Industrial Coatings Market Size to Reach Revenues around USD 110 Billion by 2026 - Arizton
CHICAGO, Feb. 9, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global industrial coatings market report.
The global industrial coatings market is expected to grow at a CAGR of approximately 4% during the period 2020−2026.
Key Highlights Offered in the Report:
- The global industrial coatings market is expected to grow 1.25x from 2020 to 2026, translating to an absolute growth of over 25% and adding an incremental revenue of around USD 22 billion.
- APAC dominates the global industrial coatings market with over 45% market share in 2020 and the region is expected to witness an absolute growth of around 30% from 2020 to 2026.
- PPG, a leading vendor in the industrial coatings market, achieved around 33% of total sales from sustainably advantaged processes and products in 2019. The company is expecting to increase this share up to 40% by 2025. This is an indicator of the increasing demand for sustainable industrial coatings worldwide.
- Due to COVID-19, the demand for protective coatings in the food and beverage industry is increasing as consumers prefer canned fruits and vegetables and bottled and canned beverages. This trend is likely to continue during the forecast period.
- Around 90% of the architectural coatings sold in the US constitute environment-friendly water-based coatings.
- APAC is the largest market for water-borne coatings and accounted for around 46% of the global market share in 2020 and is expected to grow at a CAGR of approximately 5%
- The general industrial sector accounted for over 36% of the total volume-wise consumption in 2020.
- Around 1/3rd of the global aerospace coatings sales is from the North America region due to the presence of major aerospace and defense coatings manufacturers and growth in the commercial aviation sector in countries such as the US and Canada.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by resin type, technology, end-user, and geography
- Competitive Landscape – 6 key vendors and 34 other vendors
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Industrial Coatings Market – Segmentation
- One of the leading polymer technologies in industrial coatings, acrylics offer several advantages, including water-resistant, gloss retention, fast-drying, resistance to alkaline conditions, and high adhesion. Due to fast-drying, strong colors, and better coverage, the acrylic application continues to grow, especially in canvas and paper-based applications.
- Water-borne industrial coatings provide high protection against corrosion, fire, and moisture, hence extensive applications in construction, automotive, marine, aerospace, oil and gas, and electronics end-users. They are environment-friendly and easily applicable.
- Industrial coatings are used in general industrial to protect from UV radiation, corrosion, wear, and tear and improve their efficiency. The application of general industrial coatings is increasingly demanding as they require higher durability, better adhesion, chemical resistance, and better appearance.
Industrial Coatings Market by Resin Type
- Epoxy
- Polyurethane
- Alkyd
- Polyester
- Acrylic
- Others
Industrial Coatings Market by Technology
- Water-Borne
- Solvent Borne
- Powder Based
- Others
Industrial Coatings Market by End-user
- General Industry
- Automotive
- Construction
- Electronics
- Oil & Gas
- Marine
- Aerospace
- Others
Industrial Coatings Market – Dynamics
Customers are prioritizing products that are environment friendly. In the industrial coatings market, sustainability is the key enabler to adapt to the constantly changing environmental regulations. Stricter environmental regulations are in place owing to increasing awareness among consumers about the harmful effects of VOC. The demand for coatings with lower VOC, solvent-based coatings, and water-based coatings is increasing. Coatings with low levels of volatile organic compounds are safer for the environment and their users. Coatings are majorly used in the manufacturing, automotive, and construction industries. Owing to the growth of the construction sector and increasing industrialization, urbanization, and infrastructural developments in APAC, the demand for coatings is expected to increase in the region. APAC is also witnessing higher demand for coatings with low VOC content. Japan is expected to witness high demand for coatings with low VOC content during the forecast period. However, the demand for environment-friendly coatings is less in the Latin American and Middle East and African regions.
Key Drivers and Trends fueling Market Growth:
- Growth Opportunities via Mergers and Acquisitions
- Digitalization in Businesses
- Increasing Demand for Protective Coatings
- Increasing Use of Conductive Coatings in Electronics Industry
Industrial Coatings Market – Geography
APAC is considered to be one of the strongest markets for industrial coatings. In the APAC region, China is the biggest market and accounts for 60% market share in the region. In Asia, India and South Korea are the rapidly growing coatings markets. Japan and South Korea are significant coatings markets with large number of production bases for electronics, automotive, chemicals, and appliances. The south-east Asian region includes Thailand, Indonesia, Singapore, Malaysia, Vietnam, Cambodia, Laos, and the Philippines. The region represents high growth potential as majority of the market comprises of decorative coatings.
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Industrial Coatings Market by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Russia
- Spain
- APAC
- China
- Japan
- South Korea
- India
- Indonesia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
Major Vendors
- AkzoNobel
- Axalta Coating Systems
- BASF
- Nippon Paint
- PPG Industries
- Sherwin-Williams
Other Prominent Vendors
- Aegis Industries
- Altana
- Arkema
- Asian Paints
- Beckers Group
- Brillux
- Burke Industrial Coatings
- Carpoly
- Chugoku Marine Paints
- Clariant
- Diamond Vogel
- Hempel
- Henkel
- Industria Chimica Adriatica (ICA)
- Jamestown Coating Technologies
- Jotun
- Kansai Paint
- KCC Corporation
- NOROO Paint & Coatings
- Premium Coatings and Chemicals
- RPM International
- SIKA
- Teknos
- Chemours
- Wacker Chemie
- Weilburger
- Yip's Chemical Holdings
- Zuelch Industrial Coatings
- Solvay
- Cardinal
- Tiger Coatings
- 3M
- DSM
- MASCO
Explore our chemicals & materials profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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