According to the latest report by IMARC Group, titled “Industrial Coatings Market by Product (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others), Technology (Solvent Borne, Water Borne, Powder Based, and Others), End User (General Industrial, Marine, Automotive and Vehicle Refinish, Electronics, Aerospace, Oil and Gas, Mining, Power Generation, and Others), and Region 2023-2028,” the global industrial coatings market size reached US$ 110.0 Billion in 2022. Industrial coatings are specialized paints or coverings applied to the surface of various materials, primarily to protect them from environmental factors like rust, corrosion, and wear. They can provide a barrier against damaging elements, thereby enhancing the durability and lifespan of the coated material. They can also offer aesthetic improvements and can be formulated to provide specific functional properties, such as increased friction or improved heat resistance.
Global Industrial Coatings Market Trends:
Rapid urbanization, the expanding global population, and the increasing number of infrastructure development projects, such as bridges, highways, and buildings, is catalyzing the demand for industrial coatings that offer corrosion resistance and longevity. This, coupled with the significant growth in the construction sector, represents one of the primary factors augmenting the market growth around the world. Moreover, the rising awareness about the cost efficiency of maintenance versus replacement is driving the demand for durable and high-quality industrial coatings worldwide. In addition, industrial coatings are employed in the automotive industry to prevent corrosion, enhance the appearance of the vehicle, and offer ultraviolet (UV) protection. This, along with the growing inclination towards luxury vehicles, is creating a positive outlook for the market. Apart from this, the increasing adoption of stringent environmental and safety regulations is influencing industries to opt for environment friendly coating solutions. Looking forward, the market value is projected to reach US$ 131.8 Billion by 2028, expanding at a CAGR of 3.0% during 2023-2028.
- Based on the product, the market has been classified into acrylic, alkyd, polyurethane, epoxy, polyester, and others. Presently, acrylic holds the largest market share.
- On the basis of the technology, the market has been segregated into solvent borne, water borne, powder based, and others. Solvent borne currently accounts for the biggest share in the market.
- Based on the end user, the market has been categorized into general industrial, marine, automotive and vehicle refinish, electronics, aerospace, oil and gas, mining, power generation, and others. At present, general industrial dominates the market.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Chugoku Marine Paints Ltd., Hempel A/S, Jotun, Kansai Paint Co. Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries Inc., The Sherwin-Williams Company, and Wacker Chemie AG.
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- End User
||Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others
||Solvent Borne, Water Borne, Powder Based, Others
|End Users Covered
||General Industrial, Marine, Automotive and Vehicle Refinish, Electronics, Aerospace, Oil and Gas, Mining, Power Generation, Others
|| North America, Europe, Asia Pacific, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Akzo Nobel N.V., Axalta Coating Systems Ltd., BASF SE, Chugoku Marine Paints Ltd., Hempel A/S, Jotun, Kansai Paint Co. Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries Inc., The Sherwin-Williams Company, Wacker Chemie AG, etc.
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