“The Industrial coatings market is projected to register a CAGR of 2.5% between 2021 and 2026, in terms of value.”
The Industrial coatings market is projected to grow from USD 102.0 Billion in 2021 to USD 116.0 Billion by 2026, at a CAGR of 2.5% between 2021 and 2026. The key factor driving the growth of the market is increasing demand from the general industrial and automotive industries.
“General Industrial end-use industry segment is the largest segment of the Industrial coatings market.”
The general industrial coatings market has diversity of end user and multiple industries. The market is growing due to increase in population growth, infrastructure growth, improved standard of living, global GDP growth, and growth in the construction industry. Industrial coatings are used in the appliances industry in applications that require a combination of appearance and resistance to abrasion, chemicals, and temperature cycling. Appliances and power tools make use of the impact strength of industrial coatings. Washing machines, laundry equipment, dishwashers, refrigerator doors & shelves, air conditioners, mixer & grinders, and microwave ovens are examples of some appliances where industrial coatings are used.
The appliance industry uses coatings on front and side panels of refrigerators, dryer drums, air-conditioner cabinets, washer tops and lids, water heaters, dishwasher racks, freezer cabinets, cracks in microwave ovens, and other products.
“Asia Pacific is the fastest-growing Industrial coatings market during the forecast period.”
Asia Pacific is the largest industrial coatings market, in terms of both value and volume, and is projected to be the fastest-growing market during the forecast period. The region has witnessed economic growth over the last decade. According to the IMF and World Economic Outlook, China and Japan were the world’s second-and third-largest economies, respectively, in 2020. The United Nations Population Fund states that Asia Pacific accounts for 60% of the world’s population, which is 4.7 billion people. The region includes the world’s most populous countries such as China and India. This is projected to become an increasingly important driver of the global construction industry over the next two decades. The market will also be fueled by the rapidly rising household income and the fast-growing demand from smaller towns and rural areas because of increased customer awareness.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.
Breakdown of Primary Interviews:
- By Company Type: Tier 1 – 42%, Tier 2 – 25%, and Tier 3 –33%
- By Designation: C Level – 35%, D Level – 19%, and Others – 45%
- By Region: Europe – 42%, North America – 25%,Asia Pacific – 17%,South America- 8%,and the Middle East & Africa– 8%
The key companies profiled in this report are AkzoNobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams (US), Axalta coating systems, LLC (US), and Nippon Paint (Japan).
Research Coverage:
The Industrial coatings market has been segmented based on Technology (Waterborne, Solvent borne, Powder Coatings and others), by resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Fluoropolymer, and others), by end-use industries (General industrial, Protective, Automotive refinish, Automotive OEM, Industrial wood, Marine, Coil, Packaging, Aerospace and Rail) and by Region (Asia Pacific, North America, Europe, South America, and Middle East & Africa).
Reasons to Buy the Report
From an insight perspective, this research report focuses on various levels of analyses—industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on Industrial coatings offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for Industrial coatings across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the market.
