by The Industrial Coatings Market is estimated to be valued at US$ 38.42 Bn or Mn in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial coatings refer to special types of paints and coatings that are applied on surfaces and products that are used for industrial purposes such as machineries, vehicles, buildings and other structures. These coatings protect metal and concrete structures from corrosion and degradation caused by environmental factors. They provide durability, resistance to chemicals and thermal stability. Growth in end use industries such as oil & gas, automotive, construction and machinery manufacturing is fueling the demand for industrial coatings globally.
Market key trends:
One of the key trends in the industrial coatings market is the increasing adoption of powder coatings. Powder coatings are superior to liquid coatings as they generate less volatile organic compound emissions. They also allow for a faster curing process and results in a very smooth finish. Growing environmental concerns are compelling manufacturers to switch to powder coatings from solvent-borne coatings. Another trend is the rising popularity of high performance coatings such as thermoplastic olefin coatings. Thermoplastic olefin coatings exhibit excellent weatherability, chemical resistance and durability. They are extensively used in oil & gas pipelines and equipment exposed to harsh outdoor environments. Waterborne coatings are also gaining traction in the market as they contain low VOC and are environment-friendly. Strict regulations regarding VOC emissions are favoring the demand for water and powder based industrial coatings.
Porter’s Analysis
Threat of new entrants: The Industrial Coatings Market Size requires high capital investments for manufacturing facilities and R&D. Therefore, the threat of new entrants is moderate.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of numerous established manufacturers offering a variety of industrial coatings.
Bargaining power of suppliers: Raw material suppliers have low to moderate bargaining power as coatings manufacturers can flexibly switch to alternative raw material suppliers.
Threat of new substitutes: Low threat from substitutes as industrial coatings have superior properties over substitute materials in terms of corrosion protection, durability etc.
Competitive rivalry: The industrial coatings market features tough competition among key global players.
Key Takeaways
The industrial coatings market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand from construction and automotive industries.
Regional analysis: Asia Pacific dominates the global industrial coatings market, accounting for around 50% of revenue share. China is expected to remain the largest consumer of industrial coatings due to robust industrial activities in the region. North America stands as the second largest market with US contributing significantly.
Key players operating in the industrial coatings market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company. AkzoNobel and PPG capture major market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
