INDUSTRIAL COATINGS MARKET ANALYSIS

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. Industrial coating is a paint or coating, which is defined by its protective, rather than aesthetic properties, although it can provide both. The most common use of industrial coating includes corrosion control of steel or concrete.

Global Industrial Coatings Market- Impact of Coronavirus (Covid-19) Pandemic

The impact of COVID-19 on the industrial coatings business, which provides services to different industries, is inevitable. According to the Canadian Paint and Coatings Association (CPCA), the coating industry continues to support a number of commercial sectors that require critical product formulations to maintain its ongoing business operations and support the critical operations of its customers. The essential and critical products supplied by the coatings industry to other industries include life-saving equipment such as ventilators, vital signs monitors, and critical pandemic related supplies that include multiple components that need to be coated. The industrial coatings market growth declined in 2020, owing to the pandemic situation and a decrease in demand from end-use industries such as automotive, etc.

Figure 1. Global Industrial Coatings Market, By By Application, 2022

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Global Industrial Coatings Market- Drivers

Improved performance of industrial coatings with high durability

Industrial coating products are available in the market with promising properties that help prevent products from corrosion, majorly due to the improved performance of coatings and its advanced manufacturing methods. Moreover, manufacturers are continuously introducing new coatings that have environment-friendly characteristics in the market. Nowadays, technology for manufacturing coatings has evolved and it is different from the conventional technology. For instance, In February 2020, the company acquired Industria ChimicaReggiana (ICR) S.p.A., a manufacturer of paints and coatings for automotive refinish and light industrial coatings industries

Increasing demand for industrial coatings in various industries

The introduction and adoption of new production technologies have gradually improved the performance of industrial coatings. Industrial coatings offer several benefits such as high flexibility, ability to prevent cracks, resistant to chemicals, and weather-proofing & water-proofing. Due to these properties, industrial coatings are effectively used to protect floors, roofs, and walls against heavy strong wind and heavy rainfall.

Global Industrial Coatings Market- Restraints

 Proper maintenance of equipment is essential to ensure high efficiency and effectiveness of coatings

  Proper maintenance of equipment is essential to ensure high efficiency and effectiveness of coatings. The components need to be inspected and maintained regularly to provide good finishing quality. Powder coatings need to be stored in a cool and dry place, and hence, requires storage conditions that does not affect the quality of products. Industrial coatings such as powder coatings are hygroscopic in nature and has the tendency to undergo reaction when exposed to humidity, which results in caking of the product. Factors such as temperature, humidity, direct sunlight, and contamination need to be considered, while storing powder coatings. They are also prone to fire hazards when in contact with air along with organic materials such as dust. The use of powder coatings need to be monitored and safety precautions need to be maintained. Thus, the overall equipment selection, maintenance, and storage and use of industrial coatings incur capital investment, which acts as a restraining factor for the industrial coatings market.

Figure 2. Global Industrial Coatings Market, By Region, 2022

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 Global Industrial Coatings Market- Segmentation

On the basis of application, in 2022, the automotive coatings segment accounted for 27.00% of the revenue share. Automotive coatings include coatings for cars, buses, trucks, motorcycles, and others. The increasing production of automobiles is driving demand for automotive coatings.

Global Industrial Coatings Market- Opportunities

• Greasepaint coatings are produced by combining flow modifiers, levelling agents, colors, and other complements with polymer resin systems

 Greasepaint coatings are produced by combining flow modifiers, levelling agents, colors, and other complements with polymer resin systems. These coatings are commonly applied to various substrates using a procedure called electrostatic spray deposit (ESD). In the context of shipping and shipbuilding, China is one of the largest nations involved in these industries. China has consistently utilized greasepaint coatings in shipbuilding and channel industries. The technology for greasepaint coatings in the channel business is constantly evolving. Plastic tubes are being used less frequently in various industries, including shipbuilding, electronics, fabrics, petrochemicals, chemicals, healthcare, medicinal, and civic construction

Global Industrial Coatings Market- Trends

Product portfolio expansion with low curing temperature

Product portfolio expansion with low curing temperature is the key market trend, which is expected to drive the market growth over the forecast period. For instance, in 2021, Koninklijke DSM N.V., a global science-based company in nutrition, health, and sustainable living, launched Uralac Easy Cure resin, P3225, for fast-cure or low-temperature powder coating applications for architectural components. Uralac Easy Cure P3225 can be cured in few minutes at 180°C and offers a unique combination of coating benefits by enabling good appearance, higher degassing limit, robust outdoor durability, and reliable storage stability.

Global Industrial Coatings Market- Regional Insights

Among regions, Asia Pacific accounted for a significant market share in 2022. Asia Pacific is the fastest-growing region in the infrastructure sector across the world. Major players are focusing on various growth strategies such as mergers & acquisitions, in order to strengthen theirmarketpositioninthisregion.

Global Industrial Coatings Market- Key Developments

• In 2021, Berger Paints India Ltd, an India-based paint company in Kolkata, acquired Shalimar Tar Products Ltd. (STPL), a manufacturer and supplier of construction chemicals, concrete admixtures, and waterproofing chemicals, with an objective to expand their product portfolio of waterproofing and protective coatings.
• In January 2020, Royal DSM launched a bio-based self-matting resin for in that has been successfully incorporated by coating formulators.
• In 2021, Koninklijke DSM N.V., a global science-based company in nutrition, health, and sustainable living, launched Uralac Easy Cure resin, P3225, for fast-cure or low-temperature powder coating applications for architectural components. Uralac Easy Cure P3225 can be cured in few minutes at 180°C and offers a unique combination of coating benefits by enabling good appearance, higher degassing limit, robust outdoor durability, and reliable storage stability.

Global Industrial Coatings Market- Key Players

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.

*Definition: Industrial coating is a paint or coating, which is defined by its protective, rather than aesthetic properties, although it can provide both. The most common use of industrial coating includes corrosion control of steel