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Industrial Coatings Market - Forecast (2020 - 2025)

  • ID: 3501454
  • Report
  • August 2020
  • Region: Global
  • 240 pages
  • IndustryARC
Industrial Coatings Market size is forecast to reach $100.51 billion by 2025, after growing at a CAGR of 4.80% during 2020-2025. Industrial coating is widely used in various end users, owing to the properties such as chemical resistance, water resistance, durability, impact resistance, abrasion resistance, and UV light resistance. The demand for industrial coatings is rising in various applications such as concrete, steel, board, wall, roofs, and other industrial materials. Also, increasing demand for environmentally friendly coatings is driving demand for water and powder-based industrial coatings due to growing environmental issues and strict VOC norms. Hence, the following factors overall increase the growth of the Industrial Coatings Industry over the forecast period.

Report Coverage

The report “Industrial Coatings Market– Forecast (2020-2025)”, covers an in-depth analysis of the following segments of the Industrial Coatings Industry.

By Resin Type: Polyurethane, Epoxy, Acrylic, Polyester, Alkyd, Fluoropolymer, Vinyl, and Others

By Technology: Solvent-Borne, Water-Borne, Powder Coating, and Others

By End Use: Oil & Gas, Water and Wastewater, Chemical, Food & Beverage, Renewable Energy, Mining, Marine, Industrial/Polymeric Floor Coatings, Power Transmission, Transportation, and Others

By Geography: Americas, EMEA, South East Asia, and Rest of Asia Pacific.

Key Takeaways
  • The change to waterborne goods, which began with decorative paints, has resulted approx. 75 percent reduction in VOC emissions globally over the past 10 years. Hence, switching towards waterborne goods will drive the industrial coatings market in the projected period.
  • The durability and reflectivity of the acrylic based industrial coatings makes it a high value, cost effective investment, prolonging the life of the roof and lowering the temperature in the building, which in turn reduces energy consumption. Owing to this the demand for industrial coatings market is anticipated to rise in the forecast period.
  • Aerospace is a high technology industry which deals with the designing, building, testing and maintaining of aircraft, aircraft parts, rockets or other spacecraft. Thus, increasing use of coatings for aerospace industryis anticipated to boost the industrial coatings market in the forecast period.
  • Due to COVID-19 palindrome, for industrial coatings, customer shutdowns, record declines in consumer spending, and lack of capital expenditures are trends all having a negative impact on the markets. Within the broad scope of industrial segments, markets related to automotive and transportation have been notably impacted.
Resin Type - Segment Analysis

Acrylic is the widely used resin type in the Industrial Coatings Market. Acrylic resin is mainly engineered metal derivate that enhance the performance of the industrial coatings. The main benefits of acrylic industrial coatings are the ease of use, physical properties, and their low costs. Also, the acrylic based industrial coatings have excellent physical properties, which are attained very quickly because of their rapid drying nature. They are fungus resistant, provide longer than average pot life, and have excellent moisture protection. Roof coatings are growing in popularity and a wide range of homeowners are turning to acrylic coating as it is environmentally friendly. Their durability, coupled with their ability to decrease the monthly energy bill, is two of the main advantages that an acrylic coating has to provide.According to International Trade Centre (ITC), the world export of acrylic resins was worth USD 13,490,819 thousand in 2016, and USD 15,291,934 thousand in 2017, which further increased to USD 17,152,076 thousand in 2018. Hence, the increasing demand for acrylic resin is expected to drive the industrial coatings market during the forecast period.

Technology- Segment Analysis

Solvent-Borne technique is extensively used in the Industrial Coatings Market. A solvent-borne industrial coating is a liquid protective layer that is primarily composed of organic compounds and applied to a material's surface to prevent corrosion. Solvent-borne industrial coatings are typically more resilient than water-borne coatings during the curing of the coating. Solvent-borne industrial coatings cure due to a chemical reaction between oxygen in the atmosphere and the constituents of the solvent-borne industrial coating, and not by the evaporation of water. This makes humidity less of a factor for solvent-borne industrial coatings. These coatings have one major advantage over other industrial coatings. They are less susceptible to environmental conditions such as temperature and humidity during the curing phase. Humidity can actually prevent the water in a water-based coating from evaporating, making them impractical in some climates.

