“The Industrial Coatings Market is projected to grow at a CAGR of 5.91% during the forecast period.”
The industrial coatings market is projected to reach USD 130.97 billion by 2031, at a CAGR of 5.91% between 2022 and 2031.
The market growth can be attributed to the increased demand for industrial coatings from the Asia Pacific region. The global industrial coatings market is largely driven by the rising demand from the automotive industry. Economic and demographic growth, increasing industrial activities, and growing urbanization are among the important drivers for the global industrial coatings market.
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Manufacturers are engaged in business expansion to cater the increased demand for industrial coatings. However, formulation and implementation of new regulations, such as REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) and various other directives to control solvent emissions are affecting the growth of the industrial coatings market across the globe. The Eurozone crisis of 2012 has also affected the growth of the industrial coatings market globally, as several companies reduced their production as part of their cost-cutting strategy to survive in the market.
“The Automotive OEM segment is projected to grow at the highest CAGR between 2022 and 2031.”
By end-use industry, the automotive OEM segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for industrial coatings from marine, aerospace, coil coating, transportation, rail coating, general industrial, industrial wood, protective, and packaging industries is projected to drive the global industrial coatings market during the forecast period.
“Asia Pacific was the largest industrial coatings market in 2022.”
Asia Pacific was the largest market for industrial coatings, having accounted for the maximum market share, in terms of volume, in 2022. Key countries in the Asia Pacific market include China, Japan, India, and South Korea. The Asia Pacific region is a rapidly expanding industrial coatings market, owing to the growing economy and increasing middle-class population. This growth is driving the demand for industrial products, including industrial coatings.
Breakup of Primary Interviews:
• By Company Type: Tier 1 – 43%, Tier 2 – 37%, and Tier 3 – 20%
• By Designation: C-level – 45%, D-level – 30%, and Others – 25%
• By Region: Asia-Pacific – 39%, North America – 25%, Europe – 23%, South America – 7%, and Middle East & Africa – 6%
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AkzoNobel N.V. (Netherlands), PPG Industries Inc. (US), Axalta Coatings Systems (US), BASF Coatings GmbH (Germany), The Sherwin-Williams Company (US), Kansai Paints Co., Ltd. (Japan), Jotun A/S (Norway), RPM International (US), Hempel A/S (Denmark), and Nippon Paint Holdings Co., Ltd. (Japan) are among the leading players operating in the industrial coatings market.
This report provides a detailed segmentation of the industrial coatings market based on resin, technology, end-use industry, and region. With respect to resin type, the industrial coatings market has been segmented into polyurethanes, acrylic, polyesters, epoxy, fluoropolymer, alkyd, and others. On the basis of technology, the market has been segmented into water-based technology, solvent-based technology, high solids, powder, and others. On the basis of end-use industry, the market has been segmented automotive, aerospace, marine, industrial wood, packaging, protective, general industrial, rail, coil coatings, packaging, transportation, and others. Based on region, the market has been segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Reasons to Buy the Report
From an insight perspective, this research report has focused on various levels of analyses—industry analysis (industry trends), market share analysis of top players in the industrial coatings market, and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the industrial coatings market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on industrial coatings offered by the top players in the industrial coatings market
Product Development/Innovations: Detailed insights on the upcoming technologies, research & development activities, and new product launches in the industrial coatings market
Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for industrial coatings across varied regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the industrial coatings market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the industrial coatings market
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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