Global Industrial Coatings Market Size To Worth USD 215.66 Billion by 2032 | CAGR of 4.7%
Category: Chemicals & MaterialsGlobal Industrial Coatings Market Size To Worth 215.66 Billion By 2032
According to a research report published by Spherical Insights & Consulting, the Global Industrial Coatings Market Size to Grow from USD 147.34 Billion in 2022 to USD 215.66 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period.
Get more details on this report -
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on "Global Industrial Coatings Market Size, Share, and COVID-19 Impact, By Technology (Powder Based, Solvent Borne, Water-Borne and Others), By Product (Polyurethane, Acrylic, Epoxy, Alkyd, Polyester), By End-User (Electronics, Aerospace, General Industrial, Marine, Mining, Power Generation, Automotive & Vehicle Refinish, Oil & Gas and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/industrial-coatings-market
Industrial coatings are specialty paints or surface treatments applied to a variety of materials and surfaces in industrial settings. The surface's aesthetics are improved, the substrate is protected against corrosive, wear-causing, and chemical degradation, and functional properties like heat resistance, electrical conductivity, or non-stick features are offered. Industrial coatings are frequently created with specific properties in order to meet the requirements of various industries and applications. These include composites, metal, concrete, wood, and plastic, among other materials.
COVID 19 Impact
Because the GDP movement affects the sales of the finished product, the COVID 19 pandemic has had a detrimental effect on industrial coatings. This was mostly due to the fact that maximum production units had to shut down due to a lack of skilled staff and global lockdowns, which caused uncertainty among various producers and supply chain restrictions. In actuality, during the epidemic, the car industry saw a fall in sales and a structural slowdown. However, the easing of regulations in the European countries during the second phase of the epidemic will contribute in restoring the automotive sector. Because to the use of proper masks, appropriate social distance, and stricter regulations, laboratories were operating safely.
Environmentally friendly industrial coatings are revolutionising the industry. The main cause of this is actually quite simple, namely the sharp rise in demand for environmentally friendly coatings. Industrial coatings are crucial for enhancing the lifespan and functionality of machinery, infrastructure, and other industrial objects. They support the integrity of surfaces and reduce maintenance costs in industrial settings. Additionally, the major market players are working hard to influence the value chain and are investigating the potential social effects of their endeavour. However, because they are more aware of the effects on the environment, advanced industrial facilities are adopting careful precautions to limit their carbon footprint.
The quick drying of coatings is one of the major constraints limiting the market for industrial coatings worldwide. In addition to structure, coating quality has a significant impact on the environment. Due to the temperature, humidity, and other climatic factors, there are numerous problems. Aside from this, the industry leaders must enhance their systems in order to comply with the growing number of government regulatory policies. Products that don't adhere to legal criteria are prohibited in nations with severe environmental rules. Industrial coatings are required to meet exacting quality standards in order to guarantee dependable performance and customer satisfaction.
Product Insights
Acrylic segment holds the largest market share over the forecast period
On the basis of product, the global industrial coatings market is segmented into Polyurethane, Acrylic, Epoxy, Alkyd, Polyester. Among these, the acrylic segment is dominating the market by holding the largest market share over the forecast period. They are widely employed in a variety of industries, including heavy casting, automotive, pipelines, consumer appliances, industrial sites, structural steel, and construction equipment. The need for industrial coatings is being driven by properties including abrasion resistance, fire resistance, excellent weathering resistance, gloss retention, and UV light resistance.
However, over the projection period, alkyd is expected to have the fastest market development. In industrial contexts, alkyd coatings are frequently employed, especially on metal structures, machinery, and equipment. They provide strength, resistance to corrosion, abrasion, and chemical deterioration. Industrial coatings with an alkyd foundation are used in a variety of industries, such as automotive, machinery production, metal fabrication, and general industrial maintenance.
Technology Insights
Solvent borne is dominating the market with the largest market share over the forecast period
On the basis of technology, the global industrial coatings market is segmented into Powder Based, Solvent Borne, Water-Borne and Others. Among these, the solvent borne segment is dominating the market with the largest market share over the forecast period. Numerous industries, including those in the oil, gas, marine, and automotive sectors, are using solvent-borne industrial coatings more frequently. Its quicker drying time and increased effectiveness in humid and open environments are credited with the growth. This expansion is the result of strong general industrial growth and infrastructural expansion.
On the other hand, the market for water-based industrial coatings is expected to increase at the quickest rate. For water-based coatings, water is a great cleaning solution that reduces the need for corrosive solvents and speeds up the cleaning process for tools and equipment. Water-based industrial coatings are becoming more and more common because of their performance capabilities, regulatory compliance, and environmental advantages.
End User Insights
General industrial segment accounted the largest market share over the forecast period
On the basis of end user, the global industrial coatings market is segmented into Electronics, Aerospace, General Industrial, Marine, Mining, Power Generation, Automotive & Vehicle Refinish, Oil & Gas and Others. Among these, the general industrial segment accounted the largest market share over the forecast period. General industrial growth is crucial for global economic progress, job creation, technological advancement, and greater living standards. The confluence of economic factors, technological breakthroughs, infrastructure, support from the government, market demand, and sustainability initiatives shapes the trajectory of industrial growth in a given economy.
On the other hand, the market share for automotive coatings is expected to grow at the quickest rate. Automobile coatings are specialised coatings used in the automotive industry to enhance the appearance of cars, protect surfaces, and lengthen their lifespan. These coatings, which are put on different automotive parts like the exterior, interior, and underbody, serve both functional and cosmetic purposes.
Regional Insights
Asia Pacific region is dominating the market with the largest market share over the forecast period
Get more details on this report -
Among all other regions, the Asia Pacific region is dominating the market with the largest market share over the forecast period. Low labour costs, a ready supply of raw materials, and an escalating metropolitan population are all factors in the region's expansion. In addition to this, the proliferation of auto manufacturing facilities across the regions is fostering the area's development.
Europe, on the other hand is anticipated to witness the fastest market growth over the forecast period. Consumer demand for high-performance coatings, economic development, infrastructure developments, environmental regulations, technological advancements, and governmental guidelines all have an impact on the industrial coatings industry in Europe. With an emphasis on sustainability, product innovation, and meeting the particular requirements of numerous industries in the region, the industry is still growing.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Industrial Coatings Market based on the below-mentioned segments:
Industrial Coatings Market, Product Analysis
- Epoxy
- Acrylic
- Alkyd
- Polyurethane
- Polyester
- Others
Industrial Coatings Market, Technology Analysis
- Powder Based
- Solvent Borne
- Water Borne
- Others
Industrial Coatings Market, End Use Analysis
- Electronics
- Aerospace
- General Industrial
- Marine
- Mining
- Power Generation
- Automotive and Vehicle Refinish
- Oil and Gas
- Others
Industrial Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us
Need help to buy this report?