End Use- Segment Analysis

Transportation Sector held the largest share in the Industrial Coatings Market in 2019 and is expected to rise at a CAGR of 5.90% in terms of revenue during the forecast period from 2020-2025. The transportation industry is a vast ecosystem that covers everything related to the major modes of transport, namely road, rail, and air transport. The transportation industry is among the world’s most competitive industries where industrial coatings are used to increase application efficiency, productivity, and offer improved durability. Industrial coatings are done in transportation for the long haul on the toughest on-road and off-road terrain. Also, an industrial coating extends the life of the transports through outstanding corrosion protection, enduring color and long-lasting gloss. Furthermore, increasing demand of automotive refinish for maintenance and repair of vehicle along with growing requirement for electric and hybrid vehicles considering carbon emissions will boost the industrial coatings market.According to the International Transport Forum, the global GDP grew by 3.6% between 2017 and 2018, rising at a slightly lower rate than the year before. Therefore, with the rising transport sector, the growth for industrial coatings market is anticipated to rise in the forecast period.

Geography- Segment Analysis

Rest of APAC dominated the Industrial Coatings Market with a share of 37% in 2019 and is projected to dominate the market during the forecast period (2020-2025).Rest of Asia-Pacific countries includes China, Japan, South Korea, Australia & New Zealand, Taiwan and Others. The Rest of APAC region is a huge manufacturing hub that has drawn foreign investment and booming industrial sectors mainly because of low-cost labor and easily accessible raw materials. Demand for industrial coatings is rising because of the region’s growing chemical, aerospace, transport, marine, and automotive industries. China is the world’s largest economy based on purchasing power parity with a GDP of $23.2 trillion in 2017. Manufactured products account for about 94.3% of China’s $2.09 trillion total exports which include automobiles, ships, locomotives, textiles, fertilizers, and electronics. Also, the manufacturing industry in Japan is the most diversified with various advanced industries which are exceedingly successful. Japan has managed to become a leader in technological development in a wide range of fields of manufacturing which include semiconductors, consumer electronics, optical fibres, automobile manufacturing, optoelectronics, copy machines, facsimile, and optical media among others. Thus, growing development in various end use industries in this region will further drive the market for Industrial Coatings in the forecast period.

Drivers –Industrial Coatings Market

- Growing trends of automotive refinish coatings

The advent of autonomous and electric cars is making waves in the auto refinish world. As OEMs increasingly adopt the use of ADAS (advanced driver-assistance systems), body shops are consequently seeing an increase in the complexity and cost of repairs with the significant effort required to maintain and calibrate these systems in line with OEM specifications. Additionally, the drive to reduce overall CO2 emission of vehicles through weight reduction, and the use in body sensors is resulting in the need for new repair coatings that can cope with light-weight multi-substrate vehicles while ensuring radar and LIDAR safety systems are not impacted. Also, auto refinish manufacturers are seeing a strong move into cosmetic repair coming from allied automotive industries, rather than from traditional collision repair streams, where these activities can be aligned along with glass replacement, mechanical service, or specifically focused on serving the growing trend in automotive mobility services. The growing developments and the rising trends of automotive refinish tend to increase the market growth of industrial coatings.

- Tremendous advancements in the shipbuilding industry across APAC

Chinese Association of Shipbuilding Industry (CASI), Asia Pacific, led by China, South Korea and Japan, has made tremendous advancements in the shipbuilding industry. China emerged as the global leader, the research states, with new orders accounting for more than 33 percent of the global shipbuilding industry. Asia Pacific will have a significant share of the overall industry owing to large-scale shipbuilding activities in China, Japan, South Korea, Philippines and Taiwan. In Europe, for example, major shipping countries such as Greece, Germany, Norway (the maritime hubs) continue to have the highest demand for marine coatings. APAC (specifically Japan, China, and Singapore) also has a high demand. The growing demand of import and export via waterways tends to increase the demand of marine coatings around the globe, which leads the growth of industrial coatings globally over the forecast period.

