Research and Markets announced the release of a new report covering the industrial coatings market. According to the study, the size of the global industrial coatings market is expected to reach $112.22 billion by 2030, registering a compound annual growth rate (CAGR) of 3.5% over the forecast period. Demand from the aerospace, electronics, power generation, mining, marine, oil and gas, automotive, and automotive refinish industries is expected to drive the market growth. According to the report, rapid industrialization in economies such as India, China, and Brazil, is also expected to provide new opportunities for industrial coatings providers.
The acrylic product segment is expected to register the fastest CAGR from 2022-2030, while the market for alkyd coatings is also anticipated to grow at a substantial rate over the forecast period. Often used to protect metal, alkyd coatings offer good gloss and color retention, as well as corrosion resistance. Applications include marine, automotive, oil and gas facilities, and infrastructure such as towers and bridges. According to the study, the waterborne technology segment is expected to grow. These coatings offer corrosion and thermal resistance, along with low toxicity because of their low VOC content. Due to increasing legislation regarding solvents in coatings, in the United States and several European countries, the use of waterborne coatings is projected to increase.
The study also predicts that the powder coating segment will witness considerable growth during the forecast period. Offering excellent durability, powder coatings are more eco-friendly compared to other coatings. These coatings have very low VOC content due to the absence of solvents, which means they comply more efficiently and economically with environmental protection regulations. Applications for powder coatings include: agricultural equipment, automotive, machine components, mechanical parts and building facades, and electrical fixtures. Increasing demand for farming equipment in Brazil, India, and China is expected to boost the demand for powder-based industrial coatings.
To learn more about the study, Global Industrial Coatings Market Size, Share & Trends Analysis Report by Product (Polyester, Acrylic, Alkyd, Epoxy), by Technology (Waterborne, Powder-based), by End-use (Mining, General Industrial), by Region, and Segment Forecasts, 2022-2030, click here.