A recent report published by
Infinium Global Research on the industrial coating market provides an in-depth
analysis of segments and sub-segments in the global as well as regional
industrial coating market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional industrial coating
market over the short term as well as long term. The report is a comprehensive
presentation of trends, forecasts, and dollar values of the global industrial coating
market. According to the report, the global industrial coating market is projected
to grow at a CAGR of over 4% during the forecast period of 2022-2028.
The value of the industrial
coating market in 2022 was more than USD 83 billion and expected to reach about
USD 112 billion in 2028 and is expected to be growing with a CAGR of over 4% during
the forecast period. The growing demand for environment-friendly coatings has
evolved greatly over the past few years due to the advancements in
technologies. Industrial coatings products are being used since ancient ages.
The technologies which are being used currently to manufacture the coatings
differ from solved-based technology which was being used before. Industrial
coatings offer us benefits such as crack ability, high flexibility,
waterproofing & weatherproofing, resistance to dirt, mildew, and chemicals.
Moreover, the use of the industrial coating in industries is rising due to
corrosion, chemical resistance, or weather ability of cost-saving reduction.
The market players in the Industrial coating industry are offering a wide range
of coatings such as Polyurethane Coatings, Waterborne Coatings, Nanocoating,
Acrylic Coatings, and many others.
COVID-19 was an incomparable global
public health emergency that has affected almost every industry and is
projected to impact these various industry growths during the forecast period.
During the Covid-19, pandemic people were compelled to stay in their homes. The
governments of many countries in the world turned their focus to healthcare
from other industries. This significantly disrupted their supply chain
operations and manufacturing as lockdowns were imposed by the respective
governments. Manufacturing facilities were all shut down due to the pandemic in
almost every country across the globe. Logistical restrictions, manpower
shortage, material unavailability, and other restrictions had reduced the
growth of the industry. The pandemic has affected the normal production of
The rising awareness regarding the
demand for environmentally-friendly coatings among consumers is the major
driving factor for the market growth. The demand for sustainable coating is
increasing among consumers. The industrial coating has excellent properties
which provide corrosion resistance, wear resistance, conductivity, etc.
Furthermore, consumers have changed buying behavior across the world for
industrial coating due to changing technologies considering the long-term
durability and water resistance. A large number of people prefer powder
coatings, largely due to sustainability benefits and the new and effective uses
for powder, such as antimicrobial powder applications in high-touch settings,
and powder on heat-sensitive substrates. However, the availability of cheaper
substitutes such as different types of paints is a major factor that is
anticipated to restrain the growth of the industrial coating market.
Nevertheless, the development of innovative industrial coating products is
expected to provide growth opportunities to the industrial coating market in
the upcoming future.
The report provides a regional
outlook covering geographies such as North America, Europe, Asia-Pacific, and
the Rest of the World. The Asia Pacific is expected to dominate the industrial
coating market during the forecast years. Increasing industrialization and
growing product demand from the automotive and vehicle refinish sector in
countries such as India, Japan, and South Korea are expected to drive the
market over the forecast period. Factors such as the easy availability of raw
materials and less stringent laws regarding VOC emissions in the Asia Pacific
compared to North America and Europe are expected to create large-scale
opportunities for the use of industrial coatings in various end-use sectors,
such as the general industry, automotive and vehicle refinish, and marine. Low
labor cost in the emerging nations of Asia Pacific has attracted many foreign
investors to set up their manufacturing facilities in the region. Thus, the
growing number of manufacturing facilities is boosting construction activities
in the region, which, in turn, is anticipated to propel the demand for
industrial coatings over the forecast period.
The report on global industrial
coating market covers segments such as type, technology, and end-user. On the
basis of type, the sub-markets include epoxy, acrylic, polyurethane, polyester,
and others. On the basis of technology, the sub-markets include water-borne
coatings, solvent-borne coatings, and others. On the basis of end-user, the
sub-markets include general industrial, and protective coatings.
The report provides profiles of
the companies in the market such as AkzoNobel N.V., Axalta Coating Systems,
BASF SE, Beckers Group, Chugoku Marine Paints, Ltd, Hempel A/S, Jotun, Kansai
Paint Co. Ltd., Nippon Paint, and PPG Industries.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of industrial coating market. Moreover, the study highlights current
market trends and provides forecast from 2022-2028. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.