Industrial Coatings Market

Market Definition

The Industrial Coatings Market size was valued at USD 113.34 billion in 2023 and is predicted to reach USD 143.26 billion by 2030 with a CAGR of 3.4 % from 2024-2030. The industrial coatings market deals in specialized coatings and finishes personalized for industrial applications. It incorporates components such as pigments for colour and opacity, binders for adhesion, and solvents. Also, some industrial coatings include varnishes, polyurethane paints, and acrylic paints. These products are utilized in painting, conservation, and maintenance processes within industrial settings. Applied in liquid, paste, or powder form, coatings such as industrial paint undergo a transformation into a solid film after curing. They play a crucial role in safeguarding various materials such as steel, and those used in the automotive and aviation industries, offering protection against corrosion and wear & tear, thereby enhancing the efficiency of the materials.

Market Dynamics and Trends

The industrial coatings market is driven by the increasing utilization of coatings within the automotive industry to provide a protective and functional layer to various vehicle parts. These coatings provide crucial benefits such as corrosion resistance, durability, aesthetic appeal, and functional properties including heat resistance and electrical insulation. With automotive manufacturers striving to enhance the longevity, performance, and visual appeal of vehicles, the demand for advanced industrial coatings continues to surge. This surge in demand is underscored by the remarkable expansion witnessed in the automotive industry, as reported by European Automobile Manufacturers Association (ACEA), the global automotive industry is surging significantly with an overall production of 85.4 million motor vehicles each year.

Moreover, the industrial coatings market is driven due to the growing utilization of industrial coatings in the aviation industry. The industrial coatings are use to provide essential protection and also to enhance the performance of aircraft structures. These coatings are specifically designed to safeguard the surface of airplanes from extreme weather conditions, boost dirt resistance, minimize drag resistance, and ensure the longevity of aircraft structures. According to a report published by Air Transport Action Group (ATAG), the global aviation industry is surging significantly, making a substantial contribution to the global economy, which is expected to reach around USD 6.3 trillion by 2038. This growth in aviation industry highlights the rising utilization of industrial coatings, thereby propelling the growth of the market.

However, the volatility in the prices of raw materials such as resins, pigments, and additives which are fundamental in coating formulation hinders the growth of the market. On the other hand, integration of nanotechnology into coatings is expected to create future opportunities for the growth of the market. The nanotechnology enables the manipulation of materials at the nanoscale level, enabling the creation of coatings with enhanced performance. Additionally, these particles reinforce the structure of coatings, making them more resistant to wear and tear, increases the life-span and durability of the material.

Market Segmentations and Scope of the Study

The industrial coatings market share is segmented on the basis of resign type, application method, technology, functionality, end-user, and region. On the basis of resign type, the market is divided into epoxy, polyurethane, acrylic, alkyd, polyester, fluoropolymer, and others. On the basis of application method, the market is bifurcated into spray, dip, brush & roller, air spray, painting, and others. On the basis of technology, the market is segmented into solvent-borne coatings, water-borne coatings, powder coatings, UV-cured coatings, and others. On the basis of functionality, the market is further divided into protective coatings, decorative coatings, specialty coatings, anti-corrosion coatings, heat-resistant coatings, and others. On the basis of end user, the market is further segmented into automotive sector, aviation sector, marine sector, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia-Pacific holds the dominant share of industrial coatings market at present and is expected to continue its dominance during the forecast period, due to the rising automotive industry within the region. According to a report published by East Asia Forum, the automotive sector in China is growing rapidly, with an overall production of 60% of the world’s total electric vehicle (EVs). As they are used to enhance the build quality of the vehicles and increases the longevity, thus propelling the growth of the market.
Moreover, rising marine industry within the Asia-Pacific is further propelling the growth of the market, due to the rising utilization of industrial coatings within the industry, ensuring the longevity, performance, and safety of vessels operating in the harsh ocean environment.

