Industrial Coatings Market worth $116.0 billion by 2026 | Key players AkzoNobel N.V., PPG Industries, Sherwin-Williams, Axalta coating systems, Nippon Paint

According to recent market research "Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Alkyd), Technology (Solvent-based, Water-based, Powder), End-Use Industry (General Industrial, Protective, Automotive, Aerospace, Wood, Packaging) and Region - Global Forecast to 2026", is projected to grow from USD 102.0 billion in 2021 to USD 116.0 billion in 2026, at a CAGR of 2.5%. Growing demand for Industrial Coatings due to the increasing demand of environment-friendly coatings.

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The general industrial coatings market has diverse end users and is tied to multiple industries. The drivers of the general industrial coatings market are population growth, improved standard of living, infrastructure growth, global GDP growth, and growth in the construction industry. Lighting fixtures, antennas, and electrical components are some of the powder-coated products used daily. Schools use powder-coated bleachers, soccer goals, basketball backstops, lockers, and cafeteria tables. In Corporate offices, powder-coated file drawers, computer cabinets, laptop computers, and cell phones are widely used. In residential houses, powder-coated baby strollers, cribs, playpens, car seats, toys, wagons, electronic components, gutters & downspouts, bathroom scales, mailboxes, satellite dishes, toolboxes, and fire extinguishers are used.

Asia Pacific encompasses a diverse range of economies with different levels of economic development and multiple industries. The development of the market is mainly attributed to the high economic growth rate followed by heavy investment across industries, such as automotive, consumer goods & appliances, and furniture. Key players are expanding their industrial coatings production in Asia Pacific, especially in China and India. The advantages of shifting production to the region are the low cost of production and the ability to better cater to the emerging local markets.

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The Industrial Coatings market is projected to grow from USD 102.0 billion in 2021 to USD 116.0 billion by 2026, at a CAGR of 2.5% between 2021 and 2026. Asia Pacific is the largest consumer of industrial coatings. The global Industrial Coatings market is driven by the increasing demand from the general industries and automotive industries.

The key players operating in the market are AkzoNobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams (US), Axalta coating systems, LLC (US) and Nippon Paint (Japan). These players have adopted various strategies, such as joint venture & partnership, mergers & acquisition, investment & expansion, and new product launch to grow in the market. Mergers & acquisitions is the key strategy adopted by the major players between 2016 and 2021. This strategy helped companies enhance their global presence.

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PPG Industries, Inc. (US) manufactures and distributes coatings, optical & specialty materials, and glass products. The company operates through five segments, namely, performance coatings, industrial coatings, architectural coatings, optical & specialty materials, and glass. It also provides industrial and automotive coatings to manufacturing companies, adhesives & sealants to the automotive industry, metal pretreatments & related chemicals for industrial and automotive applications, and packaging coatings to aerosol, food, and beverage container manufacturers.

Axalta Coating Systems LLC is a diversified coatings company. It mainly operates through two segments, performance coatings and transportation coatings. The performance coatings segment is further subsegmented into refinish and industrial, and the transportation segment into light vehicle and commercial vehicle. The company manufactures liquid coatings and powder coatings which are used for various applications such as automotive OEMs, automotive refinish, transportation, general industrial, and architectural & decorative coatings. Axalta Coating Systems LLC has a strong customer base and operates in various countries in Europe, North America, Asia Pacific, and the Middle East & Africa.

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