The Global Industrial Coating Market to Grow steadily and Reach USD 104.22 Billion by 2026
According to BlueWeave Consulting, the Global Industrial Coating Market size is expected to reach USD 104.22 Billion by 2026 from USD 85.61 Billion in 2019 at a CAGR of 3.12% over the projection period 2020-2026.
Enhanced living standards and infrastructural development across the globe drive growth in the demand for industrial coating. In the projected time frame, high growth in the U.S. oil & gas industry will boost the growth of the industrial coatings market. Industrial coatings are typically used for providing a protective layer to different equipment used in the exploration and oil production processes for the oil & gas transmission pipelines. The boom in upstream operations, growing investments in the midstream market, and the new administration’s legislative support would ultimately exacerbate the demand for industrial coatings with the lucrative growth rate over the projected period.
“Solvent-based formulations occupy the largest share of the industrial coatings market.”
Based on Coating Type, the market is divided into Solvent, High Solids, Powder, Water and Others segments. The solvent-based formulations hold the largest share of the industrial coatings market due to their advantageous and multiple applications, followed by the High Solid category. The use of powder-coated technology, among other technologies, is comparatively less but due to its nature of eco-friendly and higher resistance to chipping, scratching, fading and rubbing than others, it gain substantial demand.
“Multiple Industrial Applications Drive the Growth of Global Industrial Coating Market.”
The industrialization and rapid economic development have led to the immense growth in all sectors such as iron, steel, automobile, chemical, pharmaceutical, machinery, and food & beverage. The rising manufacturing facilities in Metallurgical, Mining, Oil & Gas increasingly use industrial coatings because of the need for the hard surface in the treatment of various chemicals, liquids, solvents, and in elevated temperatures. Their excellent surface-resistance, enhanced adhesion, and high-performance primarily boost the size of the market for industrial coatings.
The environmental and health risks associated with volatile organic compounds coupled with enforcement of numerous environmental and protection laws, such as the Occupational Safety and Health Administration (OSHA), the Environmental Protection Agency (EPA), and the California Air Resource Board (CARB) induce the demand for eco-friendly industrial coating.
“The Growing Use of Nano-coatings combined with the Launch of Bio-based and Powdered Industrial Coatings represents a lucrative opportunity in the market.”
Nano-coatings have resistance to weather and protect the coated surfaces from degradation. Nano-coatings provide excellent properties such as resistance to high temperatures, waterproofing, UV-stability, high resistance to abrasion and corrosion. They are eco-friendly and non-toxic and easy to clean. They are durable and find uses in the automotive, aerospace, electronics, food & packaging and the marine industries due to these properties. They improve the features of electronic device display screens and those devices to be easily washed, disinfected, and sterilized.
Also, the advent of bio-based and powdered industrial coatings in household appliances and electrical components is expected to provide a lucrative opportunity for market players.
"The Asia Pacific is expected to Witness Significant Growth."
In recent years, the Asia-Pacific Industrial Coating Market has gained momentum mainly due to the existence of strict health and security regulations in the general manufacturing, automotive and finishing industries. China and India are two leading countries in the region that are expected to generate lucrative opportunities for growth in this market due to the sheer rapid economic development in these regions. The primary factor driving growth in the Asia Pacific industrial coatings market is growing income in middle-class families supporting the growth of multiple industries. Besides, the rise in oil and gas and rising packaging industries in developing countries is anticipated to contribute immensely to the growth of the region-wide Industrial Coating Market.
“The leading players” in Industrial Coating Market are Sherwin-Williams Company, PPG Industries, Inc., Akzo Nobel N.V., Nippon Paint Holdings Co Ltd, RPM International Inc., Axalta Coating Systems, BASF SE, The Dow Chemical Company, and others such as Jotun Group, Kansai Paint Co., Ltd, NOROO Paint & Coatings Co., Ltd., TIKKURILA OYJ etc. The market is competitive with the involvement of numerous major players and some global and regional small- and medium-sized players worldwide. Business players compete based on the given product quality and the devices used for the manufacture of industrial coatings.