Industrial Coatings Market Size, Share & Trends Report

Industrial Coatings Market Size, Share & Trends Analysis Report By Technology (Water-borne, Solvent-borne), By Product (Acrylic, Polyurethane), By End-user (Marine, General Industrial), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68038-686-8
  • Number of Pages: 150
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the industrial coatings market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for industrial coatings market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of industrial coatings market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Industrial Coatings Market Categorization:

The industrial coatings market was categorized into four segments, namely product (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester), technology (Solvent Borne, Water Borne, Powder Based), end-user (General Industrial, Marine, Automotive & Vehicle Refinish, Electronics, Aerospace, Oil & Gas, Mining, Power Generation), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The industrial coatings market was segmented into product, technology, end-user, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The industrial coatings market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Mexico; Germany; France; the UK.; Italy; China; India; Japan; Australia; South Korea; ASEAN; Brazil; Argentina; Saudi Arabia; and UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Industrial coatings market companies & financials:

The industrial coatings market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • PPG Industries, Inc. - PPG Industries, Inc. was established in 1883 and is headquartered in Pittsburgh, U.S. The company is engaged in manufacturing and supplying paints, coatings, chemicals, and specialty materials. It operates its business through two segments, namely performance coatings and industrial coatings. The company caters its products to end-use industries such as aerospace, automotive, marine, construction, packaging, petrochemical, consumer goods, and industrial manufacturing. It markets its products under several brand names including PPG, Glidden, Comex, Olympic, Dulux (in Canada), Sikkens, and PPG Pittsburgh Paints. The performance coatings segment includes coatings, solvents, adhesives, sundries, sealants, transparencies, transparent armor products, and wood stains. These products serve end-use industries such as aerospace, automotive, marine, and construction. The industrial coatings segment offers specially formulated coatings, adhesives, sealants & metal pretreatments, amorphous precipitated silica, organic light emitting diode (OLED) materials, optical lens materials, and photochromic dyes. These products find application in various end-use industries, such as automotive, industrial manufacturing, infrastructure, packaging, electrical & electronics, and consumer goods.

  • Akzo Nobel N.V. - Akzo Nobel N.V. was established in 1994 and is headquartered in Amsterdam, Netherlands. The company is involved in manufacturing and marketing paints & performance coatings. It operates through three business segments including specialty chemicals, performance coatings, and decorative paints. Key products offered by the company include functional chemicals, industrial chemicals, pulp & performance chemicals, powder coatings, and automotive & aerospace coatings. It caters its services to numerous industries including aerospace, automotive, chemicals, household appliances, safety, furniture & flooring, marine, mining, oil & gas, packaging, and energy Performance coatings segment includes protective coatings, marine coatings, vehicle refinishes, metal coatings, specialty coatings, powder coatings, wood coatings, and industrial coatings. In 2016, Akzo Nobel N.V. acquired the industrial coatings business of BASF along with 2 manufacturing plants located in the UK and South Africa to strengthen its performance coatings segment. The specialty chemicals segment includes industrial chemicals, functional chemicals, surface chemistry, and pulp and performance chemicals.

  • The Sherwin-Williams Company - The Sherwin-Williams Company was formed in 1866 and is headquartered in Cleveland, U.S. It is engaged in the manufacture and distribution of paints, stains, and coatings for professionals as well as industrial, commercial, retail, and marine industries. The company has categorized its business into three segments, namely the Americas Group, Consumer Brands Group, and Performance Coatings Group. It markets its products under the brand names Sherwin-Williams, Dutch Boy, Valspar, Krylon, Cabot, Minwax, and Thompson’s Waterseal. The Americas Group segment operates its business through exclusive stores that sell branded floor coverings, paints, supplies, stains, and equipment in the U.S., Canada, and the Caribbean countries. Its major products include paints, aerosols, protective & marine coatings, industrial coatings, varnishes, and spray equipment for use in residential, commercial, and industrial buildings. Consumer Brands Group segment is engaged in selling private label products in North America, Europe, and Asia Pacific. The segment offers paints, varnishes, wood finishing products & preservatives, industrial products, aerosols, and adhesives.

  • Axalta Coating Systems, LLC - Axalta Coating Systems, LLC was established in 1866 and is headquartered in Pennsylvania, U.S. The company is engaged in the manufacture, development, distribution, and transportation of performance coatings, paints, color-matching tools, and powder & liquid coatings. It operates through two business segments, namely performance coatings and transportation coatings. The company caters its products to various end-use industries such as automotive, energy, home appliances, and industrial as well as commercial & residential buildings. It provides coatings, such as HyperDyne Pre-Coats, ChromaDyne Base Coats, and Lumeera Clear Coats, for light vehicle OEMs and commercial vehicles; performance coatings for refinishing & aftermarket and industrial applications; and decorative coatings for residential & commercial applications. Its product portfolio includes monocoat, base coats, electro coats, primers, industrial wood coatings, floor coatings, clear coats, and plascoat. Paints & coatings products of the company are used in wooden floorings, automotive body paints & polishes, fencing, street furnishing, commercial seat frames, and industrial manufacturing areas.

