Industrial Coatings Market to be Worth $112.22 Billion by 2030: Grand View Research, Inc.

Read 143-page market research report, "Industrial Coatings Market Size, Share & Trends Analysis Report By Product (Polyester, Acrylic, Alkyd, Epoxy), By Technology (Water-borne, Powder-based), By End-use (Mining, General Industrial), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research. Read 143-page market research report, " Industrial Coatings Market Size, Share & Trends Analysis Report By Product (Polyester, Acrylic, Alkyd, Epoxy), By Technology (Water-borne,...

Read 143-page market research report, "Industrial Coatings Market Size, Share & Trends Analysis Report By Product (Polyester, Acrylic, Alkyd, Epoxy), By Technology (Water-borne, Powder-based), By End-use (Mining, General Industrial), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Industrial Coatings Market Growth & Trends

Rapid industrialization in economies, such as India, China, and Brazil, is also expected to provide new opportunities for the market. The presence of a large number of manufacturers is also projected to fuel the product demand from general industrial applications. The acrylic product segment is estimated to register the fastest CAGR from 2022 to 2030. On account of good adhesion, corrosion resistance, fast-drying properties, and barrier & inhibiting ability, acrylic industrial coatings are widely used in the automotive & auto refinish, general industries, aerospace, and other end-use sectors. Machinery equipment, new construction & refurbishment, automobiles, and intermodal containers are some of the applications of acrylic industrial coatings.

Alkyd is also anticipated to grow at a substantial growth rate during the forecast period. Alkyd coatings are used in an industrial environment majorly for metal coatings. These coatings have good gloss & color retention and corrosion resistance properties. They increase the durability of metal and thus find application in the coating of various structures, such as marine vessels, automotive parts, oil & gas plants, towers, and bridges. The water-based technology segment is expected to have the fastest CAGR from 2022 to 2030 as these coatings dry quicker than solvent-based coatings due to the faster evaporation of water from the coating layer. This results in fast-drying without the formation of surface skin. Water-based industrial coatings are mainly used in applications where solvent-based coatings react with the substrate.

They are ideal to use as primers as they possess excellent corrosion and thermal resistance. They have low toxicity due to the low VOC content and less hazardous air pollutant emissions and are flame-resistant. Due to strict legislation regarding the solvents present in coatings in the U.S. and several European countries, the use of water-based coatings is projected to increase. The powder-based technology segment is projected to witness considerable growth during the forecast period. It is more durable and eco-friendlier compared to its counterparts. Powder coatings have negligible VOC content due to the absence of solvents and thus, they comply more efficiently and economically with the environmental protection regulations.

Powder-based coatings are widely used in agricultural equipment, automotive, machine components, mechanical parts & building facades, and electrical fixtures to prevent corrosion and provide a thicker coating. Increasing demand for farming equipment, such as tractors, in Brazil, India, and China is expected to boost the demand for powder-based industrial coatings. Various strategic initiatives were recorded over the past few years 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 protects the surface from ultra-violet radiation and is used for various applications including wooden furniture, cabinets, and other interior wood surfaces.

Industrial Coatings Market Segmentation

Grand View Research has segmented the global industrial coatings market based on product, technology, end-use, and region

Industrial Coatings Market - Product Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

Industrial Coatings Market - Technology Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

Industrial Coatings Market - End-use Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

Industrial Coatings Market - Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)

List of Key Players of the Industrial Coatings Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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