Global Industrial Coatings Market was valued at US$ 38.42 Bn in 2022, exhibiting a CAGR of 6.7% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 64.61 Bn by 2030. Global Industrial Coatings Market Report, By Category (Water-borne, Solvent-borne, Powder, E-coat, and Others), By Resin Type (Polyurethanes, Epoxy, Acrylic, Fluoropolymers, and Others), By Application (General Industrial Equipment, Automotive Coatings, Coil & Extrusion, Energy & Power, Packaging, Marine, Aerospace, Rail, and Others), and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa),
Driver
Increasing demand for environment-friendly coatings
The growth of the industrial coatings market is expected to be driven by increasing demand for environment-friendly coatings. Industrial coatings such as powder coatings include no hazardous waste, less carbon dioxide emissions, and is considered as non-toxic in nature. For instance, according to the Powder Coating Institute (PCI), a non-profit organization in North America, powder coating causes negligible Volatile Organic Compounds and is hazardous air pollutants free, reusable overspray, and is a clean process. Regulatory agencies, such as the U.S. Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) are supporting the use of powder coatings as compared to other conventional coatings. Increasing demand for environment-friendly coatings is expected to drive demand for industrial coatings over the forecast period.
Market Opportunities
Rising industrialization and urbanization
Rising industrialization, and urbanization, and adding marketable conditioning across the globe drive the growth of the request. The operation of the product has increased in the automotive sector owing to the lesser need to ameliorate aesthetics and offer protection to vehicles. These artificial products are decreasingly used in aerospace, oil painting & gas, energy & power, and marine sectors. Growing investment in exploration & development, technological advancements, and adding operation in different diligence are driving the growth of the artificial coatings request.
Market Restraints
Increasing Prices of Raw Materials
This is due to several factors, including high prices of raw materials and the fluctuating availability of essential raw components. In 2021, there was a global exhibition of insecurity in the demand for chemical raw materials. Many essential raw resources are in a state of fluctuating scarcity. This, coupled with pressure on upstream suppliers, sheeting enterprises, and downstream channel merchandisers, as well as the intensification of environmental protection policies, epidemic counter reactions, and industry competition, has resulted in difficulties for coating businesses in digesting the increased costs. As a result, coating products' prices have risen, which is impacting the growth of demand
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Key Takeaways:
- Among resin type, the polyurethane segment held the largest revenue share of 39.6% in the global industrial coatings market in 2021. Polyurethane resins are used in coating formulations, owing to its low temperatures and fast curing properties, and these do not contain VOCs (volatile organic compounds). In the coatings industry, polyurethane resins are available as two-component systems, comprising a polyisocyanate and a polyol or polyamine which is mixed prior to application & curing by direct cross-linking at room temperature; and single package system that cure when exposed as a film to oxygen, heat or moisture.
- Major players operating in the global industrial coatings market include Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company.
- New product launches, mergers & acquisitions, strategic partnership expansion, and research & development activities for industrial coatings are key strategies adopted by players in the global industrial coatings market. The introduction and adoption of new production technologies have gradually increased the performance of industrial coatings. Industrial coatings offer several benefits such as high flexibility, ability to prevent cracks, resistant to chemicals, and weatherproofing & waterproofing. Due to these properties, industrial coatings are effectively used to protect floors, roofs, and walls against heavy strong wind and heavy rainfall.
Market Trends
Most of solvent-based coatings evaporate volatile organic compounds
Solvent-based coatings evaporate volatile organic compounds (VOCs) into the environment. Hence, local, state, and national governments often regulate VOC emissions. For instance, In Feb 2023, the Environmental Protection Agency (EPA) has set national rules for VOCs. The regulations under development include National Emission Standards for Hazardous Air Pollutants (NESHAP) under section 112 of the Clean Air Act and for some of the categories, National Volatile Organic Compound (VOC) rules or Control Technique Guidelines (CTG) under Section 183(e) of the Act. In 2004, EPA promulgated the NESHAP for miscellaneous metal parts and product surface coatings (40 CFR 63, subpart MMMM) and for plastic parts and product surface coatings (40 CFR 63, subpart PPPP).
