Industrial Coatings Market Growth & Trends

The global industrial coatings market size is expected to reach USD 107.15 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 3.4% from 2021 to 2028. A rise in consumer awareness regarding sustainable products and increasing stringency of environmental regulations regarding the reduction of VOC emissions are supporting the demand for eco-friendly industrial coatings. Stringent government regulations regarding the environment, especially air pollution, in the U.S., China, and Western European countries will continue to be a driving factor for the adoption of low-pollution coating technologies in the coming years.

These regulations have led to a shift in demand from solvent-based coatings to low-VOC or eco-friendly products, such as powder coatings, water-based, and UV-curable coatings. These low-VOC products contain lesser solvents that evaporate during the application phase and help in achieving a greener environment with minimum or zero VOC emissions. The percentage of solvents in coatings is directly proportional to VOC emissions.

Conventional liquid coatings contain over 60% solvents, which emit VOCs for long durations, even after their application. On the contrary, eco-friendly coatings contain no solvents, which results in negligible VOC emissions into the atmosphere. Companies such as PPG, Akzo Nobel N.V., Axalta Coating Systems, and BASF SE are increasingly focusing on the development of low-VOC content and sustainable solutions for customers across all industry sectors. The electronics end-use segment is estimated to witness significant growth over the forecast period.

Industrial coating is used in various electronic applications such as tablets, PCs, smartphones, touch displays, white goods, and wearable devices. Industrial coating helps improve the efficiency of electronic products and provides durability, design, color, and advanced functionality such as anti-fingerprint, anti-smudge, anti-glare, and low reflective for touch and display screens. Robust growth of the electronics industry in Asia Pacific owing to the presence of various electronic goods producers and a versatile manufacturing landscape (support from the government, availability of raw materials, and cheap labor) are expected to augment the demand for industrial coatings in the electronics industry.

Industrial Coatings Market Report Highlights

  • In terms of revenue, the general industrial end-use segment accounted for the largest revenue share in 2020 and is expected to witness prominent growth over the forecast period
  • Asia Pacific dominated the market in 2020 and is expected to maintain its lead from 2021 to 2028
  • The acrylic product segment is potentially fueling the market growth owing to its rising demand in various end-use industries
  • Various strategic initiatives were recorded over the past few years in order to boost the growth of the market. For instance, in July 2019, Axalta Coating Systems, LLC showcased its new technology Amarium Pre-Catalyzed Lacquers for use in wood coatings. The new technology is employed for various applications, including wooden furniture, cabinets, and other interior wood surfaces, and protects the surface from ultra-violet radiation