Industrial Coatings Market Report Projects Growth Through 2028
The report "Industrial Coatings Market by Type (Acrylic, Alkyd, Polyester, Polyurethane, Epoxy, Fluoropolymer), Technology (Solventborne Coatings, Waterborne Coatings, Powder Coatings), End-Use Industry (General Industrial), & Region - Global Forecast to 2028," predicts a growing market due to the increased demand from various sectors. The global industrial coatings market size was USD 108.1 billion in 2022 and is projected to reach USD 129.2 billion by 2028, at a CAGR of 3.3% between 2023 and 2028. The Asia Pacific region accounted for the major share of the overall market in 2022. Because of easy availability to resources, rising income levels, and growing domestic market demand, Asia Pacific has become the world's largest producer and consumer of industrial coatings. Due to its vast industrial base, rising end-use industries, and expanding need for superior coating qualities, China holds the biggest market share in the industrial coatings sector. Brazil has grown to become a significant market for industrial coatings in South America. South America is predicted to become a major location for industrial facilities because of its proximity to the US.
Some of the prominent key players are:
- Akzo Nobel N.V. (Netherlands)
- Axalta Coatings Systems LLC. (US)
- Jotun A/S (Norway)
- PPG Industries Inc. (US)
- The Sherwin-Williams Company (US)
Drivers: Environmental Regulations Boost Demand for VOC-Free Coatings
One of the most significant developments in the coatings business over the past ten years has been the growing desire for environmentally friendly features. This trend has been mostly driven by strict EU laws pertaining to the reduction of volatile organic compound (VOC) emissions in the coating life cycle. Due to this, consumers are now more interested in eco-friendly products like powder and aqueous coatings rather than solventborne coatings.
The Eco-product Certification Scheme (ECS) is one example of a new regulation that is set by the European Commission and other federal government organizations. These rules guarantee a sustainable and green environment with negligible or no emissions of hazardous volatile organic compounds. The US and Western European governments' restrictions, particularly those pertaining to air pollution, are anticipated to keep pushing the development of new low-polluting coating technologies.
Epoxy by Resin Type Accounted for the Largest Growing Segment of Industrial Coatings Coating Market
Epoxy resin-based coatings are employed in situations demanding superior resistance to corrosion, impressive chemical and mechanical characteristics, outstanding adhesion, and the capacity to meet rigorous specifications. These coatings are commonly applied in industrial equipment, automotive interiors, metal furniture, and appliances. The rising utilization of epoxy resin-based industrial coatings as primers in automotive and marine paints, along with their use for corrosion protection in metal cans and containers, is projected to drive this segment's growth.
Asia Pacific is the Largest Growing Industrial Coating Market
The Asia Pacific is the largest industrial coating market, in terms of value and volume, and is projected to be the fastest-growing market during the forecast period. The rising spending power of customers is causing a surge in demand for luxury cars throughout Asia Pacific. The demand for powder and waterborne coatings is also being driven by significant investment in the region's automotive industry. Large investments in a variety of industries, including furniture, building & construction, consumer goods & appliances, automotive, and maritime, are primarily responsible for Asia Pacific's robust growth. Manufacturers are also relocating to the area to better serve the local emerging market and take advantage of the low cost of manufacturing.
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