Global Industrial Coatings Market to Grow at a CAGR of 3% by 2032

Industrial coatings are useful in a variety of industries, including marine, electronics, automobile & vehicle repair, aerospace, oil & gas, electricity production, mining, and general industrial uses. High abrasion resistance, chemical resistance, color and gloss preservation, and resistance to corrosion are all driving market growth in the industries indicated above. Growing industrial development, particularly in developing nations like China and India, is driving the industrial coatings industry forward. Acrylic industrial coatings are predicted to expand significantly over the projection period, based on product type. End-use applications are fueling their demand for properties like good abrasion resistance, quick-drying and curing, and chemical resistance. The need for water-based industrial coatings is likely to increase over the projected period, owing to the growing understanding of the negative effects of solvent-based industrial coatings and numerous legislation aimed at reducing VOCs and other harmful air pollutants (HAPs). Due to the toxic and combustible nature of solvents, the set of laws that apply to the creation of industrial coatings is quite strict. As a result, VOC-free powder and water-based coatings are likely to grow in popularity over the projection period. Market Dynamics Rise in Applications in Oil & Gas Industry to Drive Market The Oil and Gas category includes offshore and onshore oil and gas exploration, production, and refining facilities, pipelines, refineries, gas pipelines, petrochemical plants, and storage containers. In both the input and output sections of the oil and gas industry, protective coatings are employed to carry oil and gas to refineries. This industry uses anti-corrosion, heat-resistant, abrasion-resistant, fire-resistant, and other types of protective coatings. The industry has been on the lookout for measures to cut capital expenditures. The need to adhere to strict environmental regulations has led to a desire for a long-lasting coating system that efficiently preserves assets. Furthermore, key contributors to the oil and gas sector's development include the United States, Saudi Arabia, Russia, China, and Canada, among others. Advancements in Powder-Based Coatings Generate New Opportunities  Thermoplastic and thermosetting plastic polymers are the two kinds of resin used in powder coatings. Because thermosetting plastics polymers are significantly more stable at high temperatures, they are likely to contribute to a large proportion of the market during the forecast period. In comparison to traditional solvent/water-based technologies, this is a modern benefit. Issues associated with liquid technologies are reduced or eliminated when powder-based technology is used. Compared to wet coatings, powder-based coatings have the following advantages: Durability - When compared to wet paints, powder coatings are more resistant to solvents, oxidation, weather, peeling, and scratching. Color-wise, powder-based coatings are superior since they stay brighter and fresher for longer. Operating expenses — When compared to alternative organic solvents, powder-based coatings are more cost-effective and cover a greater surface area. These coatings also save money in terms of operational manpower since they need fewer training sessions and direction. Powder-based paint technology produces less waste, uses less fuel, and costs less to dispose of. Impact of COVID-19 The COVID-19 outbreak has had a substantial impact on vehicle production, disrupting the industry's value chain. The automotive industry's need for industrial coatings is projected to be impacted by a delay or halt in industrial production and also decreased consumer demand due to COVID-19. According to recent IMF (International Monetary Fund) updates, a global economic catastrophe comparable to or more severe than the global financial crisis of 2008 will occur in 2020. The IMF estimates that the world economy will lose USD 9 trillion in GDP between 2020 and 2021. How the virus expands in Europe, the United States, and other key economies will decide the economic consequences. Raw materials have also suffered dramatic price changes in recent years as a result of political instability in oil-producing economies like Iraq, Saudi Arabia, and other Middle Eastern countries. Moreover, recent social turmoil in Iran, Venezuela, Iraq, and Libya has had a negative impact on crude oil production. Natural disasters, various factors of demand and supply, and seasonal variations are predicted to have a negative impact on crude oil prices. Since the global breakout of COVID-19 earlier in 2020, this trend has accelerated. Regional Insights The industrial coatings market is segmented into four regions: North America, Europe, Asia-Pacific, Middle East & Africa, and Central and South America.  Over the projected period, the North American industrial coatings market is anticipated to expand significantly. The United States is the largest dominating market in North America. The increased demand for industrial coatings from industries such as general, mining, oil and gas, electrical, and energy production is likely to boost the market growth in the United States. Asia-Pacific is the fastest-growing industrial coatings market. The Asia-Pacific industrial coatings market is predicted to be worth USD 27,793 million by 2030, increasing at a 4% CAGR. Reduced labor costs have encouraged many international investors to base industrial enterprises in Asia-Pacific's rising economies. As a consequence, the region's growing number of industrial facilities is boosting construction activity, which will drive demand for industrial coatings over the projection period. The major automotive market in the region is China. The country's car output is predicted to exceed 35 million units by 2025, as per the International Trade Administration. This is due to the high demand for autos, as well as commercial buses and trucks, which is predicted to boost the country's demand for industrial coatings. Key Highlights The industrial coatings market size was valued at USD 108.2 billion in 2023. It is estimated to reach from USD 111.4 billion in 2024 to USD 141.1 billion by 2032 at a CAGR of 3% during the forecast period (2024–2032). The global industrial coatings market is segmented into products: Acrylic, alkyd, polyurethane, epoxy, polyester, and others. The acrylic market is overtaken and expected to generate USD 41,098  million by 2030 at a CAGR of 3%. By technology, the market is classified into solvent-borne, water-borne, powder-based, and others. The solvent-borne coatings segment is anticipated to generate USD 38,9010 million by 2030 at a CAGR of 3%. On the basis of end-use, the industrial coatings market is classified into the general industry, marine, automotive & vehicle refinish, electronics, aerospace, oil & gas, mining, power generation, and others. The general industrial end-use segment was the highest contributor to the market and is estimated to reach USD 51,820 million by 2030, at a CAGR of 3% during the forecast period.   Market News In May 2021, PPG Industries, Inc. has completed a USD 13 million worth in its paint and coatings plant in Jiading, China, which includes eight new powder coating manufacturing lines and an enlarged Powder Coatings Technology Center, which is expected to improve PPG's technological capacity. General industrial powder coatings, wheel hub coatings, heavy-duty equipment coatings, and other high-performance coatings will be produced on the new manufacturing lines. The extension will boost the plant's annual capacity by about 8,000 metric tonnes. In March 2021, AkzoNobel N.V. has made investments in Qlayers coating innovation, which offers a completely automated alternative that is secure, more coherent, and quicker than the existing manual coating processes in the industry. It's a long-term, cost-effective approach that avoids overspray. Consumers can use this method to apply anti-corrosive coatings and other types of coatings. Global Industrial Coatings Market: Segmentation By Product Acrylic Alkyd Polyurethane Epoxy Polyester Others By Technology Solvent-Borne Water-Borne Powder Based Others By End-Use General Industry Marine Automotive & Vehicle Refinish Electronics Aerospace Oil & Gas Mining Power Generation  Others By Region North America Europe Asia-Pacific Central and South America Middle East & Africa