Industrial Coatings Market

Updated on : October 10, 2024

Industrial Coatings Market

The global industrial coatings market was valued at USD 109.7 billion in 2023 and is projected to reach USD 129.2 billion by 2028, growing at 3.3% cagr from 2023 to 2028. The market is witnessing stupendous growth on account of the driven demand to attain superior durability, protection and aesthetic value across numerous industries. The automotive, aerospace, construction and manufacturing industries are always looking for state-of-the-art solutions to survive in extreme conditions and improve product longevity thus fuelling the high-performance coatings market. Advancements in the coating technologies range are driving growth, as a result of growing sustainable and regulatory concerns. As the industrial coatings industry continues to invest more in research & development, a strong growth outlook awaits both the businesses and investors who are looking forward seeing how they can capitalize on this space.

Industrial Coatings Market Size, Dynamics and Ecosystem

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Industrial Coatings Market Dynamics

Drivers: Environmental regulations boost demand for VOC-free coatings

One of the most significant developments in the coatings business over the past ten years has been the growing desire for environmentally friendly features. This trend has been mostly driven by strict EU laws pertaining to the reduction of volatile organic compound (VOC) emissions in the coating life cycle. Due to this, consumers are now more interested in eco-friendly products like powder and aqueous coatings rather than solventborne coatings.

The Eco-product Certification Scheme (ECS) is one example of a new regulation that is set by the European Commission and other federal government organisations. These rules guarantee a sustainable and green environment with negligible or no emissions of hazardous volatile organic compounds. The US and Western European governments' restrictions, particularly those pertaining to air pollution, are anticipated to keep pushing the development of new low-polluting coating technologies.

Restraints: Difficulty in obtaining thin films in powder coatings

Powder coatings present exceptional flow characteristics, reduced accumulation at edges, and uniform distribution of materials within powder mixtures. Their applications span decorative, protective, and optical coatings. However, when applied conventionally, powder coatings tend to produce thicker finishes on metal products, posing challenges in achieving thinner coatings due to potential polymer thickening leading to uneven textures. Achieving successful thin-film application relies on the relationship between color and pigmentation opacity in powder coatings.

To facilitate thinner coatings, polyurethane resin stands out due to its flow properties and cost-effectiveness. Yet, achieving optimal substrate smoothness and wetting remains a hurdle in thin-film powder coating applications. Replicating thin films akin to those achieved by wet paint systems presents a notable challenge

Opportunities: Continuous demand for extended product lifetime and reduced maintenance

Industrial coatings are crafted from materials boasting a spectrum of physical, chemical, mechanical, and electrical attributes. These materials have the ability to react to external environmental elements encompassing light, pressure, heat, and chemical fluctuations. By minimizing equipment downtime, cutting maintenance expenses, and streamlining inspection processes, industrial coatings notably enhance product efficiency. Furthermore, they diminish the need for maintaining areas prone to corrosion, thereby elongating the lifespan of components and assemblies constructed from corrosive materials.

In industry, anti-corrosion coatings serve a dual purpose: identifying the causes of corrosion and preventing its occurrence. This is achieved through the activation of self-healing capabilities triggered by pH changes and the utilization of microcapsules within smart coatings. These self-repairing coatings play pivotal roles in automotive and aerospace sectors by rectifying scratches and identifying engine damage. Additionally, they find application in the electrical and electronics industry, providing protection against scratches, bolstering resistance to chemical effects, and repelling dirt..

Challenges: Stringent regulatory policies

As government regulations concerning industrial coatings become more stringent, producers must enhance their processes to align with these new standards. Failure to comply with these legal requirements prohibits product entry into countries, notably in regions like Western Europe and North America, where environmental regulations are particularly strict.

Moreover, the industrial coatings market grapples with numerous challenges, notably in meeting local and state regulations concerning wastewater discharge. Powder coating operations generate significant amounts of metals, oil, grease, and suspended solids during cleaning and pretreatment phases in their wastewater streams. Adhering to various state and local environmental regulations proves challenging for powder coating manufacturers due to these wastewater streams. Similarly, metal finishing companies employing diverse electroplating methods struggle with regulatory adherence due to heavy metal contamination issues.

Industrial Coatings Market Segmentation & Geographical Spread

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Epoxy by resin type accounted for the largest growing segment of industrial coatings coating market

Epoxy resin-based coatings are employed in situations demanding superior resistance to corrosion, impressive chemical and mechanical characteristics, outstanding adhesion, and the capacity to meet rigorous specifications. These coatings are commonly applied in industrial equipment, automotive interiors, metal furniture, and appliances. The rising utilization of epoxy resin-based industrial coatings as primers in automotive and marine paints, along with their use for corrosion protection in metal cans and containers, is projected to drive this segment's growth.

Asia Pacific is the largest growing industrial coating market.

The Asia Pacific is the largest industrial coating market, in terms of value and volume, and is projected to be the fastest-growing market during the forecast period. The rising spending power of customers is causing a surge in demand for luxury cars throughout Asia Pacific. The demand for powder and waterborne coatings is also being driven by significant investment in the region's automotive industry. Large investments in a variety of industries, including furniture, building & construction, consumer goods & appliances, automotive, and maritime, are primarily responsible for Asia Pacific's robust growth. Manufacturers are also relocating to the area in order to better serve the local emerging market and take advantage of the low cost of manufacturing.

Industrial Coatings Market Players

Akzo Nobel N.V. (Netherlands), Axalta Coatings Systems LLC. (US), Jotun A/S (Norway), PPG Industries Inc. (US), The Sherwin-Williams Company (US) are the key players in the global industrial coatings market.

Akzo Nobel N.V. is a diversified chemical company, which operates through two business segments: decorative paints and performance coatings. Industrial coatings are offered under the performance coatings segment. The performance coatings segment has a portfolio that includes industrial coatings for ships, cars, aircraft, yachts, and architectural components (structural steel, building products, flooring); consumer goods (mobile devices, appliances, beverage cans, furniture); and oil & gas facilities. Coral, Dulux, Flexa, Hammerite, Sadolin, Sikkens, Awlgrip, International, Interpon, Dissolvine, Eka, Expancel, Jozo, Levasil, and Kromasil are among the various brands of the company. Industrial coatings are offered under its Interpon and Resicoat brands. The company has a wide global presence. It has a strong customer base and operates in countries of Europe, the Middle East & Africa, Latin America, and Asia.

Read More: Industrial Coatings Companies

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Industrial Coatings Market Report Scope

This research report categorizes the industrial coating market based on Resin Type, Technology, End-use Industry, and Region.

Industrial Coatings Market by Type:

• Acrylic
• Alkyd
• Polyester
• Polyurethane
• Epoxy
• Fluoropolymer
• Others

Industrial Coatings Market by Technology:

• Solventborne Coatings
• Waterborne Coatings
• Powder Coatings
• Others

Industrial Coatings Market by End-use Industry:

• General Industrial
• Protective
• Automotive OEM
• Industrial wood
• Automotive Refinish
• Coil
• Packaging
• Marine
• Aerospace
• Rail

Industrial Coatings Market by Region:

• Asia Pacific
• Europe
• North America
• South America
• Middle East & Africa

Recent Developments

• In March 2022, AkzoNobel launches the Interpon ACE powder coating range to meet the high demands in the Agricultural and Construction Equipment (ACE) sector. AkzoNobel launches Interpon ACE powder coating range to meet the high demand in the Agricultural and Construction Equipment (ACE) sector.
• In December 2022, AkzoNobel completed the acquisition of the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH, a deal which strengthens the company’s performance coatings portfolio.

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