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.5% from 2023 to 2030.
Industrial coatings are widely used in various other end-use sectors, including automotive and vehicle refinish, electronics, aerospace, oil & gas, mining, marine, and power generation. Automotive and refinish coatings are among the major industrial coatings. The growing usage of refinish coatings for automotive maintenance, repair, and aftermarket painting on account of visual appearance, surface protection, and corrosion resistance is expected to propel the demand for industrial coatings.
Gather more insights about the market drivers, restrains and growth of the Industrial Coatings Market
Moreover, the growing need for customized designs and paints in vehicles is likely to support the market growth. The U.S. is a leading manufacturer of aerospace and related components and one of the major aerospace markets in the world. The availability of well-trained aerospace engineers, machinists & other skilled laborers, and increasing air commute are driving investments in the U.S. aerospace industry. The presence of prominent aircraft manufacturers, such as The Boeing Company, Gulfstream Aerospace, and Textron Aviation, Inc., is expected to significantly fuel the growth of the aerospace industry in the country.
This, in turn, is anticipated to create ample growth opportunities for the market during the forecast period. Increasing awareness about vehicle paint protection by healing damages and scratches on vehicle surfaces has boosted market growth. Moreover, expanding the consumer base in the Middle East and Asia Pacific regions on account of the rising disposable income is expected to boost the product demand in the automotive and other end-use industries during the forecast period. Increasing demand for industrial coatings from packaging applications, such as caps & closures, and cans, is also projected to positively influence market growth in the coming years.
Excellent CO2 retention properties to preserve freshness and high flexibility & adhesion of these coatings are boosting their demand in the packaging industry. Furthermore, increasing construction activities drive product demand in the wood industry. However, environmental and health hazards associated with Volatile Organic Compounds (VOCs) are majorly affecting the industry growth. Various environmental and safety regulations, such as The Occupational Safety and Health Administration (OSHA), The Environmental Protection Agency (EPA), and California Air Resource Board (CARB), are being implemented by governments globally to limit the harmful effects of these compounds on human health and the environment.
Industrial Coatings Market Segmentation
Grand View Research has segmented the global industrial coatings market report on the basis of product, technology, end-user, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Polyester
• Others
Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
• Solvent Borne
• Water Borne
• Powder Based
• Others
End-user Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
• General Industrial
• Marine
• Automotive & Vehicle Refinish
• Electronics
• Aerospace
• Oil & Gas
• Mining
• Power Generation
• Others
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Italy
• Asia Pacific
o China
o India
o Japan
o Australia
o South Korea
o ASEAN
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o UAE
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Key Companies & Market Share Insights
The industry is highly fragmented with the presence of several key as well as some small- and medium-scale global and regional players. The global players face intense competition from each other as well as from regional players who have well-established supply chain networks and are well aware of the regulations and suppliers in the market. Major players are involved in the expansion of their manufacturing facilities, R&D investments, mergers & acquisitions, and new product development to cater to the increasing global demand, ensure competitive effectiveness, enhance sales & operations planning, and expand their customer base. Some of the prominent players in the global industrial coatings market include:
• Akzo Nobel N.V.
• Axalta Coating Systems, LLC
• Jotun
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Nippon Paint Holdings Co., Ltd.
• Hempel A/S
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