According to a report published by China Power, the marine industry within China is propelling significantly, contributing production of around 47% of the total world’s commercial vessels in the year 2022. With this growth in marine sector the demand for industrial coatings surges significantly as they act as a vital barrier, shielding hulls, decks, and other metal components from rust and degradation. This extends the lifespan of vessels and reduces maintenance costs, thereby propelling the growth of the market.

On the other hand, North America is showing a steady rise in the industrial coatings market due to the presence of major companies such as Sherwin-Williams Company, Axalta Coating Systems Ltd, PPG Industries, Inc., and Benjamin Moore & Co. within the region. These companies contribute significantly to the innovation and development of industrial coatings, driving forward the advancements and competitiveness of the industrial coatings market on a regional scale.  For instance, in May 2023, PPG and entrotech, Inc.  launched a joint venture named PPG Advanced Surface Technologies to deliver innovative, high-performance paint film solutions for automotive and industrial customers, emphasizing sustainability benefits.

Moreover, rising aviation industry within the North America is boosting the growth of the market, as they act as a protective and functional layer on various aircraft parts, ensuring the safety, efficiency, and longevity of airplanes throughout their demanding service. According to a report published by Airlines of America, the aviation industry in the U.S. is growing consequently, contributing around 5% in the country’s GDP in the year 2022. This growth in sector boosts the growth of the market.

Competitive Landscape

The industrial coatings market comprising of various market players such as Sherwin-Williams Company, Jotun, Akzo Nobel N.V., Axalta Coating Systems Ltd, PPG Industries, Inc., Asian Paints Ltd, Kansai Paint Co., Ltd., RPM International Inc., Benjamin Moore & Co., and BASF SE, among others. These market players are adopting various product launches across various regions to maintain their dominance in the industrial coatings market.

For instance, in February 2024, Sherwin-Williams launched the Duraspar Industrial Performance Coatings, an advance coatings technology for commercial vehicles. The coating provides innovative finishing solutions for the transportation market, aims to provide long-term corrosion protection for trailers and other commercial vehicles.

Moreover, Sherwin-Williams launched three new coating services, including FASTtrack, the Stocked Powder Program, and the E-Commerce Store programs. These services are designed to facilitate business expansion by offering quick and dependable support, enhancing product delivery, and enabling small and medium-sized businesses to conveniently place orders online.

Furthermore, in December 2021, Axalta launched the Imron Industrial Ultra 2.8 VOC Topcoat specifically designed for applications in agriculture, construction, and earthmoving equipment (ACE). These coatings minimize Volatile Organic Compounds (VOC) emissions and provide superior weatherability, increasing the longevity of industrial equipment and structures.

KEY BENEFITS

• The report provides quantitative analysis and estimations of the industrial coatings market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of industrial coatings market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the industrial coatings market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Resign Type

• Epoxy 

• Polyurethane 

• Acrylic 

• Alkyd 

• Polyester 

• Fluoropolymer 

• Others

By Application Method

• Spray

• Dip 

• Brush & Roller 

• Air Spray 

• Painting 

• Others

By Technology 

• Solvent-borne Coatings 

• Water-borne Coatings 

• Powder Coatings 

• UV-cured Coatings 

• Others

By Functionality 

• Protective Coatings 

• Decorative Coatings

• Specialty Coatings 

• Anti-corrosion Coatings 

• Heat-resistant Coatings 

• Others

By End User

• Automotive Sector

• Aviation Sector 

• Marine Sector 

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 113.34 billion
Revenue Forecast in 2030	USD 143.26 billion
Growth Rate	CAGR of 3.4% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Increasing automotive industry drives the market Growing aviation industry propels the market growth.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Sherwin-Williams Company

• Jotun

• Akzo Nobel N.V.

• Axalta Coating Systems Ltd

• PPG Industries, Inc.

• Asian Paints Ltd

• Kansai Paint Co., Ltd.

• RPM International Inc.

• Benjamin Moore & Co.,

• BASF SE