Industrial Coatings Market Size, Share, Forecast, & Trends Analysis by Type (Waterborne, Solvent-borne, Powder), Resin Type (Polyurethane, Epoxy, Alkyd, Acrylic), End-use Industry (Automotive, Aerospace, Oil & Gas, Marine) - Global Forecast to 2031

The Industrial Coatings Market was valued at $101.7 billion in 2023. This market is expected to reach $129.8 billion by 2031 from an estimated $102.8 billion in 2024, at a CAGR of 3.4% during the forecast period of 2024-2031.

Industrial Coatings Market Size & Forecast

This market's growth is driven by the rapid growth of the automotive industry, large-scale infrastructure projects in developing countries, stringent environmental regulations for lower VOC emissions, and increased demand in the industrial sector to extend product lifespan and reduce maintenance. Furthermore, advancements in polymers and nanotechnology and increasing demand for powder coating in marine applications are expected to generate growth opportunities for the stakeholders in this market.

Key Findings in the Industrial Coatings Market

• By Type: In 2024, the Solvent-borne Coating Segment is Expected to Dominate the Industrial Coatings Market
• By Resin Type: In 2024, the Epoxy Segment is Expected to Dominate the Industrial Coatings Market
• By End-use Industry: In 2024, the Automotive Segment is Expected to Dominate the Industrial Coatings Market
• By Geography: Asia-Pacific to Dominate Industrial Coatings Market in 2024

Industrial Coatings Market Trends

Sustainable Materials for Industrial Coatings

The industrial sector is prioritizing the reduction of volatile organic compounds (VOCs) released into the atmosphere. As sustainability and environmental responsibility gain importance, there is a growing demand for sustainable materials in industrial coatings. The sector is increasingly favoring low-VOC coatings that are environmentally friendly and safe for workers. Additionally, these sustainable materials comply with specific application requirements, performance standards, and regulatory considerations.

Sustainable materials used in industrial coatings include water-based coatings, bio-based coatings, solvent-reduced formulations, and recycled materials. These coatings are sourced from renewable resources such as plants and agricultural waste. By incorporating recycled materials, the industry can conserve resources, reduce waste, and diminish the demand for virgin materials, thereby lowering carbon emissions. Moreover, the increasing availability of low-VOC solvents facilitates the adoption of sustainable coating formulations. Consequently, manufacturers are integrating sustainable materials into industrial coatings, contributing to a more environmentally friendly future and further supporting market growth.

Rapid Growth of Automotive Industry

The automotive industry is experiencing rapid growth in developing countries. Governments globally are acknowledging its significance and are launching various initiatives to support this expansion. For example, in January 2024, India's Ministry of Heavy Industries issued a Gazette Notification extending the tenure of the Production Linked Incentive (PLI) Scheme for automobiles and auto components by one year, with the goal of enhancing the manufacturing of Advanced Automotive Technology (AAT) products. This amendment includes an indicative incentive of USD 259.38 million (INR 25,938 crore).

In the automotive industry, industrial coatings play a vital role in providing protection, aesthetics, and functionality to vehicles. These coatings are applied to various components, including the exterior, interior, and underbody, safeguarding against corrosion, scratches, chips, and environmental factors. Industrial coatings also offer specific functional properties, such as heat resistance, chemical resistance, and UV protection. Numerous companies are supplying industrial coatings for the automotive sector. For example, in September 2024, BASF SE (Germany) launched ChemCycling technology products for the automotive refinish market, aimed at reducing CO2 emissions. Additionally, evolving consumer preferences and trends, such as the increasing popularity of electric vehicles and customization, are further driving the growth of industrial coatings in the automotive industry.

Industrial Coatings Market Opportunities

Advancement in Polymers and Nanotechnology

Organizations are increasingly focusing on the advancement of polymer and nanotechnology to improve the performance, durability, and functionality of coatings across various industries. The development of high-performance polymers, such as fluoropolymers, polyurethanes, and epoxies, provides enhanced properties like chemical resistance, UV stability, and abrasion resistance for industrial coatings. Additionally, self-healing polymers can repair minor scratches or cracks, extending the lifespan of coatings and reducing maintenance costs.

