Nowadays, industrial coating products are sold with a multi-year guarantee against corrosion, mostly as a result of improvements in the performance of coatings. In addition to improved performance, manufacturers are continuously introducing new products in the market that have environmentally-friendly characteristics. The technologies that are currently used to manufacture coatings differ from solvent-based technology used previously. The introduction of new technologies has increased the performance of coatings rapidly.

Industrial coatings offer several benefits, such as crack-bridging ability, high flexibility, waterproofing & weatherproofing, resistance to dirt, mildew, and chemicals. Owing to these properties, industrial coatings are used to protect walls, floors, and roofs against heavy rainfall, strong wind, and snowfall.

The industrial coatings market is expected to grow from USD 85.2 billion in 2020 to USD 103.2 billion by 2025, at a CAGR of 3.9% during the forecast period. The major factors driving the industrial coatings market include the increasing demand for environmentally-friendly coatings, need for efficient process and durable coatings with better aesthetics, and growing demand from the APAC region.

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Automotive OEM is an integral part of automotive manufacturing. Coatings offer excellent quality and durability to automotive equipment. Automotive OEM coatings possess excellent mechanical properties that protect automobiles from scratches, environment, and chemical exposure. Coating done on the interior parts of an automotive, improve the surface area of the automotive body. Increasing automobile production majorly in the APAC region is expected to drive the demand for industrial coatings during the forecast period.

APAC has emerged as the leading consumer and producer of industrial coatings. The region is a huge manufacturing hub which has resulted in attracting foreign investment and the booming industrial sectors primarily due to the low-cost labor and easily accessible raw materials. There is an increase in the demand for industrial coatings owing to the growing industrial, aerospace, transportation, marine, and automotive industries in the region.

Europe is the second-largest market for industrial coatings. Europe is heavily regulated to ensure a high level of environment and human health protection from the risks posed by chemicals. In addition, stringent regulations have constrained formulators and raw material suppliers. The economic slowdown has also affected most of the industries in Europe; however, the demand for industrial coatings is estimated to increase slowly with ongoing recovery initiatives and safety regulations in the region.

Major players in the industrial coatings market include Jotun A/S (Norway), Axalta Coating Systems, LLC (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), Teknos Group (Finland), PPG Industries, Inc. (US), RPM International Inc. (US), Tikkurila Oyj (Finland), Hempel A/S (Denmark), Kansai Paint Co., Ltd. (Japan), Nippon Paint Holdings Co., Ltd. (Japan), The Chemours Company (US), and NOROO Paint & Coatings Co Ltd (South Korea).

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