Industrial Coatings Market - Forecast(2021 - 2026)

Industrial Coatings Market size is forecast to reach $100.51 billion by 2025, after growing at a CAGR of 4.80% during 2020-2025. Industrial coating is widely used in various end users, owing to the properties such as chemical resistance, water resistance, durability, impact resistance, abrasion resistance, and UV light resistance. The demand for industrial coatings is rising in various applications such as concrete, steel, board, wall, roofs, and other industrial materials. Also, increasing demand for environmentally friendly coatings is driving demand for water and powder-based industrial coatings due to growing environmental issues and strict VOC norms. Hence, the following factors overall increase the growth of the Industrial Coatings Industry over the forecast period.

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Report Coverage

The report “Industrial Coatings Market– Forecast (2020-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Industrial Coatings Industry.

By Resin Type: Polyurethane, Epoxy, Acrylic, Polyester, Alkyd, Fluoropolymer, Vinyl, and Others

By Technology: Solvent-Borne, Water-Borne, Powder Coating, and Others

By End Use: Oil & Gas, Water and Wastewater, Chemical, Food & Beverage, Renewable Energy, Mining, Marine, Industrial/Polymeric Floor Coatings, Power Transmission, Transportation, and Others

By Geography: Americas, EMEA, South East Asia, and Rest of Asia Pacific.

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Key Takeaways:

• The change to waterborne goods, which began with decorative paints, has resulted approx. 75 percent reduction in VOC emissions globally over the past 10 years. Hence, switching towards waterborne goods will drive the industrial coatings market in the projected period.
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• The durability and reflectivity of the acrylic based industrial coatings makes it a high value, cost effective investment, prolonging the life of the roof and lowering the temperature in the building, which in turn reduces energy consumption.  Owing to this the demand for industrial coatings market is anticipated to rise in the forecast period.
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• Aerospace is a high technology industry which deals with the designing, building, testing and maintaining of aircraft, aircraft parts, rockets or other spacecraft. Thus, increasing use of coatings for aerospace industryis anticipated to boost the industrial coatings market in the forecast period.
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• Due to COVID-19 palindrome, for industrial coatings, customer shutdowns, record declines in consumer spending, and lack of capital expenditures are trends all having a negative impact on the markets. Within the broad scope of industrial segments, markets related to automotive and transportation have been notably impacted.

Resin Type - Segment Analysis

Acrylic is the widely used resin type in the Industrial Coatings Market. Acrylic resin is mainly engineered metal derivate that enhance the performance of the industrial coatings. The main benefits of acrylic industrial coatings are the ease of use, physical properties, and their low costs. Also, the acrylic based industrial coatings have excellent physical properties, which are attained very quickly because of their rapid drying nature. 

They are fungus resistant, provide longer than average pot life, and have excellent moisture protection. Roof coatings are growing in popularity and a wide range of homeowners are turning to acrylic coating as it is environmentally friendly. Their durability, coupled with their ability to decrease the monthly energy bill, is two of the main advantages that an acrylic coating has to provide.According to International Trade Centre (ITC), the world export of acrylic resins was worth USD 13,490,819 thousand in 2016, and USD 15,291,934 thousand in 2017, which further increased to USD 17,152,076 thousand in 2018. Hence, the increasing demand for acrylic resin is expected to drive the industrial coatings market during the forecast period.

Technology- Segment Analysis

Solvent-Borne technique is extensively used in the Industrial Coatings Market. A solvent-borne industrial coating is a liquid protective layer that is primarily composed of organic compounds and applied to a material's surface to prevent corrosion. Solvent-borne industrial coatings are typically more resilient than water-borne coatings during the curing of the coating.

Solvent-borne industrial coatings cure due to a chemical reaction between oxygen in the atmosphere and the constituents of the solvent-borne industrial coating, and not by the evaporation of water. This makes humidity less of a factor for solvent-borne industrial coatings. These coatings have one major advantage over other industrial coatings. They are less susceptible to environmental conditions such as temperature and humidity during the curing phase. Humidity can actually prevent the water in a water-based coating from evaporating, making them impractical in some climates.

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