Industrial Coatings Market Growth & Trends
The global industrial coatings market size is expected to reach USD 106.64 billion by 2030, growing at a CAGR of 2.5% over the forecast period, according to a new study by Grand View Research, Inc. Increasing product demand from the general industry, automotive & refinish, oil & gas, marine, mining, power generation, electronics, aerospace, and other application industries is expected to propel market growth. Industrial coatings are widely used in general industrial applications, such as in heat exchangers, steel structures, containers, concrete, furniture, appliances, and material handling equipment, to protect them from heat and humidity. It also helps protect equipment against corrosion, abrasion, and chemical attack, thereby improving product efficiency.
Emerging economies, such as Brazil, China, and India, are expected to provide new growth opportunities for the market on account of rapid industrialization. The presence of a large number of manufacturers is also projected to fuel the demand for industrial coatings for general industrial applications. However, the outbreak of COVID-19 in China and other countries, including India, Australia, Thailand, and Japan, resulted in the lockdown of major cities and caused a sharp slowdown in the manufacturing industries, which hindered market growth. Based on the product segment, alkyd is anticipated to grow at a substantial growth rate over the forecast period. Alkyd coatings are used in an industrial environment majorly for metal coatings. These coatings have good gloss & color retention and corrosion resistance properties.
They increase the durability of metal, which finds application in the coating of various structures, such as bridges, towers, oil & gas plants, automotive parts, and marine vessels. Rising product demand is also attributed to its expanding application scope in the construction, automotive, and oil & gas industries. The presence of low VOC contents is expected to drive the segment growth in matured Europe market and the U.S. and Canada. The powder-based coatings segment is projected to witness a considerable growth rate during the forecast period. It is more durable and eco-friendlier compared to its counterparts. Powder coatings have negligible VOC content due to the absence of solvents and thus, they comply more efficiently and economically with the Environmental Protection regulations.
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Industrial Coatings Market Report
Industrial Coatings Market Report Highlights
- Asia Pacific dominated the global industry in 2022 and will expand further at the fastest CAGR during the forecast period
- The acrylic product segment led the industry in 2022 owing to its rising demand in various end-use industries
- Powder-based coatings are widely used in agricultural equipment, automotive, machine components, mechanical parts & building facades, and electrical fixtures to prevent corrosion and provide a thicker coating
- Increasing demand for farming equipment, such as tractors, in Brazil, India, and China is expected to boost the demand for powder-based industrial coatings
- Various strategic initiatives were recorded over the past few years to boost the industry growth