Organizations are integrating nanoparticles, such as carbon nanotubes and silica nanoparticles, into industrial coatings to enhance properties like scratch resistance, UV stability, and antimicrobial activity. The addition of antimicrobial nanoparticles inhibits the growth of bacteria and fungi, making these coatings suitable for applications in healthcare, food processing, and marine environments. Nanotechnology is also being utilized to develop coatings with self-cleaning properties that repel dirt, water, and contaminants. Furthermore, many polymer and nanotechnology-based coatings are more sustainable than traditional options, helping to reduce environmental impact. These factors present significant growth opportunities for the industrial coatings market during the forecast period.

Industrial Coatings Market Analysis: Top Market Opportunity

The Solvent-borne Coating Segment is Expected to Dominate the Industrial Coatings Market in 2024

Based on type, the industrial coatings market is segmented into waterborne coating, solvent-borne coating, powder coating, and other industrial coatings. In 2024, the solvent-borne coating segment is estimated to account for the largest share of the industrial coatings market. The large share of this segment is attributed to the growing use of solvent-based coatings in various industries, including automotive, marine, and aerospace. This is supported by established supply chains for raw materials, additives, and equipment, as well as the rising demand for solvent-based coatings due to their cost-effectiveness compared to water-based alternatives.

Solvent-borne coatings are liquid protective layers composed of organic compounds applied to a material's surface to prevent corrosion. This type of industrial coating utilizes organic solvents to facilitate drying and final film formation. Solvent-borne coatings are generally more resilient than water-borne options during the curing process, allowing for quicker drying times and faster turnaround. These coatings are widely used across industries such as automotive, aerospace, construction, and marine. Furthermore, there are established supply chains for the raw materials, additives, and equipment needed, effectively meeting the large-scale demand in the industrial sector.

Some of the recent developments in this market space are as follows:

• In April 2024, BASF SE (Germany) launched Efka PX 4360, a solvent-based dispersing agent for industrial coatings that provides superior performance, durability, and storage stability.
• In February 2024, AkzoNobel N.V. (Netherlands) launched a 2K solvent-borne primer in conductive and dark grey for automotive OEM exterior plastic parts, which is compatible with the automotive application line.

Such developments support the growth of the industrial coating market during the forecast period.

Geographical Analysis

Asia-Pacific Dominates the Industrial Coatings Market in 2024

In 2024, Asia-Pacific is estimated to account for the largest share of the global industrial coatings market. This large share is primarily attributed to the rapid growth of industrialization, increasing automation in the automotive industry in the region, government initiatives to promote industrial development, booming construction sector in Asian countries, and growing large-scale infrastructure projects in developing countries. Moreover, this region is slated to register the highest CAGR during the forecast period.

Industrial Coatings Market: Key Companies

The report features a competitive landscape that is based on a comprehensive evaluation of the key strategic developments adopted by market participants over the past three years. The key players profiled in the global industrial coatings market report BASF SE (Germany), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), Axalta Coating Systems, LLC (U.S.), Kansai Paint Co., Ltd. (Japan), PPG Industries, Inc. (U.S.), Nippon Paint Holdings Co., Ltd. (Japan), Hempel A/S (Denmark), Teknos Group Oy (Finland), Beckers Group (Germany), Chugoku Marine Paints, Ltd. (Japan), Jotun A/S (Norway), RPM International Inc. (U.S.), Barpimo S.A. (Spain), and DAW SE (Germany).

Industrial Coatings Industry Overview: Latest Developments from Key Industry Players

• In August 2024, Qemtex Powder Coatings (UAE) opened a powder coatings manufacturing facility in the UAE to produce a wide range of products, including architectural, industrial, and specialized powder coatings.
• In July 2024, AkzoNobel N.V. (Netherlands) introduced the Selva Pro range of 2K polyurethane and acrylic coating systems specifically designed for the professional and industrial woodworking sector.
• In May 2024, Axalta Coating Systems (U.S.) launched Alesta BioCore, a range of powder coating solutions derived from non-food organic waste aimed at reducing CO2 emissions for applications in construction, architecture, and industry.

Industrial Coatings Market Research Summary

Key questions answered in the industrial coatings market report: