The industrial coatings market size is estimated to grow from USD 85.2 billion in 2020 to USD 103.2 billion by 2025, at a CAGR of 3.9% during the forecast period. Industrial coatings are thin films applied on materials to add or enhance their specific properties such as corrosion resistance, wear resistance, and conductivity. Industrial coatings are manufactured with conventional polymers such as epoxy, polyurethane, acrylic, alkyd, polyesters, and fluoropolymer. Industrial coatings are used in production plants, to coat discrete parts, finished assemblies (automobiles, trucks, aircraft, and vessels), tanks, piping, metal sheet, wood panels, paper, and paperboard. The industrial coatings market depends heavily on the performance of the end-user industries such as automotive, aerospace, marine, wood, packaging, protective, coil, transportation, and general industrial equipment.
Based on resin type, polyurethane resins dominated the industrial coatings market in 2019. Polyurethane resin-based coatings have properties, such as high durability, toughness, ease of cleaning, and high gloss. These properties make them preferable in a wide range of applications. The polyurethane resin-based coatings are used where high performance is expected, such as oil-rig towers, warehouses, industrial plants, heat-resistant coatings, and bridges.
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The coating technology is used for covering a substrate material with an organic film that possesses the desired protective, mechanical, optical, aging, and adhesion properties. Many technologies process and convert resins, pigments, and additives to industrial coatings, which are used in many end-use industries such as automotive, marine, aerospace, protective, industrial wood, general industrial, coil, packaging, and rail.
The two main technologies used to manufacture industrial coatings are water-based and solvent-based. Solvent-based formulations occupy the largest share of the industrial coatings market owing to their popularity as they are used in diverse coating applications due to their high performance. Solvent-based industrial coatings are mainly used in automotive coatings, general industrial coatings, and protective coatings.
Based on end-use industry, the general industrial segment is the largest end-use industry of industrial coatings. The general industrial coatings market has diverse end-users and is tied to multiple industries. The drivers of the general industrial coatings market are population growth, improving standard of living, infrastructure growth, global GDP growth, and recovery & growth in the construction industry.
In terms of geographic coverage, the industrial coatings market has been segmented into five regions, namely, APAC, Europe, North America, the Middle East & Africa, and South America. APAC has emerged as the leading consumer and producer of industrial coatings with China being the largest consumer. Key players are tapping these opportunities by expanding their production capacity in the emerging economies in the Southeast Asian countries.
The industrial coatings market in China, India, Indonesia, and South Africa is expected to grow rapidly due to the growth in end-use industries. Favorable opportunities in these countries are expected to support the growth of the industrial coatings market in the coming years. Major players such as AkzoNobel N.V. (Netherlands), PPG Industries (US), and The Sherwin-Williams Company (US), have framed their strategies to penetrate and create bases in these emerging markets.
Moreover, major companies are focusing on strengthening their R&D facilities to provide eco-friendly products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the industrial coatings market over the next five years.
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