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 was valued at US$ 36450.00 Million in 2021 in terms of revenue, exhibiting a CAGR of 4.51 % during the forecast period (2022 to 2030).
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 their 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, besides solvent-based coatings, various other coatings are available in the market including water-based, solvent less, and UV-cured coatings. 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 weatherproofing & waterproofing. Due to these properties, industrial coatings are effectively used to protect floors, roofs, and walls against heavy strong wind and heavy rainfall.
Impact of COVID-19 is spreading rapidly and has affected 210 countries. 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 their ongoing business operations and support the critical operations of their 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 Value Share (%), By Region, 2021
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.
|Base Year:||2021||Market Size in 2021:||US$ 36450.00 Mn|
|Historical Data for:||2017-2020||Estimated Year:||2022|
|Forecast Period 2022 to 2030 CAGR:||4.51 %||Forecast Period:||2022-2030|
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
|Restraints & Challenges:||
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 EasyCure resin, P3225, for fast-cure or low-temperature powder coating applications for architectural components. Uralac EasyCure 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.
Figure 2. Global Industrial Coatings Market Value Share (%), By Application, 2021
On the basis of application, in 2021, the automotive coatings segment accounted for 26.8% 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.
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.
The global industrial coatings market has diverse end users and is tied to multiple industries. The drivers of the global industrial coatings market are population growth, improved standard of living, infrastructure growth, global GDP growth, and growth in the construction industry. Lighting fixtures, antennas, and electrical components are some of the powder-coated products used daily. The key factor driving the growth of the market includes increasing demand from end-use industries. The global industrial, by end-use industry in Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for Industrial Coatings
The global industrial coatings market is expected to exhibit a CAGR of 4.51 % during the forecast period, owing to increasing demand from various industries. Growth of the automotive industry is expected to drive demand for paints and coatings, which is further expected to drive demand for powder coatings over the forecast period. An increase in the transportation and transit of consumer goods, people, and raw materials has boosted the automotive industry growth. For instance, according to the China Association of Automobile Manufacturers (CAAM), in September 2019, the production and sales of commercial vehicles in China reached 345,000 and 340,000 units, respectively, which showed an increase of 15.8% and 11.6% when compared to the previous month, and up by 4% and 1.9% year on year, respectively. Moreover, according to the European Automobile Manufacturers Association (ACEA), in December 2019, commercial vehicle registrations increased by 5.7% across the European Union (EU). Moreover, according to the same source, in EU, demand for commercial vehicles increased by 2.5% in 2019, marking the seventh consecutive year of growth.
Among category, the water-borne segment is expected to be the fastest-growing region during the forecast period (2021-2030). Water-borne coatings are surface coatings or finishes that make use of water as a solvent to disperse the resin added to it. The high content of water makes these coatings eco-friendly and easy to apply. Water-borne coatings comprise 80% water along with a small amount of other solvents such as glycol ethers, which are applied to a surface to disperse the resin. Due to its water content, these coatings possess properties such as low VOC, very low odor, and non-flammability. Water-borne coatings dry at a very fast rate and can be re-coated. Conventional coatings have VOC (volatile organic compound) content of about 84% (and 16% solids), while a waterborne base-coat comprises 70% water (and 20% solids) and 10% solvent. Stringent regulations on the use of VOC has increased the demand for water-borne technology in the commercial vehicle paints & coatings market.
Key features of the study: