Industrial Coatings Market

Technological advancement for zero VOC emission to drive the market’s growth

Therefore, the trend of zero VOC emission has enhanced the market CAGR in recent years.

Most passenger automobiles and light commercial vehicles have industrial finishes (LCVs). The largest market for automobile OEM coatings was Asia Pacific. Due to its citizens' increasing disposable income, which increased at a double-digit rate, China is the world leader in automobile sales. Growing vehicle sales and production are projected to provide attractive industrial coatings market prospects. Overall, demographic trends such as fewer older people driving and more younger people concerned about the environmental impact of auto emissions have an impact on demand. The expanding automobile industry is another factor driving the industrial coatings market revenue.

The Global Industrial Coatings Market Industry is poised for substantial growth, with projections indicating a market value of 70.8 USD Billion in 2024 and an anticipated increase to 99.3 USD Billion by 2035. This growth trajectory reflects a compound annual growth rate (CAGR) of 3.13% from 2025 to 2035. The expansion is driven by various factors, including rising demand from end-use industries, technological advancements, and regulatory compliance. As industries increasingly prioritize high-performance and sustainable coatings, the market is likely to witness a dynamic evolution, characterized by innovation and adaptation to changing consumer preferences.

The resurgence of construction activities globally serves as a catalyst for the Global Industrial Coatings Market Industry. As urbanization accelerates, there is an increasing need for protective and decorative coatings in residential, commercial, and industrial buildings. The construction sector's recovery and expansion are expected to significantly boost the demand for coatings that offer durability and aesthetic value. This trend is particularly evident in emerging economies, where infrastructure development is a priority. The market's projected growth reflects this trend, as the demand for high-quality coatings continues to rise in tandem with construction activities.

Emerging markets present substantial opportunities for the Global Industrial Coatings Market Industry as industrialization and urbanization accelerate in regions such as Asia-Pacific and Latin America. These regions are witnessing a surge in manufacturing and construction activities, driving the demand for industrial coatings. Companies are increasingly focusing on expanding their presence in these markets to capitalize on the growth potential. This trend is likely to contribute to the overall market expansion, as local industries seek advanced coating solutions to enhance product performance and sustainability. The anticipated growth trajectory suggests a dynamic shift in market dynamics, driven by emerging economies.

The Global Industrial Coatings Market Industry experiences a robust demand driven by various end-use sectors such as automotive, aerospace, and construction. These industries increasingly require coatings that provide durability, corrosion resistance, and aesthetic appeal. For instance, the automotive sector is projected to contribute significantly to the market, as manufacturers seek advanced coatings to enhance vehicle longevity and performance. This trend is reflected in the market's projected value of 70.8 USD Billion in 2024, indicating a strong growth trajectory as industries prioritize high-quality coatings to meet regulatory standards and consumer expectations.

Innovations in coating technologies are pivotal to the evolution of the Global Industrial Coatings Market Industry. The development of eco-friendly and high-performance coatings, such as waterborne and powder coatings, aligns with global sustainability initiatives. These advancements not only reduce environmental impact but also enhance application efficiency and product performance. For example, the introduction of nanotechnology in coatings has improved properties such as scratch resistance and UV stability. As a result, the market is expected to grow, with projections indicating a value of 99.3 USD Billion by 2035, driven by the continuous demand for innovative solutions.

The Global Industrial Coatings Market Industry is significantly influenced by stringent regulatory frameworks aimed at reducing volatile organic compounds (VOCs) and promoting sustainable practices. Governments worldwide are implementing regulations that necessitate the use of low-emission coatings, compelling manufacturers to adapt their product offerings. This shift not only enhances environmental protection but also opens avenues for growth in the market. Companies that comply with these regulations are likely to gain a competitive edge, thereby driving market expansion. The anticipated growth rate of 3.13% CAGR from 2025 to 2035 underscores the importance of regulatory compliance in shaping industry dynamics.

By Region, the study provides market insights into Europe, North America, Asia-Pacific, and the Rest of the World. Asia Pacific industrial coatings market accounted for USD 28.01 billion in 2021 and is expected to exhibit a significant CAGR of 42.9 percent growth during the study period. During the projected period, the industrial coatings market is anticipated to be driven by rapid industrialization and rising product demand from the automotive and vehicle refinish industries in nations like India, Japan, and South Korea. India is one of the most powerful nations.

