Pune, India, Jan. 02, 2023 (GLOBE NEWSWIRE) — The world industrial coatings market size has been $132 billion in 2020. The market is expected to grow from $137.1 billion in 2021 for $183.2 billion in 2028 at a CAGR of 4.2% during the period 2021-2028.
This information is provided by Fortune Business Insight™in its report, entitled, “Industrial Coatings Market, 2021-2028.”
According to our researchers, the growing demand for eco-friendly coatings, along with the requirement for competent procedures and robust coatings with better aesthetics, is the main aspect of navigating the market.
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List of Players Covered in the Industrial Coatings Market Report
- Akzo Nobel NV (Netherlands)
- Axalta Coating Systems, LLC (USA)
- Industrial Coatings Ltd. (Finland)
- PPG Industries, Inc. (USA)
- The Sherwin-Williams Company (USA)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Kansai Paint Co.,Ltd. (Japan)
- RPM International Inc. (USA)
- BASF SE (Germany)
- PPG Asian Paints Pvt Ltd (India)
- Hempel A/S (Denmark)
- Chemours FC, LLC. (WE)
- Jotun A/S (Norway)
Report Scope and Segmentation:
|2028 value projection||$183.2 billion|
|Industrial coatings market size in 2021||$137.1 billion|
|Number of pages||200|
|Segments Covered||By resin, by technology and region|
|Industrial Coatings Market Growth Drivers||Growing environmental concerns to drive growth|
|Crucial Players Focus on Unveiling New Products to Strengthen Their Positions|
COVID-19: Labor scarcity and supply chain disruptions hamper growth
Since the outbreak of the COVID-19 virus, the infection has spread to all parts of the world, which is why the World Health Organization has labeled it a public health emergency. The global impacts of the coronavirus disease were seen by nearly every industry in the first half of 2020.
The outbreak of the COVID-19 pandemic has deteriorated the demand for industrial coatings globally. Additionally, disruptions to supply chains in this industry, along with the lack of manpower have resulted in massive fiscal damages for a large number of manufacturers.
We provide our reports which are conducted with a comprehensive review approach that mainly focuses on providing accurate material. Our researchers have applied a data triangulation method which further helps us to come up with reliable estimates and accurately test the overall market dynamics. Additionally, our analysts have been admitted to many international and regional funded registries to provide the updated material so that stakeholders and professionals only invest in critical areas.
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Based on resin, the market is divided into acrylic, alkyd, polyurethane, epoxy, polyester and others.
Based on technology, the market is categorized into solvent, water-based, powder, and others.
In terms of end use, the market is categorized into general industrial, powder, automotive OEM, automotive refinish, protective, wood, marine, coil, packaging, and others. An expected increase in infrastructure construction activities and a growing middle class create lucrative opportunities for the market.
Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Drivers and Constraints
Growing environmental concerns to drive growth
Manufacturing processes for industrial coatings release Volatile Organic Compounds (VOCs) that must be effectively eradicated. These organic chemicals turn into gases once stored at room temperature. VOCs are the main cause of air pollution at ground level. Therefore, many manufacturers these days are rapidly turning to powder-based or water-based coatings to maintain durability. This aspect is expected to drive the growth of the industrial coatings market in the coming years.
Asia-Pacific held the maximum industrial coatings market share and is expected to maintain its leading position in the market over the coming years. This growth is attributable to the increase in consumer spending and the increase in automobile production.
Europe, on the contrary, should show considerable growth supported by the ongoing developments in the oil and gas sector. At the same time, the increasing use of powder coatings due to rapid technological advancements in this sector would drive the growth.
North America should expand at a reasonable pace. Industrial coatings in the region are in high demand due to increased industrial manufacturing.
Crucial Players Focus on Unveiling New Products to Strengthen Their Positions
The industrial coatings market is highly fragmented in nature, supported by the existence of several major national and international companies. Most of them focus on launching cutting-edge products to meet the huge demand from many end-use industries.
Browse Detailed Abstract of Research Report with TOC:
Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- key ideas
- Main emerging trends – for main countries
- Industry SWOT Analysis
- Regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Resin Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on the Global Industrial Coatings Market
- Supply chain challenges
- Measures taken by government/companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
- Global Industrial Coatings Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market size estimates and forecasts
- Per resin (volume/value)
- By technology (volume/value)
- Solvent based
- By end use (volume/value)
- General industrial
- Automotive OEM
- Car repair
- By region (volume/value)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Per resin (volume/value)
Talk to our expert:
Frequently Asked Questions (FAQ):
Why are industrial coatings important?
Reply: Industrial coatings are the best way to protect a variety of surfaces. They prevent corrosion. Rust or other corrosive debris is another problem that often occurs in industrial applications.
Who is the largest coatings company in the world?
Reply: Industrial Coatings Ltd. (Finland), PPG Industries, Inc. (USA), The Sherwin-Williams Company
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