The global industrial coatings market size was USD 149.72 billion in 2023 and is projected to grow from USD 157.18 billion in 2024 to USD 210.15 billion by 2032 at a CAGR of 3.7% during the forecast period (2024-2032).
This information is provided by Fortune Business Insights™, in its report, titled, “industrial coatings market size, 2021-2028.”
Report Coverage
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Segmentation
On the basis of resin, the market is segregated into acrylic, alkyd, polyurethane, epoxy, polyester, and others.
Based on technology, the market is classified into solvent-borne, water-borne, powder, and others.
In terms of end-use, the market is categorized into general industrial, powder, automotive OEM, automotive refinish, protective, wood, marine, coil, packaging, and others. An anticipated rise in the infrastructure construction activities and an expanding middle-class people are creating lucrative opportunities for the market.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints
Growing Environmental Concerns to Thrust Growth
The manufacturing procedures of industrial coatings releases Volatile Organic Compounds (VOCs) that must be eradicated efficiently. These organic chemicals turn to gases once they are kept at room temperature. VOC is the main cause of ground-level air pollution. Therefore, these days numerous manufacturers are speedily disposing towards powder-based or water-borne coatings to preserve sustainability. This aspect is set to boost the industrial coatings market size growth in the upcoming years.
Regional Analysis
Asia Pacific held the maximum industrial coatings market size share and is set to retain its leading position in the market throughout the forthcoming years. This growth is accredited to rising consumer spending and rising automotive production.
Europe, on the contrary, is anticipated to display considerable growth backed by the ongoing developments in the oil & gas sector. At the same time, the increasing utilization of powder coatings owing to the rapid technological progressions in this sector would direct growth.
North America is estimated to extend at a reasonable pace. Industrial coatings in the region are experiencing high demand because of the rising industrial manufacturing.
Competitive Landscape
Crucial Players Focus on Unveiling Novel Products to Reinforce Their Positions
The market for industrial coatings is highly fragmented in nature backed by the existence of multiple important domestic and international companies. Most of them are emphasizing on launching state-of-the-art products to suffice the huge demand from numerous end-use industries.
Industry Development
- August 2020: Sherwin-Williams Company Protective & Marine introduced rapid curing technology to significantly reduce the time and labor costs for the protection of structural steels.
List of Players Covered in the industrial coatings market size Report
- Akzo Nobel N.V. (Netherlands)
- Axalta Coating Systems, LLC (U.S.)
- Industrial Coatings Ltd. (Finland)
- PPG Industries, Inc. (U.S.)
- The Sherwin-Williams Company (U.S.)
- Nippon Paint Holdings Co., Ltd. (Japan)
- Kansai Paint Co., Ltd. (Japan)
- RPM International Inc. (U.S.)
- BASF SE (Germany)
- PPG Asian Paints Pvt Ltd (India)
- Hempel A/S (Denmark)
- The Chemours Company FC, LLC. (U.S.)
- Jotun A/S (Norway)
Source link-https://www.fortunebusinessinsights.com/industry-reports/industrial-coatings-market-101741
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