Industrial Coatings Market worth $103.2 billion by 2025 | Key Players include Jotun A/S, Axalta Coating Systems, LLC, AkzoNobel N.V., The Sherwin-Williams Company, Teknos Group

According to recent market research "Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Polyester, Alkyd), Technology, End-Use Industry (Industrial, Industrial, Protective, Automotive, Aerospace, Marine, Wood, Packaging), And Region – Global Forecast To 2025", The industrial coatings market is expected to grow from USD 85.2 billion in 2020 to USD 103.2 billion by 2025, at a CAGR of 3.9% during the forecast period. The major factors driving the industrial coatings market include the increasing demand for environmentally-friendly coatings, need for efficient process and durable coatings with better aesthetics, and growing demand from the APAC region.

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Acrylic resins are a group of thermoplastic or thermosetting plastic substances derived from acrylic acid, methacrylic acid, and other related compounds. These resins offer excellent resistance to extreme environmental conditions and enable fast-setting times in comparison to other resin systems. They find use in automotive, industrial assembly, furniture, electrical & electronics, and other end-use industries.

Solvent-based industrial coatings are preferred over water-based coatings in humid environments. Solvent-based coatings cure due to a chemical reaction between oxygen in the atmosphere and their constituents, and not by the evaporation of water. Solvent-based industrial coatings achieve a higher gloss level than water-based coatings. It is applied to the surface of the material to prevent corrosion and is more flexible than water-based coatings during the curing of the coating. Solvent-based industrial coatings are used widely in numerous end-user industries such as automotive, marine, aerospace, coil, transportation, packaging, and protective, among others.

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The industrial coatings market size is estimated to grow from USD 85.2 billion in 2020 to USD 103.2 billion by 2025, at a CAGR of 3.9% during the forecast period. Industrial coatings are thin films applied on materials to add or enhance their specific properties such as corrosion resistance, wear resistance, and conductivity. Industrial coatings are manufactured with conventional polymers such as epoxy, polyurethane, acrylic, alkyd, polyesters, and fluoropolymer. Industrial coatings are used in production plants, to coat discrete parts, finished assemblies (automobiles, trucks, aircraft, and vessels), tanks, piping, metal sheet, wood panels, paper, and paperboard. The industrial coatings market depends heavily on the performance of the end-user industries such as automotive, aerospace, marine, wood, packaging, protective, coil, transportation, and general industrial equipment.

Based on resin type, polyurethane resins dominated the industrial coatings market in 2019. Polyurethane resin-based coatings have properties, such as high durability, toughness, ease of cleaning, and high gloss. These properties make them preferable in a wide range of applications. The polyurethane resin-based coatings are used where high performance is expected, such as oil-rig towers, warehouses, industrial plants, heat-resistant coatings, and bridges.

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The coating technology is used for covering a substrate material with an organic film that possesses the desired protective, mechanical, optical, aging, and adhesion properties. Many technologies process and convert resins, pigments, and additives to industrial coatings, which are used in many end-use industries such as automotive, marine, aerospace, protective, industrial wood, general industrial, coil, packaging, and rail.

The two main technologies used to manufacture industrial coatings are water-based and solvent-based. Solvent-based formulations occupy the largest share of the industrial coatings market owing to their popularity as they are used in diverse coating applications due to their high performance. Solvent-based industrial coatings are mainly used in automotive coatings, general industrial coatings, and protective coatings.

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