Industrial coating is a paint or coating, which is defined by its protective, rather than the aesthetic properties, although it can provide both. The most common use of industrial coating include corrosion control of steel or concrete. The global industrial coatings market is estimated to surpass US$ 46,916.5 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 5.5% during the forecast period (2020 to 2027).
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 environmentally-friendly characteristics in the market. Nowadays, the 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 among others. 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.
Among region, Asia Pacific held dominant position in the global industrial coatings market in 2019, accounting for 44.5% market share in terms of revenue, followed by North America and Europe.
Figure 1. Global Industrial Coatings Market Revenue Share (%), By Region, 2019
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 incurs capital investment, which acts as a restraining factor for the industrial coatings market.
Industrial Coatings Market Report Coverage
||Market Size in 2019:
||US$ 39,104.0 Mn
|Historical Data for:
||2017 and 2018
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 46,916.5 Mn
- Regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
- 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
||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
- Improved performance of industrial coatings with high durability
- Increasing demand for industrial coatings in various industries
|Restraints & Challenges:
- Government regulations against the use of unsafe materials in industrial coatings
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 2019, 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 Revenue Share (%), By Application, 2019
On the basis of application, in 2019, 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 automotive is driving demand for automotive coatings. For instance, according to the American Automotive Policy Council’s report on the U.S. Automotive Industry in 2018, the U.S. auto production increased from 5.6 million vehicles in 2009 to 11.3 million vehicles in 2017.
Global Industrial Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 is spreading rapidly and has affected 210 countries. The impact of COVID-19 on 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 supports a number of commercial sectors that require critical product formulations to maintain their ongoing business operations and support 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 has declined in 2020, owing to the pandemic situation and owing to a decrease in demand from end-use industries such as automotive etc. Over the next few years, industrial coatings market is expected to witness steady demand and the global market is expected to reach US$ 46,916.5 Mn by 2027, according to Coherent Market Insights.
Key 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.