Challenges – Industrial Coatings Market

- Fluctuations in Raw Material Prices

Due to recent price war between Saudi Arabia and Russia, as well as the on-going tension between U.S and China, the crude oil prices have highly got impacted. Various developing countries got benefited from this war, whereas, the major producers and highly developed countries have faced high prices. This price fluctuation of crude oil has impacted the price of resins, which can increase the price of industrial coatings in coming time period. Also, due to COVID-19 pandemic, the production of crude oil have been decreased drastically, which in parallel, have reduced the availability of resins across the globe, and thus tends to increase its price when it comes to the consumption while manufacturing coatings. The growing raw material prices tend to constrain the growth of the market.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Industrial Coatings Market. In 2019, the market of Industrial Coatings has been consolidated by the top ten seven players accounting for 18% of the share. Major players in the Industrial Coatings Market are PPG Industries, Inc., Akzonobel, The Sherwin-Williams Company, Axalta Coating Systems, LLC, BASF, Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Jotun, Hemple A/S, and KCC Corporation among others.

Merger & Acquisition
  • In March 2020, PPG announced the acquisition of Alpha Coating Technologies, LLC (Alpha), which manufactures powder coatings for light industrial applications and heat sensitive substrates. This acquisition helped PPG in providing their customers with outstanding products and services.
  • In March 2020, AkzoNobel N.V acquired the remaining 25% stake in Akzo Nobel Boya Sanayi ve Ticaret A.S., to consolidate strong position in powder coatings in Turkey. The company has now acquired full ownership, having previously held the majority share.


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1. Industrial Coatings – Market Overview

2. Executive Summary

3. Industrial Coatings – Market Landscape
3.1. Market Share Analysis
3.2. Comparative Analysis
3.2.1. Product Benchmarking
3.2.2. End User Profiling
3.2.3. Top 5 Financials Analysis

4. Industrial Coatings – Market Forces
4.1. Market Drivers
4.2. Market Constraints
4.3. Market Challenges
4.4. Attractiveness of the Industrial Coatings Industry
4.4.1. Power Of Suppliers
4.4.2. Power Of Customers
4.4.3. Threat Of New Entrants
4.4.4. Threat Of Substitution
4.4.5. Degree Of Competition

5. Industrial Coatings – Strategic Analysis
5.1. Value Chain Analysis
5.2. Pricing Analysis
5.3. Opportunities Analysis
5.4. Product/Market Life Cycle Analysis
5.5. Suppliers And Distributors

6. Industrial Coatings – By Coating Resin
6.1. Acrylic
6.2. Alkyd
6.3. Urethane
6.4. Epoxy
6.5. polyesters
6.6. Others

7. Industrial Coatings – By Type
7.1. Galvanization (zinc coating)
7.2. Physical Vapor Deposition (PVD)
7.3. Others

8. Industrial Coatings – By Formulation
8.1. Water-Based
8.2. Solvent-Based
8.3. Powder Coating
8.4. Others

9. Industrial Coatings – By End-User Application
9.1. Construction
9.2. Steel
9.3. Decorative Coating
9.4. Protective coatings
9.5. Automotive
9.6. Marine
9.7. Others (Protective Coating, Can Coatings and more)

10. Industrial Coatings – By Geography
10.1. Americas
10.1.1. North America
10.1.2. Brazil
10.1.3. Mexico
10.1.4. Argentina
10.1.5. Others
10.2. Europe
10.2.1. Germany
10.2.2. U.K.
10.2.3. France
10.2.4. Others
10.3. APAC
10.3.1. China
10.3.2. Japan
10.3.3. India
10.3.4. Others
10.4. RoW

11. Market Entropy
11.1. New product launches
11.2. M&A’s, collaborations, JVs and partnerships

12. Company Profiles
12.1. Introduction
12.2. BASF SE
12.3. Asian Paints Limited
12.4. AkzoNobel N.V.
12.5. The Sherwin-Williams Company
12.6. Nippon Paint Holdings Co., Ltd.
12.7. Jotun A/S
12.8. The Valspar Corporation
12.9. PPG Industries Inc.
12.10. E. I. du Pont de Nemours and Company
12.11. Kansai Paint Company Limited
12.12. RPM International Inc.
*More than 40 Companies are profiled in this Research Report, Complete List available on Request*
"*Financials would be provided on a best efforts basis for private companies"

13. Appendix
13.1. Abbreviations
13.2. Sources
13.3. Research methodology
13.4. Bibliography
13.5. Compilation of Expert Insights
13.6. Disclaimer
Note: Product cover images may vary from those shown

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