Industrial Coatings Market Growth & Trends

According to a recent report published by Grand View Research, Inc., the global industrial coatings market is projected to reach a market size of USD 116.68 billion by the year 2030, expanding at a compound annual growth rate (CAGR) of 3.8% between 2025 and 2030. This anticipated growth is primarily driven by the increasing demand for industrial coatings across a diverse range of application industries. These include general industry, automotive and refinish, oil and gas, marine, mining, power generation, electronics, aerospace, and several others.

Industrial coatings play a critical role in general industrial applications, where they are extensively applied to components such as heat exchangers, steel structures, containers, concrete surfaces, furniture, appliances, and material handling equipment. The primary function of these coatings is to offer protection against environmental factors like heat and humidity. Furthermore, they help prevent degradation caused by corrosion, abrasion, and chemical exposure—ultimately enhancing the durability and performance of the coated products.

Emerging markets such as Brazil, China, and India are expected to significantly contribute to the expansion of the industrial coatings industry. This growth is attributed to rapid industrialization and infrastructure development in these countries. Additionally, the presence of a broad base of manufacturing industries is likely to spur the demand for industrial coatings, especially for general-purpose applications.

However, market growth experienced a temporary setback due to the COVID-19 pandemic, which originated in China and quickly spread to other key regions such as India, Australia, Thailand, and Japan. Government-imposed lockdowns in these countries led to the temporary closure of several manufacturing facilities, disrupting production and supply chains and negatively impacting demand for industrial coatings during that period.

From a product segment perspective, alkyd coatings are forecasted to witness significant growth over the upcoming years. These coatings are primarily used in industrial environments, especially for coating metal surfaces. Alkyd coatings are recognized for their excellent gloss and color retention, along with high corrosion resistance, making them ideal for use in the protection of structures like bridges, towers, oil and gas installations, automotive components, and marine vessels. The rising application of alkyd coatings in the construction, automotive, and oil & gas sectors is another factor fueling their demand. Moreover, the presence of low volatile organic compound (VOC) content in these coatings is expected to further boost their adoption, particularly in environmentally conscious markets like Europe, the United States, and Canada.

The powder-based coatings segment is also projected to register a healthy growth rate throughout the forecast period. These coatings are considered more durable and environmentally friendly compared to traditional solvent-based coatings. Due to the absence of solvents, powder coatings contain negligible VOCs, making them more compliant with increasingly stringent environmental protection regulations and cost-effective for manufacturers.

Industrial Coatings Market Report Highlights

• In 2024, the Asia Pacific region held the largest share of the global industrial coatings market and is anticipated to continue its dominance by registering the fastest CAGR during the forecast period.
• The acrylic coatings segment emerged as the leading product type in 2024, driven by its expanding use in multiple end-use industries due to its versatility and performance.
• Powder-based coatings are increasingly being applied to a wide array of products including agricultural machinery, automotive components, mechanical parts, building facades, machine elements, and electrical fixtures. These coatings provide effective corrosion protection and enable the application of thicker, more uniform coating layers.
• A notable increase in the demand for agricultural equipment—such as tractors—in countries like Brazil, India, and China is expected to further accelerate the adoption of powder-based industrial coatings.
• In recent years, the market has witnessed numerous strategic initiatives by key players, including product innovations, mergers, acquisitions, and partnerships, all aimed at enhancing their market presence and driving overall industry growth.

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Industrial Coatings Market Segmentation

Grand View Research has segmented the global industrial coatings market based on product, technology, end-use, and region:

Industrial Coatings Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Polyesters
• Others

Industrial Coatings Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Solvent Borne
• Water Borne
• Powder Based
• Others

Industrial Coatings End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• General Industrial
• Marine
• Automotive & Vehicle Refinish
• Electronics
• Aerospace
• Oil & Gas
• Mining
• Power Generation
• Others

Industrial Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030) 

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Central & South America
  • Brazil
  • Argentina
• Middle East and Africa
  • Saudi Arabia
  • South Africa

List of Key Players in the Industrial Coatings Market

• BASF SE
• Akzo Nobel N.V.
• Axalta Coating Systems
• Jotun
• PPG Industries, Inc
• The Sherwin-Williams Company
• Nippon Paint Holdings Co., Ltd.
• Hempel A/S
• RPM International Inc.
• Diamond Paints
• Kansai Paints

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