Industrial Coatings Market By Resin Type (Polyurethane, Epoxy), Technology (Solvent-Based, Water-Based), Vertical (General Industrial, Protective) & Region for 2024-2031
Report ID: 10711|No. of Pages: 202
Industrial Coatings Market By Resin Type (Polyurethane, Epoxy), Technology (Solvent-Based, Water-Based), Vertical (General Industrial, Protective) & Region for 2024-2031
Industrial Coatings Market Valuation – 2024-2031
Increasing demand for durable and protective coatings across various industries is a significant factor driving the industrial coatings market. This demand stems from the need for enhanced longevity and performance of equipment and structures, particularly in sectors such as automotive, aerospace, and construction. As industries face increasing pressure to meet stringent environmental regulations, there is also a growing preference for eco-friendly formulations that minimize VOC emissions and promote sustainability is surpassing USD 779.87 Million in 2023 and reaching USD 1199.56 Million by 2031.
Furthermore, in the construction sector, industrial coatings are used for protective purposes on various substrates, including metals and concrete, ensuring durability and resistance to harsh environmental conditions. Other applications, such as marine coatings and coatings for machinery, are also witnessing significant growth as industries prioritize maintenance and operational efficiency, driving demand for high-performance industrial coatings, increasing market growth is expected to grow at a CAGR of about 6.10% from 2024 to 2031.
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Industrial Coatings Market: Definition/ Overview
Industrial coatings are protective, ornamental, or functional coatings applied to a wide range of substrates, including metals, polymers, and concrete, to improve their performance and longevity in industrial settings. These coatings are widely utilized in the automotive, aerospace, construction, and manufacturing industries, giving benefits such as corrosion resistance, chemical protection, and aesthetic appeal, as well as practical applications such as fire resistance and anti-slip surfaces. The industrial coatings market is predicted to expand rapidly due to technological developments, increased environmental laws, and rising demand for sustainable and high-performance coatings, with a focus on innovations such as nanotechnology and smart coatings.
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Will Growing Demand for Durable Coatings Drive the Industrial Coatings Market?
The increasing demand for long-lasting coatings is likely to significantly drive the industrial coatings industry. Durable coatings are becoming increasingly important as sectors prioritize product longevity and performance. They guard against wear, corrosion, and environmental degradation. This demand is especially strong in industries like automotive, aerospace, and construction, where high-performance coatings are essential for maintaining product integrity and extending service life. As manufacturers strive to improve the durability of their services, expenditures in sophisticated coating technologies and formulas are expected to surge, accelerating market growth.
Recently, the United States government announced a $150 million investment in infrastructure projects targeted at improving bridges and highways, highlighting the necessity of adopting long-lasting coatings to extend the life of these buildings. Concurrently, in September 2023, Sherwin-Williams introduced a new line of industrial coatings specifically developed for infrastructure applications, demonstrating the company’s commitment to producing high-performance solutions that are in line with government aspirations. These trends highlight the critical role of governmental assistance and business innovation in propelling the industrial coatings market ahead.
Will Raw Material Costs Hinder the Growth of the Industrial Coatings Market?
Rising raw material costs may impede the expansion of the industrial coatings industry. Price fluctuations in critical materials such as resins, solvents, and additives have a direct impact on manufacturing costs, compelling enterprises to absorb them or pass them on to customers. This can result in higher end-product prices, which may reduce demand, particularly in price-sensitive markets. Furthermore, volatility in raw material supply chains, worsened by geopolitical tensions or natural disasters, can interrupt production plans and cause additional cost rises, causing market uncertainty.
Furthermore, the issue of controlling raw material costs is exacerbated by manufacturers’ need to comply with increasingly rigorous environmental requirements. Many businesses are investing in sustainable procedures and environmentally friendly products, which may initially be more expensive than traditional solutions. While this transformation is vital for long-term growth and compliance, it may strain financial resources in the short term. As a result, manufacturers must strike a balance between the desire for sustainability and the realities of raw material pricing, making it critical to design strategies that address these difficulties while maintaining product quality and market competitiveness.
Category-Wise Acumens
How Will Epoxy Coatings Drive the Industrial Coatings Market?