The government's "Make in India" initiative has increased foreign direct investment (FDI) in the nation's manufacturing sector, which has advanced several industries. In turn, this has increased the demand for industrial coatings nationwide. Moreover, China's industrial coatings market held the largest market share, and the Indian industrial coatings market was the fastest-growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: INDUSTRIAL COATINGS MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe's industrial coatings market accounts for the second-largest market share. Infrastructure projects and oil and gas sector improvements are projected to propel the European industrial coatings market. The expanding use of powder coatings is anticipated to result from recent technological advancements. Germany is also the region's top vehicle producer and the center of European production. Industrial coatings will be more in demand over the coming years as technological advancements like self-driving cars and electric vehicles are predicted to bolster the nation's automotive industry.

In Germany in 2022, EVs represented 31% of all new-car registrations for the year or over 833,000 vehicles. Further, the German industrial coatings market held the largest market share, and the UK industrial coatings market was the fastest-growing market in the European region.

North America is predicted to have significant industrial coatings market growth. It is anticipated that the industrial sector in North America will revive gradually. The region is anticipated to produce strong demand for industrial coatings due to the growing industrial production. Increased building activity, rising car sales, and other factors are anticipated to fuel this area's industrial coatings market expansion. Further, the US industrial coatings market held the largest market share, and the Canadian industrial coatings market was the fastest-growing market in the European region.

The industry will expand as major market players make significant R&D efforts to diversify their product ranges. Market participants participate in many strategic measures to strengthen their positions, in addition to important market developments such as new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. If competitors in the industrial coatings industry want to progress and succeed in a more competitive market, they must charge reasonable prices for their products.

Local manufacturing to lower operational costs is one of the key business methods employed by the industrial coatings industry to satisfy clients and increase the market sector. The industrial coatings industry has made some of the most significant medical discoveries in recent years. Industrial coatings market major players, such as PPG Industries Inc. (US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), and Axalta Coating Systems (US), are investing in R&D projects to enhance demand.

PPG Industries Inc. (PPG) is a chemical firm that produces and sells paints, coatings, optical goods, and specialty materials. It manufactures and distributes protective and ornamental coatings, sealants, and amorphous precipitated silicas. Customers in various end-use markets benefit from the company's goods and services, including industrial equipment and components, packaging material, aerospace and marine equipment, original automotive equipment (OEM), automotive refinish, and industrial and consumer products. For instance, in January 2020, PPG completed its acquisition of Industria Chimica Reggiana S.p.A., a paint and coatings manufacturer for the automotive refinish and light industrial coatings industries.

The acquisition occurred in the first quarter of 2020, subject to customary closing conditions. Financial information was not provided.

Nippon Paint is a Japanese company with over 140 years of experience in the paint industry. Asia's premier paint manufacturer and one of the world's largest paint makers. Nippon Paint produces high-quality paints and coatings for the automotive, industrial, and decorative markets. Nippon Paint's mission is to serve society by providing enhanced products that increase the quality of life while safeguarding the environment. Through revolutionary technologies, Nippon Paint benefits both its clients and society. For instance, in July 2020, Nippon Paint India debuted a new line of industrial paints under the Protec brand.

The Protec line includes primers, top coats, and specialist coating materials. This new line is intended for industrial applications such as protection and maintenance. These solutions are designed to endure and protect surfaces in harsh weather and chemical environments.

At METALCON in 2023, AkzoNobel specialists in coil and extrusion coatings provided the most recent information on emerging products, technology, and market trends influencing the metal coatings sector. Furthermore, tomorrow marks the beginning of the Specialty Equipment Market Association (SEMA) Show, where specialists from AkzoNobel Automotive and Specialty Coatings (ASC) will display automobiles and innovative partnerships.

The premium, low-gloss urethane protective coating GLADIATOR XC Matte Extreme coating was introduced by PPG's SEM Products business in 2023. It is suitable for use in a variety of industries and applications, such as automotive, light industrial, marine, RVs, emergency vehicles, and recreational equipment. Gladiator XC coating features a low-gloss matte finish that is flexible, resilient, and rough. It has an extended shelf life, a short curing period, excellent fade resistance, and UV protection.

Induron Protective Coatings announced the release of Novasafe, their newest product, in 2023. Novasafe is a thick-film, ceramic-filled, furfuryl modified novolac epoxy that is resistant to the worst conditions seen in treatment facilities. In comparison to typical epoxies, Novasafe's formulation chemistry is unique in the market and allows it to perform what treatment plant operators need in the most harsh settings with one fewer layer and a thinner film than polyurethane/polyurea. Novasafe's special resin and filler package allows it to achieve this.