Industrial Coatings Market is Forecasted to Reach US$ 116 Billion in 2028, Says Stratview Research

The global industrial coatings market is projected to witness a growth rate of 2.5% annually from 2023 to 2028, with an anticipated size of US$ 116 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global industrial coatings market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 116 billion
Growth (CAGR): 2.5% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Industrial Coatings Market:

The global industrial coatings market is segmented based on resin type, technology type, end-use industry type, and region.

Based on resin type - "Acrylic is expected to remain the most preferred resin in the market during the forecast period".
The industrial coatings market is segmented into polyurethane, epoxy, acrylic, alkyl, and others. Acrylic is expected to dominate the market during the forecast period due to its corrosion resistance, good adhesion, barrier & inhibitory ability, and fast-drying features. It is widely used in general industries, automobile & auto refinish, aerospace, and other end-use industries.
The use of acrylic industrial coatings can be found on new and renovated buildings, machinery, intermodal containers, and automobiles, among other things. Metal coatings are applied in an industrial setting using alkyd industrial coatings. These coatings resist corrosion and offer good gloss and color retention.

Based on technology type - "Solvent-based is expected to remain the dominant as well as the fastest-growing technology type in the market during the forecast period".
The market is segmented into solvent-based, water-based, powder, and others. Solvent-based technology is anticipated to maintain its position as the primary and most rapidly expanding technology type within the market throughout the forecast period. This is supported by the fact that it is increasingly used in the oil and gas, maritime, automotive, and other industries.
During the forecast period, attributes including shorter drying periods and improved performance in humid and open environments are also anticipated to fuel segment expansion. Due to the expansion of the industrial sector, solvent-borne coatings are predicted to be in high demand in growing nations like China, India, and Brazil. However, strict VOC emission restrictions, notably in North America and Europe, are anticipated to pose a development hurdle for this market.

Based on end-use industry type - "The protective industry is anticipated to be the dominant end-use industry in the industrial coatings market during the forecast period".
The market is segmented into general industrial, protective, automotive, aerospace, wood, packaging, and others. During the forecast period, it is expected that the protective industry will emerge as the leading end-use sector in the industrial coatings market. The surface of materials can be shielded against oil, chemicals, light, water, excessive temperature swings, and other things by using protective coatings.
Benefits of protective coatings include corrosion, fire, and chemical abrasion resistance, as well as waterproofing and thermal insulation. Applications for protective coatings include consumer goods, heavy equipment, infrastructure, power generation, water and sewage, petrochemicals, and oil and gas.

To know the most attractive segments, click here:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for industrial coatings during the forecast period. This growth outlook is majorly attributed to the following-

• This is due to countries like India, Japan, and South Korea's quick industrialization and rising product demand from the automotive and vehicle refinish sectors.
• Large-scale opportunities for the use of industrial coatings in various end-use sectors, including marine, automotive, vehicle refinish, and general industries, are predicted to be created by factors like less stringent laws regarding VOC emissions in Asia Pacific compared to Europe and North America and the simple availability of raw materials.
• Many foreign investors have established their manufacturing facilities in the rising nations of Asia and the Pacific due to the region's low labor costs. Thus, the expansion of manufacturing facilities is stimulating the region's building industry.

Industrial Coatings Market Drivers:

Some of the key drivers listed in the report are given below.
• The need for industrial coatings is anticipated to increase due to the expanding use of refinish coatings for automobile maintenance, repair, and aftermarket painting due to appearance, surface protection, and corrosion resistance.
• Increasing population.
• Rising standard of living
• Infrastructure expansion
• Global GDP expansion
• Construction sector expansion

Top Companies in the Industrial Coatings Market:

Stratview Research has identified the following companies as the top market players.
• Akzo Nobel N.V.
• Axalta Coating Systems, LLC
• BASF Coatings Gmbh
• Hempel A/S
• Jotun A/S
• Kansai Paint Co., Ltd.
• Nippon Paint Holdings Co., Ltd.
• PPG Industries Inc
• RPM International, Inc.
• The Sherwin-Williams Company

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Industrial Coatings Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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