The industrial coatings market is estimated to be valued at US$ 38.42 Bn 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:
They impart properties like resistance to heat, chemical & moisture, improved adhesion and aesthetics. Key industries utilizing industrial coatings include general industrial, automotive refinish, automotive OEM, protective & marine, wood finishing, coil, packaging and others.
Market Dynamics:
Rapid industrialization and infrastructure development activities across Asia Pacific, South America, Middle East and Africa are expected to propel the demand for industrial coatings over the forecast period. According to the World Bank, the global infrastructure spending was estimated at over $3.4 trillion in 2022, an increase of 2.5% over 2021 spending levels. Additionally, increasing population and economic growth in developing regions is generating significant requirement for various end-use industries like machinery, construction, automotive which in turn is anticipated to boost the industrial coatings consumption. Furthermore, the stringent regulations regarding emission control and sustainability are prompting market players to develop eco-friendly water-based and powder coatings, thereby supporting the market growth.
SWOT Analysis
Strength: Industrial coatings provide protection against corrosion, abrasion and other damages that can occur during production and operations. They offer long-lasting protection and reduce maintenance costs. Industrial coatings manufacturers offer customized solutions specific to end-use requirements. Growing infrastructure and construction activities drive the demand for high-performance industrial coatings.
Weakness: Volatility in raw material prices can impact the cost of industrial coatings. Stringent environmental regulations regarding the use of hazardous chemicals in coatings formulation pose challenges. Developing eco-friendly and sustainable coating solutions requires huge investments in R&D.
Opportunity: Increasing investments by governments across regions in infrastructure development and manufacturing sector modernization offer huge opportunities. Growing construction of power plants, oil & gas installations and industrial facilities boost the market. Rising application in wood coatings, coil coatings and automotive coatings industry present new areas of growth.
Threats: Economic slowdowns impact infrastructure spending and industrial production schedules affecting demand. Threat from cheaper alternatives and easy availability of substitutes. Intense competition among existing players limits pricing flexibility.
Key Takeaways
The Industrial Coatings Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing infrastructure development activities and modernization of manufacturing facilities globally.
Market size: The industrial coatings market size was valued at US$ 38.42 Bn in 2022 and is anticipated to reach over US$ 67 Bn by 2030.
Regional analysis: The Asia Pacific region currently dominates the global industrial coatings market with over 35% share in 2022. China, India and other Southeast Asian countries are major consumers driven by rapid industrialization and infrastructure growth. North America and Europe are other prominent regional markets whereas market growth in Middle East & Africa and Latin America is projected to be faster over the coming years on back of rising construction activities.
Key players: 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
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