The industrial coatings market size is projected to be worth USD 84,803.5 million by 2030, at a CAGR of 3.28% during the forecast period 2021–2030. The market was valued at USD 61,480.6 million in 2020.
In addition, industrial coatings are used to protect walls, roofs, and floors from heavy rain, wind, and snowfall. Furthermore, rising industrial applications in automotive, aerospace, wood and marine are propelling Industrial Coatings forward. Furthermore, industrial coatings are now used to replace conventional latex-based paints because they provide aesthetic appeal to the substrates. On the contrary, high raw material costs and stringent regulations on the disposal of such products limit the market growth.
Furthermore, advancements in materials such as solvent-free powder coating fuel the growth of the Industrial Coatings Market. Furthermore, as coating performance has improved, industrial products are now sold with a multi-year corrosion guarantee. Additional advantages of industrial coatings include high flexibility, crack-bridging, waterproofing, and resistance to dirt and chemicals.
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To prevent the spread of COVID-19, market participants have had to close production facilities or operate them at less than optimal capacity. All of this has resulted in severe disruptions in production, as well as trade restrictions that have a significant impact on the supply of industrial coatings into the market. However, some major players, such as BASF SE, The Sherwin William Company, and PPG Industries, have continued operations at their manufacturing facilities while taking preventive measures such as remote working when possible, social distancing, and enforcing travel restrictions.
The industrial coatings market is segmented into 3 categories:
By End Use
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The industrial coatings market has been researched in five regions: North America, Asia-Pacific, Europe, Latin America, the Middle East and Africa. Asia-Pacific had the highest market value and volume share, followed by Europe and North America. This is primarily due to the rising demand for industrial coatings in India, China, and Japan’s automotive, aerospace, oil and gas, and energy and power industries. China is an Asia-leading Pacific producer and consumer of industrial coatings, accounting for a 61.2 per cent value share of the regional market in 2020. During the forecast period, the industrial coatings market in India is expected to grow at a CAGR of more than 5%. Europe held the second-largest share of the industrial coatings market, with Germany, Russia, France, Spain, and the United Kingdom leading the way.
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