The global industrial coatings market is currently witnessing to steady growth, and projected to rise with a CAGR of 5.0% from 2019 to 2025. The global market is considered to exceed the market value of USD 49.0 billion by 2025. Increasing production of automobiles throughout the globe has significantly driven the need for coatings throughout the globe. With the growth in purchasing power of consumers, quality and demand for paints and coatings have evolved. Global industrial coatings market is highly dynamic in nature since the demand for coatings is influenced by the rise in industrial plants and manufacturing activities, which has significantly provided impetus to the industrial coatings market size.
Global industrial coatings market report covers a widespread analysis of the penetration and application of coatings across various key end-use industries. The industrial coatings industry report provides a thorough analysis of the current and projected market size and projections for the period of 2015 to 2025, with 2018 being the base year and 2019 to 2025 being the forecasted estimates. Global industrial coatings market trends have been analyzed based on the extensive value chain of the paints and coatings market and macroeconomic trends which support global growth in different geographies. Additionally, market estimates for the key segments such as by resin type, technology, and end-use application have been provided at the global and country level. Furthermore, the report covers the market competition among the leading global and local regional manufacturers along with company profiles.
Based on the coating resin types, the epoxy resins segment held a revenue of USD 7.74 Bn in 2018 and is further expected to rise with 3.5% CAGR from 2019 to 2025. These coatings witness rapid gains as the inner and outer surface coatings in industrial concrete and metal tanks. The construction industry is the largest consumer of epoxy water-based coatings since they provide excellent adhesion to the substrate surfaces such as metal, glass, and fiber. Growing demand for fusion based epoxy coatings in manufacturing industries since it improves the shelf life of structural steel is expected to widely impact the global industrial coatings market.
Automotive and aerospace industries collectively held a revenue share of over 40% in 2018 and is expected to rise with a significant CAGR by 2025. Low volatility, corrosion protection of steel pipes and fittings in the oil and gas industry, industrial water transmission pipelines, and reinforcing bars are some of the other factors supporting the rising industrial coatings market size.
Industrial coatings market in North America and Western Europe has been matured and its growth has been directly proportional to the growth of the regional economies. Sluggish growth of automotive OEM, machinery and construction industries in these economies has led to coatings industry experience slow growth. However, coatings demand in industries in Asia Pacific continues to witness a fast-paced growth. The APAC region accounted for more than 50% of the revenue market share in 2018.
Key players in the industrial coatings market are moving towards consolidation, especially in Western Markets. Successful consolidations help paints and coatings manufacturers seize growth opportunities in untapped regions, improve and diversify their product portfolio and achieve economies of scale. Some of the leading players operating in the industrial coatings market include PPG Industries, DowDuPont Inc., BASF, AkzoNobel, Nippon Paints NOROO Paints & Coatings, Sherwin-Williams and Valspar.
Key segments of the global industrial coatings market
Resin Type Overview, 2015-2025 (KiloTons) (USD Million)
Technology Overview, 2015-2025 (Kilo Tons) (USD Million)
- Solvent borne
- Water borne
- Powder coatings
End-Use Industry Overview, 2015-2025 (Kilo Tons) (USD Million)
- Building and Construction
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- Rest of MEA