Industrial Coatings Market Expected to Reach $89.8 Billion by 2033

According to a new report published by Allied Market Research, titled, “Industrial Coatings Market," The industrial coatings market size was valued at $61.2 billion in 2023, and is estimated to reach $89.8 billion by 2033, growing at a CAGR of 4.1% from 2024 to 2033.

Introduction

Industrial coating is a protective layer applied to various surfaces in industrial settings to enhance their durability, resistance to corrosion, wear & tear, and to provide other specialized properties such as heat resistance or insulation. These coatings are commonly used on metal, concrete, and other materials in industries such as automotive, aerospace, marine, oil and gas, and manufacturing.

Market Dynamics

Businesses are constantly looking for ways to optimize their expenses without compromising on quality or performance. Industrial coatings offer a cost-effective means of protecting surfaces from corrosion, wear and tear, and environmental damage. In addition to cost considerations, application efficiency is another critical factor driving demand for industrial coatings. Manufacturers and applicators require coatings that are easy to apply, offer consistent performance, and adhere well to various substrates. All these factors are expected to drive the global industrial coatings market trend during the forecast period.

However, fluctuations in the prices of raw materials significantly impact production costs for coatings manufacturers. When prices spike, companies struggle to maintain profitability, especially if they are unable to pass on these increased costs to customers. Conversely, sudden drops in raw material prices create instability and uncertainty within industry. All these factors hamper the global industrial coatings market growth.

The adoption of waterborne coatings aligns with broader sustainability initiatives embraced by many businesses. Companies across various sectors reduce their carbon footprint and minimize their environmental impact throughout the supply chain. By incorporating waterborne coatings into their operations, manufacturers demonstrate their commitment to sustainability while also meeting the evolving expectations of environmentally conscious consumers and stakeholders. All these factors are anticipated to offer new growth opportunities for the global industrial coatings market.

Segments Overview

The industrial coatings market is segmented into type, end use, solvent type, additive type, and region. On the basis of type, the market is classified as polyurethane, epoxy, acrylic, polyester, alkyd, fluoropolymer, thermoset, thermoplastic, and others. On the basis of end use, the market is categorized into containers coatings, ACE (agricultural, construction, earthmoving) equipment, transportation, industrial wood, structural steel, coil, automotive, and others. By solvent type the market is segmented into water based coating, solvent based coating, and powder. On the basis of additive type, the market is categorized into wetting agent, dispersing agent, defoamer, stabilizers, rheology, emulsifiers, flash rust inhibitors, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Middle East, and Africa, and LATAM.

On the basis of type, the market is classified as polyurethane, epoxy, acrylic, polyester, alkyd, fluoropolymer, thermoset, thermoplastic, and others. The acrylic segment is anticipated to grow at the fastest CAGR of 4.8% during the forecast period. Acrylic coatings are known for their exceptional durability and weather resistance. They provide robust protection against corrosion, UV radiation, moisture, and chemical exposure that makes them ideal for outdoor applications such as automotive components, architectural structures, and marine equipment. As industries seek coatings that withstand harsh environmental conditions and offer long-term performance, acrylic coatings emerge as a reliable solution.

On the basis of end use, the market is categorized into containers coatings, ACE (agricultural, construction, earthmoving) equipment, transportation, industrial wood, structural steel, coil, automotive, and others. The automotive segment is anticipated to grow at the fastest CAGR of 4.8% during the forecast period. The automotive industry is witnessing a shift towards electric and autonomous vehicles, which presents new opportunities for industrial coatings. Electric vehicles (EVs) require coatings withstand higher operating temperatures and provide insulation for battery compartments and electrical components.

By solvent type, the market is segmented into water based coating, solvent based coating, and powder. The water based coating segment is anticipated to grow at the fastest CAGR of 4.4% during the forecast period. Water based coatings offer practical benefits in terms of ease of use, clean-up, and cost-effectiveness. They typically require less downtime for application and curing, resulting in faster turnaround times and increased productivity. In addition, water-based coatings are applied using conventional spray equipment, brushes, or rollers, simplifying the application process and reducing the need for specialized equipment.

On the basis of additives type, the market is categorized into wetting agent, dispersing agent, defoamer, stabilizers, rheology, emulsifiers, flash rust inhibitors, and others. The dispersing agent segment is anticipated to grow at the fastest CAGR of 4.8% during the forecast period. Dispersing agents contribute to the stability and shelf-life of coatings by preventing pigment agglomeration and settling over time. This is particularly important for coatings used in industrial applications, where long-term performance and durability are critical requirements. By incorporating dispersing agents into their formulations, manufacturers ensure that their coatings maintain optimal quality and performance throughout storage and application, reducing the risk of defects and rework.

Regional Analysis

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Middle East, and Africa, and LATAM. The Asia-Pacific segment is anticipated to grow at the fastest CAGR of 4.4% during the forecast period. The shift towards sustainable practices and green technologies creates opportunities for industrial coatings in the Asia-Pacific region. The growing emphasis on eco-friendly formulations, water-based coatings, and powder coatings to reduce VOC emissions, minimize environmental impact, and meet sustainability goals. This trend is driven by regulatory mandates, corporate initiatives, and consumer awareness that create opportunities for manufacturers to develop innovative, environmentally responsible coatings that cater to evolving market demands.

Key players in the global industrial coatings industry include Akzo Nobel N.V., Axalta Coating Systems, LLC, BASF SE, Beckers Group, Hempel A/S, Jamestown Coating Technologies, Jotun, Kansai Helios, Nippon Paint Holdings Co. Ltd, PPG Industries Inc., RPM International Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company.

Key Market Insights

• By type, the acrylic segment was the highest revenue contributor to the market accounting for less than one-third of global industrial coatings market share in 2023.
• On the basis of solvent type, the water based coating segment was the highest revenue contributor to the global industrial coatings market share in 2023.
• By additives type, the dispersing agent segment was the highest revenue contributor to the market accounting for less than one-fourth of global industrial coatings market share in 2023.
• On the basis of end use, the automotive segment was the highest revenue contributor to the market accounting for more than one-fourth of the global industrial coatings market share in 2023.
• Region-wise, Asia-Pacific was the highest revenue contributor of global industrial coatings market analysis in 2023.