Epoxy coatings are expected to considerably impact the industrial coatings industry due to its high performance and versatility. Epoxy coatings, known for their high adhesion, chemical resistance, and durability, are widely employed in a variety of applications, including metal and concrete surface protection. Epoxy coatings are predicted to gain popularity as industries such as automotive, aerospace, and construction require higher performance coatings to improve product longevity and lower maintenance costs. Their capacity to tolerate hostile environments makes them a popular choice for a variety of industrial applications, accelerating market growth.
Furthermore, the trend of infrastructure expansion and maintenance will increase demand for epoxy coatings. Government investments in public infrastructure, such as bridges and highways, frequently necessitate the use of long-lasting coatings that resist corrosion and wear. As these projects expand globally, the demand for high-quality epoxy coatings will grow, driving market expansion and prompting manufacturers to innovate and improve their epoxy formulas.
However, Polyurethane coatings are emerging as the fastest expanding area of the industrial coatings market. Their outstanding flexibility, UV resistance, and aesthetic appeal make them perfect for use in the automotive, architectural, and industrial sectors. As manufacturers and consumers seek high-performance coatings that provide both durability and visual enhancement, demand for polyurethane solutions is expanding. This expansion is further aided by the transition to sustainable practices, since many new polyurethane formulations are meant to be more ecologically friendly, in line with modern regulatory standards and customer preferences.
How Solvent-Based Coatings Fuel the Industrial Coatings Market?
Solvent-based coatings are a key driver in the industrial coatings industry due to their superior performance attributes such as durability, adhesion, and chemical resistance. These coatings are widely employed in a variety of industries, including automotive, aerospace, and manufacturing, where their ability to survive extreme weather conditions is critical. The significant need for high-performance coatings in heavy-duty applications guarantees that solvent-based formulations remain popular, driving market expansion. Furthermore, their quick-drying qualities enable fast application processes, making them ideal for manufacturers looking to reduce downtime and increase production.
However, the use of solvent-based coatings is being influenced by increasing environmental restrictions aimed at reducing VOC emissions. As manufacturers strive to meet these rules while preserving performance, many are investing in advances in solvent-based technologies to improve their sustainability profile. This innovation not only supports the expansion of solvent-based coatings, but it also encourages the development of formulas that reduce environmental impact while maintaining quality and efficacy.
However, Water-based coatings are quickly becoming the fastest-growing area in the industrial coatings market. Water-based formulations provide a more environmentally friendly alternative without losing performance, owing to increased environmental awareness and stringent VOC emission standards. Industries are rapidly adopting these coatings due to their low toxicity and simplicity of application, which are consistent with sustainable practices. As consumer preferences shift toward greener products and more firms commit to minimizing their environmental imprint, demand for water-based coatings is likely to rise further, marking a significant industry trend.
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Country/Region-wise
Will Growing Strong Manufacturing Base in North America Drive the Industrial Coatings Market?
The expanding strong manufacturing base in North America is expected to significantly drive the industrial coatings industry. The region’s well-established manufacturing sector, particularly in automotive, aerospace, and heavy machinery, generates a strong need for high-performance coatings that are both durable and protective. As manufacturers prioritize product lifetime and operational efficiency, they are increasingly turning to sophisticated coating solutions to improve their goods’ resilience to wear, corrosion, and environmental concerns. This demand not only maintains the current industry, but it also motivates coating manufacturers to innovate and create more effective and personalized products.
Furthermore, the North American government’s investment in infrastructure projects, together with attempts to stimulate local manufacturing, increases the market’s growth potential. As the public and private sectors spend in rejuvenating infrastructure such as bridges, roads, and buildings, the demand for protective coatings that can survive harsh circumstances grows. This trend not only increases demand for industrial coatings, but it also encourages collaboration between manufacturers and coating suppliers, resulting in breakthroughs in technology and product offers. As a result, North America’s robust manufacturing base has a significant impact on the future landscape of the industrial coatings market.
Will Increasing Industrial Growth in Asia-Pacific Propel the Industrial Coatings Market?
