Industrial Coatings Market Size to Reach USD 209.40 BN by 2032

Tokyo, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Rising demand for anti-corrosive coatings is prone to boost the growth of the global industrial coatings market. Industrial coating is an additional layer of protection provided to a surface to meet industrial standards.

Industrial coatings are applied on various surfaces that offer endless benefits, including enhanced/prolonged life and quality to the equipment, improved resistance, and protection against corrosion and other potential hazards. Various techniques are applied for the industrial coating process, such as spraying, brushing, dip coating, roll coating, spin coating, flow coating, and PVD coating.

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The primary concern for industrial coating is extreme weather conditions. To cope with this obstacle, many companies prefer the application of acrylic coating as acrylic carries potential weather resistance properties. The global market was affected adversely during the outbreak of Covid-19 due to reduced demand. However, the rising number of automotive and infrastructure industries across the globe, along with increased demand for durable equipment, is considered to boost the growth of the industrial coatings market during the forecast period.

Report Highlights

• By technology, the solvent borne segment has held highest revenue share of over 36.41% in 2022.
• By product, acrylic segment was highest revenue holder in 2022 and hold 34.1%.
• By end-users, general industrial segment has generated revenue share of 40.49% in 2022.
• Asia Pacific has accounted revenue of over 44.6% in 2022.

Regional Snapshot:

Asia Pacific is the most dynamic region for the industrial coatings market, and China is one of the largest distributors of raw materials for industrial coatings. Favourable trends such as rising industrialization, construction activities and urbanization in developing countries have surged the demand for industrial coatings. Moreover, new product launches and product portfolio expansion by prominent vital players are boosting the growth of the industrial coatings market in Asia Pacific. For instance, in January 2023, Arkema announced doubling its powder coating capacity in a Mumbai-based plant in India. This expansion reinforces the company's position in the global industrial coatings market. Companies such as Nippon Paint Holdings Co Ltd., Kansai Paint Co Ltd. and Berger Paints Ltd are headquartered in Asia Pacific and contribute to the market's growth.

North America and Europe are expected to show a significant increase in the industrial coatings market during the forecast period of 2023-2032. With rising environmental concerns, water-borne coatings are in demand in the North American industrial coatings market. The US is the largest motor vehicle market, and the automotive industry is expected to boost the demand for durable and anti-corrosive industrial coatings. The presence of major key players such as Akzo Nobel N.V., Axalta Coatings Systems, LLC., PPG Industries, The Sherwin-Williams Company, RPM International Inc., The Chemours Company FC LLC. and Hempel A/S is contributing to the growth of the market in North America. The United States and Canada are considered significant contributors to the revenue of the industrial coatings market in North America.

The sudden outbreak of Covid-19 negatively impacted the European industrial coatings market. However, the market holds the potential to witness a surge in demand for industrial coatings owing to rising construction activities post-pandemic. In recent years, emerging economies in European countries have boosted the demand for premium coatings and paints. Due to the rising population and presence of most industries, Germany is expected to dominate the European industrial coatings market. Continuous market development, including new product launches, mergers and partnerships for business expansion, are considered major driving factors for the regional industrial coatings market.

Rising demand for durable coatings from automotive, packaging and oil & gas industries in gulf countries of the Middle East will boost the growth of the industrial coatings market in the region. Saudi Arabia is the most significant contributor to the development of the industrial coatings market and is expected to maintain the growth with rising demand for coatings from the maritime industry. The emerging economy has surged the construction activities in the region, and this factor propels the development of the industrial coatings market in the Middle East. Companies such as Al Jazeera Paint, Jotun Paint, Middle East Paint Company and Henkel Jebel Ali FZCO are contributing to the growth of the industrial coatings market in the region. The market in Africa is expected to show a significant increase at a pace during the forecast period.

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Scope of the Report

Market dynamics:

Driver:

Rising demand for anti-corrosive coatings

Rising investments in the construction industry in developing countries are considered to boost the demand for anti-corrosive coatings, which subsequently encourages the growth of the industrial coatings market. In order to cope with extreme weather conditions or other affecting issues, the demand for anti-corrosive coatings is increasing. Anti-corrosive coatings offer an additional protective layer against corrosion and provide extra life to the product. Anti-corrosive coatings are highly preferred for the preservation of the product and equipment of construction. Industries such as automotive, construction, infrastructure and oil & gas that are heavily consumed with metals demand anti-corrosive coatings.

The rising demand for anti-corrosive coatings is highly attributed to increasing industrialization. The rising demand for anti-corrosive coatings from the marine industry is considered a major driving factor for the growth of the industrial coatings market. The maritime sector utilizes anti-corrosive coatings or paints to protect ships from damage caused by salty water. For instance, in July 2022, Japan-based Nippon Paint Holdings Co Ltd. launched a new anti-corrosive coating primer for its E-marine range of paints.

Restraint:

Effects of adverse environmental conditions

However, industrial coatings offer additional layers of protection to the material, and the effects of adverse environmental conditions on the coating are likely to hamper the growth of the global industrial coatings market. Industrial coatings tend to show a reaction if exposed to humidity or extreme temperature. Changed weather conditions, such as cloud fronts or storms, are likely to impact the overall lifespan of the coating.

Other factors, such as extreme dust, direct sunlight and heavy rain, affect the quality of the layer. Thus, effects caused by overall environmental conditions are seen as restraining factors for market growth. Furthermore, improper storage of coating packages and ignored maintenance hinder the development of the market. However, proper selection of coatings, considering environmental elements and paints, followed by routine maintenance, can cope with this restraint.

Opportunity:

Development of eco-friendly industrial coatings

Industrial coatings release volatile organic compounds (VOCs) during the drying process. VOCs are considered a harmful element to the environment. After reacting with oxygen, VOCs form a hazardous component known as smog. Considering the enormous adverse effects caused by the emission of VOCs, almost every country has adopted federal rules to limit the emission of VOC. However, the advancement in the industrial coatings market is driving the demand for environmentally friendly ones. The development of UV-curable, high solids and powdered eco-friendly coatings will open lucrative opportunities for manufacturers and developers. The product will also aid the significant environmental concern. For instance, in January 2023, Eastman company received prestigious Green Seal verification for continuing its commitment to developing eco-friendly paints, coatings and sealer sets that limit VOC emission.

Challenge:

Difficulties in meeting regulatory policies

The industrial coatings market faces multiple challenges in meeting legal and regulatory requirements. Difficulties such as different local stringent regulations and product verification processes fail many coating products. Small-scale industries are more prone to be affected by this obstacle. According to the policies, products that fail to receive approvals are not allowed to participate in the market, and this causes economic loss for companies. Thus, difficulties in meeting regulatory policies are considered a challenge for the growth of the industrial coatings market.

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Recent developments:

• In January 2023, India-based leading paints and coatings company Berger Paints Ltd. announced that the company plans to open a new manufacturing plant in Odisha. The company is ready to gear up a fully automated paint manufacturing plant in Lucknow.
• In January 2023, an ASRC industrial company, FD. Thomas announced the acquisition of California-based Redwood Painting Company. Redwood is involved in the application of protective coating systems for industrial clients. The acquisition aims to provide a business expansion opportunity for F.D. Thomas.

Market Segmentation

By Technology

• Powder Based
• Solvent Borne
• Water-Borne
• Others

By Product

• Epoxy
• Acrylic
• Alkyd
• Polyurethane
• Polyester
• Others

By End-user

• Electronics
• Aerospace
• General Industrial
• Marine
• Mining
• Power Generation
• Automotive & Vehicle Refinish
• Oil & Gas
• Others
  
  

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Middle East & Africa
• Latin America

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