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(EMAILWIRE.COM, May 08, 2024 ) The report ” Industrial Coatings Market by Type (Acrylic, Alkyd, Polyester, Polyurethane, Epoxy, Fluoropolymer), Technology (Solventborne Coatings, Waterborne Coatings, Powder Coatings), End-Use Industry (General Industrial), & Region – Global Forecast to 2028 ” The global industrial coatings market size was USD 108.1 billion in 2022 and is projected to reach USD 129.2 billion by 2028, at a CAGR of 3.3% during the forecast period.
Browse in-depth TOC on “Industrial Coatings Market
350 – Market Data Tables
60 – Figures
300 – Pages
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Acrylic resin type industrial coatings accounted for a largest share of the overall industrial coatings market, in terms of volume, in 2022. The demand for acrylic resin-based industrial coatings is notably high, primarily within the automotive sector, driven by strict environmental guidelines and the exceptional corrosion resistance these coatings offer. Besides automotive applications, consumer appliances represent a significant end-use sector for these coatings. Acrylic resin-based coatings are also prevalent in wood treatments, transportation, marine settings, and various general industrial applications.
The solventborne coatings technology segment is estimated to account a largest share in 2022 terms of volume. The development of the developing electrical & electronics, rail, and marine industries is what is driving the market for solvent-borne coatings. Particularly in countries like Singapore, Indonesia, Philippines, India, and Singapore, foreign investments have fueled economic expansion and the rise of a variety of industries, including general manufacturing. Over the projected term, it is expected that these patterns would increase demand for industrial coatings.
General industrial end-use industry dominated the overall industrial coatings market, in terms of volume, in 2022. The general industrial coatings market is associated with several industries and has a wide range of end users. Increases in infrastructure, global GDP, population, living standards, and the building sector are the main factors propelling the general industrial coatings market.
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Asia Pacific is the leading market for industrial coatings market. The Asia Pacific region witnesses a surge in the demand for luxury automobiles owing to the rising purchasing capacity of consumers. Simultaneously, substantial investments in the automotive sector within the region propel the need for powder and waterborne coatings. This robust growth in Asia Pacific primarily arises from its high economic growth rate and significant investments in sectors like marine, automotive, consumer goods, appliances, construction, and furniture. Moreover, manufacturers are relocating their operations to this region due to cost-effective production methods and the opportunity to cater more efficiently to the burgeoning local market.
Industrial Coatings Market Key Players
The key players following the strategies between 2018 to 2022, Akzo Nobel N.V. (Netherlands), Axalta Coatings Systems LLC. (US), Jotun A/S (Norway), PPG Industries Inc. (US), The Sherwin-Williams Company (US). The companies are majorly following product launch, merger & acquisition, and investment & expansion as the strategy to grow and expand the market.
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