Industrial Coatings Market size is anticipated to reach USD 120 Billion by the end of 2033, growing at a CAGR of 3% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of industrial coatings was USD 90 Billion. The primary factor that is attributed to the growth of the market is the recent boom in the construction industry. The high spending on the construction industry is expected to bring lucrative growth opportunities for market growth in the assessment period. For instance, the total spending in the U.S. construction sector was calculated to be approximately USD 2 trillion in 2020. Additionally, the escalation in the demand for industrial coatings from a wide range of industry verticals such as automotive, electronics, aerospace, oil & gas, mining, marine, and power generation is expected to propel the growth of the industrial coatings market over the projected forecast period.
Most industrial coatings are used to prevent the corrosion of metals and concrete. They have diverse applications and are available with various specifications for differing requirements and functions in the construction sector. Thus, the rising investments in building infrastructure and buildings are anticipated to bring in generate for industrial coatings in the forecast period. Moreover, radically increasing urbanization across the globe and traction toward sustainability are some further factors that are fueling the growth of the market during the forecast period. In addition, the growing demand for environmentally-friendly coatings as well as the need for efficient processes and durable coatings with better aesthetics is also considered to be a growth factor for significant revenue generation of global industrial coatings. Also, rapid urbanization, growth in the middle-class population, rising disposable incomes, and high spending capacity are projected to bring in lucrative growth opportunities for the utilization of industrial coatings in the forecast period.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
3% |
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Base Year Market Size (2022) |
USD 90 Billion |
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Forecast Year Market Size (2033) |
USD 120 Billion |
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Regional Scope |
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Application (General Industrial, Automotive & Transportation, Industrial Wood, Marine Protective, Packaging)
The global industrial coatings market is segmented by application into general industrial, automotive & transportation, industrial wood, marine protective, packaging, and others. Out of these, the automotive & transportation segment is attributed to garner the highest market share by 2033, owing to the high demand for vehicles by the burgeoning population. The International Organization of Motor Vehicle Manufacturers (OICA), released global sales of vehicle statistics which revealed that it rose from 56,398,471 units in 2021 to 53,917,153 units in 2020. Whereas, the global production of vehicles was calculated to be 57,054,295 units in 2021, an increase from 55,908,989 units in 2020. The need for industrial coatings in the manufacturing processes of automotive owing to their high degrees of corrosion resistance, chemical resistance, and protection from UV and weather is an essential part of making the vehicles durable.
Technology (Water Based, Solvent Based, Powder)
The global industrial coatings market is also segmented and analyzed for demand and supply by technology into water-based, solvent-based, powder, and others. Out of these, the water-based segment is attributed to holding the most significant share of the market during the assessment period. The advantages of water-based industrial coatings such as low VOC emissions during the application, easy cleansing process, reduced risks of fire, and others are expected to increase its adoption rate for various kinds of applications in numerous industries. Furthermore, the cost-effective benefit of water-based industrial coatings is also anticipated to make it a preferable option for coating applications in the automotive and construction industry.
Our in-depth analysis of the industrial coatings market includes the following segments:
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By Resin |
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By Technology |
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By Application |
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Asia Pacific Market Forecast
The Asia Pacific industrial coatings market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, owing to the rapid expansion of the construction industry and the increasing need for buildings, offices, commercial spaces, houses, and other infrastructures in the region. For instance, the building construction industry in the Asia Pacific is expected to reach USD 3 million by 2024, with a robust CAGR of 7%. Also, the increased utilization of industrial coatings in vehicles, along with the presence of major key players and leading exporters and importers of vehicles in the region is anticipated to bring lucrative growth opportunities for the market in the forecast period. International Organization of Motor Vehicle Manufacturers (OICA) statistics revealed that the total production of vehicles in the region was 46 million in 2021, a rise from 44 million in 2020.
North American Market Forecast
On the other hand, the North America industrial coatings market is also projected to hold a significant market share during the forecast period. The rapid expansion in the industrial sector has resulted in high industrial goods production which in turn has generated the need for industrial protective coatings in the region. Also, the rise in sales and production of cars, rapid growth in building activity, and the continuous investment by major key players in research and development activities are anticipated to create a positive outlook for the growth of the market in the North America region. Moreover, the high consumer spending and rapid escalation in Gross Domestic Product (GDP) are other factors that are estimated to contribute positively to market growth.
PPG Industries, Inc. has finally launched PPG ENVIROCRON HeatSense powder coating. This high-quality industrial coating is expected to apply in heat-sensitive wood, and wood-composite applications, such as medium-density fiberboard (MDF), hardwood, plywood, and similar products.
Akzo Nobel N.V. and Sikkens continue their partnership with Mercedes-Benz. This partnership is expected to enhance the supply of vehicle refinish products and services in China and Indonesia.
Author Credits: Smruti Ranjan, Rajrani Baghel
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