Industrial Coatings Market to Grow with a CAGR of 3.12% through 2028
Increasing Focus on Protective coatings and Rising
Construction Activities are factors driving the Global Industrial Coatings
market in the forecast period 2024-2028.
According to TechSci Research report, “Industrial
Coatings Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Industrial Coatings Market
stood at USD 103.26 billion in 2022 and is anticipated to grow with a CAGR of 3.12%
in the forecast period, 2024-2028. Industrial coatings market encompasses a
wide array of coating solutions designed for applications in sectors such as
automotive, aerospace, construction, marine, and more. These coatings serve
multifaceted purposes, including corrosion protection, aesthetics enhancement,
and functional improvements. The market has witnessed steady growth in recent
years, driven by factors such as increasing industrialization, infrastructure
development, and advancements in coating technologies. global industrial
coatings market is dynamic, driven by a combination of industrial expansion,
infrastructure projects, and technological advancements. As industries evolve
and environmental considerations become increasingly important, the market is
likely to witness continued innovation and growth. Manufacturers must navigate
challenges and capitalize on opportunities to stay competitive in this critical
sector that touches diverse aspects of modern life.
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The Global Industrial Coatings Market is segmented
into product, technology, end use, regional distribution, and company. Alkyd coatings are characterized by their excellent
adhesion and high-gloss finish. These oil-based coatings offer robust
protection against corrosion and abrasion, making them suitable for use on
metal surfaces. Alkyd coatings are commonly employed in applications such as
machinery, equipment, and structural components. Polyurethane coatings are celebrated for their
exceptional durability, chemical resistance, and flexibility. These coatings
provide a high level of protection against UV radiation, making them ideal for
outdoor applications. Polyurethane coatings are often used in aerospace,
automotive, and industrial equipment where long-lasting and high-performance
finishes are essential. Epoxy coatings
are renowned for their strong adhesion and chemical resistance. Widely used in
flooring, pipelines, and industrial equipment, epoxy coatings form a protective
layer that withstands harsh environments. Their ability to create a seamless
and durable finish makes them a preferred choice in settings where resistance
to corrosion and chemicals is paramount.
Water-borne coatings have emerged as a leading
alternative, addressing environmental concerns associated with solvent-borne
formulations. Comprising water as the primary solvent, these coatings offer low
VOC content, making them more sustainable and compliant with stringent
environmental regulations. Water-borne technology finds applications across
diverse industries, from automotive and construction to furniture and
packaging. Powder-borne coatings represent a paradigm shift in
the industrial coatings market. Comprising finely ground particles that adhere
electrostatically to the substrate, powder coatings offer durability, corrosion
resistance, and an environmentally friendly application process. With no
solvents or VOCs, powder coatings contribute to sustainability goals, making
them a preferred choice in applications ranging from appliances to automotive
components.
Wastewater treatment facilities rely on industrial
coatings to protect infrastructure from the corrosive effects of chemicals and
harsh environmental conditions. Coatings applied to tanks, pipes, and other
components play a crucial role in preventing corrosion and ensuring the
longevity of these essential structures, contributing to the efficiency of
wastewater treatment processes.
Bridges and highways are subjected to extreme
conditions, including exposure to varying temperatures, moisture, and corrosive
agents. Industrial coatings designed for these applications provide corrosion
resistance and durability. Bridge coatings, for instance, protect structural
elements from deterioration, ensuring the safety and longevity of critical
infrastructure.
Pharmaceutical manufacturing facilities require
specialized coatings to meet stringent regulatory requirements and maintain a
sterile environment. These coatings offer chemical resistance, easy
cleanability, and compliance with industry standards. They play a vital role in
safeguarding pharmaceutical equipment and ensuring product integrity in a
highly regulated sector.
OEM coatings are tailored for manufacturers producing
a diverse range of products, including machinery, electronics, appliances, and
automotive components. These coatings provide not only a protective layer but
also aesthetic enhancements. OEM coatings contribute to product
differentiation, brand identity, and the overall quality of manufactured goods.
Asia Pacific stands as a driving force in the
industrial coatings market, fueled by rapid industrialization, infrastructure
development, and a burgeoning manufacturing sector. Countries like China,
India, and Japan lead the charge, with robust demand stemming from
construction, automotive, and electronics industries. The region's economic
growth has propelled increased investments in industrial activities, thereby
elevating the demand for protective coatings in applications ranging from
buildings and bridges to automotive components.
Moreover, Asia Pacific's pivotal role in the
production of electronics and consumer goods further amplifies the need for
advanced coatings that offer protection against wear, corrosion, and
environmental factors. The region's commitment to sustainable practices also
fuels the demand for eco-friendly coatings, aligning with global trends in
environmental consciousness.
Europe emerges as a hub of innovation and
sustainability in the industrial coatings landscape. Stringent environmental
regulations drive the development and adoption of water-borne and powder-borne
coatings, reducing reliance on solvent-based formulations. The automotive and
aerospace industries, key players in the European market, seek coatings that
balance performance with eco-friendly attributes.
Major companies operating in Global Industrial
Coatings Market are:
- Carboline Company
- Belzona International Limited
- PPG Industries Ltd
- Akzo Nobel NV
- Sherwin Williams Company
- Axalta Coating Systems LLC
- BASF SE
- Henkel AG & Company
- Hempel A/S
- Sika Corporation
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“A palpable shift towards sustainability has
influenced recent developments in the industrial coatings market. Water-borne
and powder-borne coatings have gained prominence, driven by their lower
environmental impact and compliance with stringent regulations governing
volatile organic compounds (VOCs). Manufacturers are increasingly focusing on
formulations that balance performance with reduced ecological footprint,
aligning with global efforts to promote green technologies.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Industrial Coatings Market – Global Industry
Size, Share, Trends, Opportunity, & Forecast 2018-2028 Segmented By Product
(Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others), By Technology
(Solvent Borne, Water Borne, Powder Borne, Others), By End Use (Architectural,
Wastewater Treatment, Bridge & Highway, Pharmaceutical, Original Equipment
Manufacturer (OEM), Others), By Region, Competition”, has evaluated
the future growth potential of Global Industrial Coatings Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Industrial Coatings Market.
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