Industrial Coatings Market to Reach USD 115.69 Billion by 2028

Vantage Market Research

Dec 24, 2021

The industrial coating market is expected to reach USD 115.69 billion by 2028, growing at a CAGR of 3.90% from 2021 to 2028. Increasing demand for durable and protective coating is propelling the growth of industrial coatings market. The main reason of using industrial coatings is to protect the equipment/part from various types of corrosion. Also it is majorly used to prevent concrete or steel from corroding and to make the material more resistant from fire or other problems. These factors are helpful for increasing the demand of industrial coatings in the market.

Key Findings:    

  • The solvent-borne coatings is beneficial for humid environments whereas water-borne coatings won’t work. But it is less environment friendly because of the presence of volatile organic compounds (VOCs) in solvent-borne coatings. Thus, it is responsible for impeding the growth of industrial coatings market.
  • The increasing use of nano coating provides various opportunities for the development of industrial coatings market in the future. Nano coatings are environment friendly, non-toxic and easy to clean. It also provides excellent properties such as waterproofness, UV-stability, high-temperature resistance, corrosion resistance and high-abrasion resistance. These properties will further boost the demand of industrial coatings market in the near future.
  • Asia Pacific is accounted to hold the largest share in the industrial coatings market during the projected period. This is owing to the availability of low raw material prices, increasing population in the urban cities and availability of huge & dependable labor in the region.

Major players involved in the industrial coatings market are Akzo Nobel N.V., Jotun, BASF SE, The Sherwin-Williams Company, PPG Industries, Inc., Aexcel Corporation, Nippon Paint Holdings Co., Ltd., Henkel AG & Company, KGaA, Toefco Engineered Coating Systems, Inc., Beckers Group, Axalta Coating Systems, LLC, and Hempel A/S, among others.

Nowadays the main focus of manufactures is to introduce new product in the market, owing to the increased demand of industrial coating products in the market. Manufacturer uses conventional polymers to developed industrial coating. These includes polyesters, polyurethane, alkyd, epoxy, fluoropolymers and acrylic. Industrial coating provides various benefits such as high flexibility, resistance to dirt, waterproofing & weatherproofing, crack-bridging ability, mildew, and chemicals. These are also responsible to accelerate the demand of industrial coatings market in the coming years.

Recent Development:

In December, 2021: PPG Industries, Inc. announced the introduction of PPG SPECTRACRON Splash. This is a first two-coat urethane system for composite bathtubs and sinks. The liquid coating system provides kitchen and bath manufacturers with a high-performance protective finish in colors and gloss ranges not available on the market until now.

In November, 2021: PPG Industries, Inc. announced that they supplied Lockheed Martin with sets of six custom-designed ramp seals for the aft loading ramp of the C-130J Super Hercules military tactical airlifter.

In October 2021: Axalta Coating Systems, LLC announced the launch of Imron Industrial high-performance urethane (HPU) direct-to-metal (DTM) primer.

In October 2021: Axalta Coating Systems, LLC introduced Wood Vibes Blossom. This is an Industrial Wood Coatings color trends campaign, which focuses on home interior color trends, including wood finishing trends.