USD 95.50 billion
Report ID:
SQMIG20A2036 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
59 |
Figures:
75
Industrial Coatings Market size was valued at USD 95.50 billion in 2022 and is poised to grow from USD 99.13 billion in 2023 to USD 133.59 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).
Industrial coatings are protective coatings applied to various substrates such as metal, concrete, and wood, to provide resistance against corrosion, abrasion, and chemicals. These coatings are widely used in several end-use industries such as automotive, aerospace, construction, and marine, among others. Industrial coatings are available in various forms such as liquid, powder, and pre-treatment coatings. They can be applied using various methods such as spray, dip, and roll coating. Additionally, advancements in technology have led to the development of eco-friendly and sustainable coating solutions. The demand for high-performance coatings with superior properties such as durability, weather resistance, and UV protection is increasing, driving the growth of the global industrial coatings market.
US Industrial Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 95.50 billion
Largest Segment
Polyurethane Coatings
Fastest Growth
Polyurethane Coatings
Growth Rate
3.8% CAGR
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Global Industrial Coatings market is segmented by type, and end-user. Based on type, the market can be segmented into Polyurethane Coatings, and Epoxy Coatings. Based on end-user, the market can be segmented into Automotive, and Aerospace. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
By type, the market can be segmented into Polyurethane Coating and Epoxy Coatings. Polyurethane Coatings are dominating the industrial coatings market due to their superior properties such as excellent adhesion, abrasion resistance, durability, and flexibility. They are widely used in automotive, aerospace, marine, and construction industries. With the increasing demand for high-performance coatings that offer better protection against harsh environmental conditions, polyurethane coatings are expected to maintain their dominance in the market.
Epoxy coatings, on the other hand, are the fastest-growing segment due to their ability to provide superior corrosion and chemical resistance. They are extensively used in industrial machinery, appliances, and oil and gas industries. The demand for epoxy coatings is expected to grow further due to their ability to offer excellent adhesion to various substrates, including concrete, metal, and plastics. Additionally, the increasing adoption of eco-friendly coatings is also expected to drive the growth of the epoxy coatings segment as they are low in volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).
Analysis by End-User
By end-user, the market can be segmented into Automotive, and Aerospace. Automotive coatings are dominating the industrial coatings market due to the high demand for vehicles and the need to protect them from various environmental factors such as UV rays, corrosion, and chemicals. Automotive coatings offer various advantages such as color retention, scratch resistance, and durability. The increasing demand for electric vehicles, light-weight vehicles, and advanced safety features in vehicles is expected to drive the growth of the automotive coatings market.
Aerospace coatings, on the other hand, are the fastest-growing segment due to the increasing demand for lightweight and fuel-efficient aircraft. Aerospace coatings are critical for aircraft as they protect the exterior surfaces from harsh environmental conditions such as high altitudes, temperature changes, and ultraviolet radiation. Additionally, aerospace coatings also help in improving the aerodynamics of the aircraft. The growing demand for air travel and the increasing focus on reducing the carbon footprint of aircraft are expected to drive the growth of the market.
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North America is dominating the industrial coatings market due to the presence of a well-established industrial sector, high demand for durable and long-lasting coatings, and strict government regulations regarding the use of eco-friendly coatings. The US and Canada are the major contributors to the growth of the industrial coatings market in North America. The automotive, aerospace, and construction industries are major end-users of industrial coatings in this region. Additionally, the growing demand for waterborne coatings and powder coatings is also driving the growth of the global in North America.
APAC is the fastest-growing region in the industrial coatings market due to the rapidly growing industrial sector, increasing demand for high-performance coatings, and rising government initiatives to promote industrial growth. China, India, Japan, South Korea, and Australia are the major contributors to the growth of the industrial coatings market in APAC. The automotive, aerospace, and construction industries are the major end-users of industrial coatings in this region. The growing population, rising disposable income, and increasing urbanization are driving the growth of the industrial coatings market in APAC.
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Drivers
Growing demand from end-use industries
Restraints
Stringent regulations by governments
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The global industrial coatings market is highly competitive with the presence of several key players. These companies are adopting various strategies such as mergers and acquisitions, partnerships, and collaborations to expand their market share. The market is also characterized by intense competition based on price, quality, and performance. The increasing focus of market players on research and development activities to introduce new and innovative products is expected to further intensify the competition. Moreover, the growing trend of adopting sustainable coating solutions is creating opportunities for new entrants in the market, thereby increasing the competition.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global industrial coatings market analysis, the polyurethane coatings segment dominated the market due to their excellent properties, while the fastest-growing segment is epoxy coatings due to their superior corrosion and chemical resistance. Automotive coatings dominate the market due to high demand, while aerospace coatings are the fastest-growing segment due to increasing demand for lightweight and fuel-efficient aircraft. North America dominated the market due to its well-established industrial sector, while APAC is the fastest-growing region due to its rapidly growing industrial sector and government initiatives to promote industrial growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 95.50 billion |
Market size value in 2031 | USD 133.59 billion |
Growth Rate | 3.8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Industrial Coatings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Coatings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Industrial Coatings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Industrial Coatings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG20A2036