The increasing industrial expansion in the Asia-Pacific region is expected to considerably boost the industrial coatings industry. Rapid urbanization and economic expansion in China, India, and Southeast Asian countries are driving significant investment in infrastructure and industry. As industries grow, so does the demand for high-quality coatings that offer durability and protection in a wide range of applications, including construction, automotive, and electronics. This expanding industrial base not only supports the existing industrial coatings market, but it also fosters innovation as manufacturers strive to produce innovative solutions adapted to specific regional needs.
Furthermore, the Asia-Pacific region’s shift toward sustainable practices strengthens the industrial coatings market’s growth prospects. Governments and industry are increasingly enacting environmental rules to encourage the adoption of eco-friendly coatings with minimal VOC emissions. As manufacturers respond to regulatory challenges and consumer preferences for environmentally friendly products, the market for water-based and sustainable coatings is expected to grow fast. This trend not only fits with global sustainability efforts, but it also puts the Asia-Pacific region as a vital player in the future of the industrial coatings market, encouraging collaboration and technological breakthroughs within the sector.
Competitive Landscape
The competitive landscape of the industrial coatings market is shaped by a mix of large multinational corporations, such as PPG Industries, AkzoNobel, and Sherwin-Williams, and specialized regional players. These companies compete through continuous innovation, investing in research and development to introduce advanced, high-performance, and environmentally friendly coatings. The market is also experiencing consolidation through mergers and acquisitions, allowing firms to expand their product offerings and geographic reach. Additionally, a growing emphasis on sustainability drives competition, as manufacturers seek to meet regulatory standards and cater to consumer demand for eco-friendly solutions. Overall, the interplay between established players and niche manufacturers fosters a dynamic and evolving market environment.
Some of the prominent players operating in the industrial coatings market include:
Hempel A/SKansai Paint Co.Ltd, Nippon Paint Holdings Co.Ltd, Norco Paint & Coatings Co.Ltd, PPG Industries Inc., RPM International Inc., Teknos Group.
Latest Developments
- In September 2023, PPG Industries announced the acquisition of Ennis-Flint, a renowned manufacturer of pavement marking materials. This strategic move intends to strengthen PPG’s product portfolio in the transportation industry while also expanding its presence in the industrial coatings market, particularly in road safety and marking applications.
- In August 2023, AkzoNobel has launched a new line of eco-friendly industrial coatings that aim to reduce environmental impact while retaining great performance. This announcement highlights the company’s dedication to sustainability and innovation, as well as the growing demand for ecologically responsible products.
- In October 2023, Sherwin-Williams announced plans to invest $75 million to develop its North American manufacturing facilities. This investment intends to boost manufacturing capacity for industrial coatings, guaranteeing that the company can satisfy rising demand from a variety of industries, including construction and automotive.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2018-2031 |
| Growth Rate | CAGR of ~6.10% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Million |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
Industrial Coatings Market, By Category
Resin Type
- Polyurethane
- Epoxy
Technology
- Solvent-Based
- Water-Based
Vertical
- General Industrial
- Protective
Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Research Methodology of Verified Market Research
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL INDUSTRIAL COATINGS MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL INDUSTRIAL COATINGS MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL INDUSTRIAL COATINGS MARKET, BY RESIN TYPE
5.1 Overview
5.2 Polyurethane
5.3 Epoxy
5.4 Acrylic
6 GLOBAL INDUSTRIAL COATINGS MARKET, BY TECHNOLOGY
6.1 Overview
6.2 Solvent Based
6.3 Water Based
7 GLOBAL INDUSTRIAL COATINGS MARKET, BY VERTICAL
7.1 Overview
7.2 General Industrial
7.3 Protective
8 GLOBAL INDUSTRIAL COATINGS MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East & Africa
9 GLOBAL INDUSTRIAL COATINGS MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Hempel A/S
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Kansai Paint Co. Ltd.
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Nippon Paint Holdings Co., Ltd.
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Noroo Paint & Coatings Co., Ltd.
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 PPG Industries Inc.
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 RPM International Inc.
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Teknos Group
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 The Sherwin-Williams Company
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Tikkurila OYJ
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Weilburger Coatings GmbH
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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