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Industrial Coatings Market - Forecast (2022 - 2027)

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  • 125 Pages
  • April 2022
  • Region: Global
  • IndustryARC
  • ID: 5616240
The Industrial Coatings Market size is forecast to reach $100.51 billion by 2027, after growing at a CAGR of 4.80% during 2022-2027. Industrial coating is widely used by 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 (2022-2027)” 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 in 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 the 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 the use of coatings for the aerospace industry is 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 an 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 the 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 the acrylic resin is expected to drive the industrial coatings market during the forecast period.

Technology- Segment Analysis

The 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 2021 and is expected to rise at a CAGR of 5.90% in terms of revenue during the forecast period from 2022-2027. 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, the increasing demand of automotive refinish for maintenance and repair of the vehicle along with the 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 the industrial coatings market is anticipated to rise in the forecast period.

Geography- Segment Analysis

The rest of APAC dominated the Industrial Coatings Market with a share of 37% in 2021 and is projected to dominate the market during the forecast period (2022-2027). The rest of the Asia-Pacific countries includes China, Japan, South Korea, Australia & New Zealand, Taiwan and Others. The Rest of the 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 in 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 of 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), the 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. The Asia Pacific will have a significant share of the overall industry owing to large-scale shipbuilding activities in China, Japan, South Korea, the 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 for import and export via waterways tends to increase the demand for marine coatings around the globe, which leads to the growth of industrial coatings globally over the forecast period.

Challenges - Industrial Coatings Market

Fluctuations in Raw Material Prices

Due to the 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 the coming time period. Also, due to the COVID-19 pandemic, the production of crude oil has been decreased drastically, which in parallel, has 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 2021, 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 2022, 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 2022, AkzoNobel N.V acquired the remaining 25% stake in Akzo Nobel Boya Sanayi ve Ticaret A.S., to consolidate a strong position in powder coatings in Turkey. The company has now acquired full ownership, having previously held the majority share.

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Table of Contents

1. Industrial Coatings Market - Market Overview
1.1 Definitions and Scope
2. Industrial Coatings Market - Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by Resin Type
2.3 Key Trends by Technology
2.4 Key Trends by End-Use Industry
2.5 Key Trends by Geography
3. Industrial Coatings Market - Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis
4. Industrial Coatings Market - Market Forces
4.1 Market Drivers
4.2 Market Constraints
4.3 Market Opportunities
4.4 Porters five force model
4.4.1 Bargaining power of suppliers
4.4.2 Bargaining powers of customers
4.4.3 Threat of new entrants
4.4.4 Rivalry among existing players
4.4.5 Threat of substitutes
5. Industrial Coatings Market -Strategic analysis
5.1 Value chain analysis
5.2 Opportunities analysis
5.3 Market life cycle
5.4 Suppliers and distributors
6. Industrial Coatings Market - By Resin Type (Market Size -$Million)
6.1 Polyurethane
6.2 Epoxy
6.3 Acrylic
6.4 Polyester
6.5 Alkyd
6.6 Fluoropolymer
6.7 Vinyl
6.8 Others
7. Industrial Coatings Market - By Technology (Market Size -$Million)
7.1 Solvent-Borne
7.2 Water-Borne
7.3 Powder Coating
7.4 Others
8. Industrial Coatings Market - By End-Use Industry (Market Size -$Million)
8.1 Oil and Gas
8.1.1 Pipeline
8.1.2 Tank Internal Tank Lining External Tank Lining
8.1.2 Others
8.2 Water and Wastewater
8.2.1 Water Tanks Internal Tank Lining External Tank Lining
8.2.2 Water Pipeline
8.2.3 Wastewater Pipeline
8.2.4 Others
8.3 Chemical
8.4 Food and Beverage
8.5 Renewable Energy
8.5.1 Wind
8.5.2 Solar
8.6 Mining
8.7 Marine
8.8 Industrial/polymeric floor coatings
8.9 Power Transmission
8.10 Transportation
8.10.1 Automotive Auto OEM Auto Refinish
8.10.2 Aviation
8.10.3 Locomotive
8.11 Others
9. Industrial Coatings Market - By Geography (Market Size -$Million)
9.1 Americas
9.1.1 North America U.S. Canada Mexico
9.1.2 South America Brazil Argentina Colombia Chile of South America
9.2 EMEA
9.2.1 Europe U.K Germany Italy France Spain Russia Rest of Europe
9.2.2 Middle East Saudi Arabia UAE Israel Rest of Middle East
9.2.3 Africa South Africa Nigeria Rest of Africa
9.3 India
9.3.1 North India
9.3.2 South India
9.3.3 West India
9.3.4 East India
9.4 South East Asia
9.4.1 Vietnam
9.4.2 Indonesia
9.4.3 Thailand
9.4.4 Malaysia
9.4.5 Singapore
9.4.6 Rest of South East Asia
9.5 Rest of Asia- Pacific
9.5.1 China
9.5.2 Japan
9.5.3 South Korea
9.5.4 Australia and New Zealand
9.5.5 Taiwan
9.5.6 Rest of Other APAC (Excl. India and South East Asia)
10. Industrial Coatings Market - Entropy
10.1 New Product Launches
10.2 M&A’s, Collaborations, JVs and Partnerships
11. Industrial Coatings Market - Company Analysis
11.1 Market Share, Company Revenue, Products, M&A, Developments
11.2 Company 1
11.3 Company 2
11.4 Company 3
11.5 Company 4
11.6 Company 5
11.7 Company 6
11.8 Company 7
11.9 Company 8
11.10 Company 9
11.11 Company 10 and more