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Industrial Coating Market (Type - Epoxy, Acrylic, Polyurethane, Polyester, and Others; Technology - Water-borne Coatings, Solvent-borne Coatings, and Others; End-user - General Industrial, and Protective Coatings): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : June, 2022

  • Rep Id : CM00888

  • Category : Chemicals & Materials

  • Status : Published

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.

 

Market Insight

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 companies.

 

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. 

 

Segment Covered

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.

 

Companies Profiled:

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.

 

Report Highlights:

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.


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