The report “Industrial Coatings Market by Type (Acrylic, Alkyd, Polyester, Polyurethane, Epoxy, Fluoropolymer), Technology (Solventborne Coatings, Waterborne Coatings, Powder Coatings), End-Use Industry (General Industrial), & Region – Global Forecast to 2028“, is growing at a high rate due to the increased demand from various sectors. The global industrial coatings market size was USD 108.1 billion in 2022 and is projected to reach USD 129.2 billion by 2028, at a CAGR of 3.3% between 2023 and 2028. Asia Pacific accounted for the major share of the overall market in 2022. Because of easy availability to resources, rising income levels, and growing domestic market demand, Asia Pacific has become the world’s largest producer and consumer of industrial coatings. Due to its vast industrial base, rising end-use industries, and expanding need for superior coating qualities, China holds the biggest market share in the industrial coatings sector. Brazil has grown to become a significant market for industrial coatings in South America. South America is predicted to become a major location for industrial facilities because of its proximity to the US.
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• 350 Market data Tables
• 60 Figures
• 300 Pages and in-depth TOC on “Industrial Coatings Market – Global Forecast to 2028″
Some of the prominent key players are:
· AkzoNobel N.V. (Netherlands)
· PPG Industries (US)
· Sherwin-Williams (US)
· Axalta coating systems, LLC (US)
· Jotun A/S (Norway)
Opportunities: Continuous demand for extended product lifetime and reduced maintenance
Industrial coatings are crafted from materials boasting a spectrum of physical, chemical, mechanical, and electrical attributes. These materials can react to external environmental elements encompassing light, pressure, heat, and chemical fluctuations. By minimizing equipment downtime, cutting maintenance expenses, and streamlining inspection processes, industrial coatings notably enhance product efficiency. Furthermore, they diminish the need for maintaining areas prone to corrosion, thereby elongating the lifespan of components and assemblies constructed from corrosive materials.
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General Industrial end-use industry accounted for the largest share of the global industrial coatings market during the forecasted period.
The market for general industrial coatings is connected to several industries and includes a wide range of end customers. The general industrial coatings market is driven by several factors, including increasing population, rising living standards, expanding infrastructure, rising global GDP, and expanding construction sector.
The Asia Pacific region is likely to account for the largest share of the global industrial coatings market during forecasted period.
The Asia Pacific region is seeing an uptick in luxury car demand, fueled by increased consumer buying power. This surge in the automotive sector is also boosting the need for powder and waterborne coatings. The region’s robust growth can be traced to its strong economic expansion and substantial investments in industries like marine, automotive, consumer goods, appliances, construction, and furniture. Furthermore, manufacturers are relocating their operations to this area due to cost advantages and better access to emerging local markets.