  • Jotun - Jotun was established in 1926 and is headquartered in Sandefjord, Norway. The company is engaged in the formulation, production, and distribution of decorative paints and performance coatings for residential, commercial, and industrial purposes as well as for marine, energy, and oil & gas industries. It operates through four business segments, namely decorative paints, protective coatings, marine coatings, and powder coatings. The company has segmented its global presence into seven regions, namely Scandinavia; the Americas; West Europe; East Europe & Central Asia; North East Asia; the Middle East, India & Africa; and South East Asia & Pacific. The decorative paints segment offers paints & coatings for interior & exterior applications in residential, commercial, and industrial buildings. The protective coatings segment offers coatings for various manufacturing facility applications in end-use industries, such as energy, offshore, chemical processing, construction, and hydrocarbon processing. The marine coatings segment offers coatings for sea-stock, drydock, new buildings, and other marine applications. The powder coatings segment includes coatings for use in architecture, industrial & domestic appliances, pipelines, furniture, and general manufacturing industries.

  • BASF SE - BASF SE was founded in 1865 and is headquartered in Ludwigshafen, Germany. The company operates through six business segments, namely chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. Products offered by the company find use in industries such as agriculture, construction, pharmaceuticals, energy & power, home care & nutrition, automotive & transportation, rubber & plastics, leather & textiles, and personal care & hygiene. The surface technologies segment includes catalysts and coatings divisions. Its portfolio includes surface treatments, coatings, decorative paints catalysts, and battery materials for chemical and automotive industries. The company has more than 355 manufacturing facilities in over 90 countries in regions including Europe, Asia Pacific, North America, Central America, South America, and the Middle East & Africa. It is traded on the Frankfurt, London, and Zurich stock exchanges. As of December 2019, the company had 117,628 employees working at its various offices and plants.

  • Henkel AG & Company, KGaA - Henkel AG & Company, KGaA was founded in 1876 and is headquartered in Düsseldorf, Germany. The company is engaged in the manufacturing and distribution of home and beauty care products and provides adhesive solutions. It operates through three business segments, namely adhesive technologies, beauty care, and laundry & home care. The adhesive technologies business comprises two reportable segments, namely adhesives for consumers, craftsmen, and building and industrial adhesives. Adhesives for consumers, craftsmen, and building reportable segment offers a broad portfolio of sealants, adhesives, and functional coatings including industrial coatings for various applications including households, craftsmen, do-it-yourselfers, and building industry. The industrial adhesives segment comprises four operating segments including general industry, transport and metal, packaging and consumer goods adhesives, and electronics. The beauty care business segment comprises two operating segments, namely consumer goods and hair salons. Its consumer goods operating segment offers skin care, body care, oral care, hair colorants, and hair styling products. The laundry & home care business comprises two operating segments, namely laundry care and home care.

  • Nippon Paint Holdings Co., Ltd. - Nippon Paint Holdings Co., Ltd. was founded in 1881 and is headquartered in Osaka Prefecture, Japan. The company is engaged in manufacturing paint and paint products. It operates its business through three business segments, namely paint & coating business, paint peripheral business, and fine chemical business. The paint and coating business segment manufactures and sells automotive coatings, trade-use paints, industrial coatings, marine coatings, and paints for automotive repairs, DIY, and roads. The fine chemicals business segment consists of surface treatments and fine products. The extensive product portfolio of the company caters to various application segments including automobiles, architecture, construction, steel structures, metals, ships, electrical equipment, roadways, machinery households, electronic components, surface treatment chemicals, and chemical products. The company has a presence in several countries including Japan, Malaysia, Singapore, South Korea, Hong Kong, China, Taiwan, India, the UK, Germany, Greece, Norway, the Netherlands, Russia, Spain, Bulgaria, Italy, the U.S., Brazil, Australia, and the UAE.

  • Hempel A/S - Hempel A/S was established in 1915 and is headquartered in Lyngby, Denmark. The company is engaged in manufacturing and supplying paints & coatings. It markets its products under various brand names including Hempaguard, Hempadur Avantguard, Crown Paints, Neogard, and Versiline. The company’s product portfolio includes protective, marine, decorative, container, yacht, and industrial coatings. Protective coatings include fire protection, anti-corrosive, and steel protection coatings for infrastructure, oil & gas, and energy industries in applications such as bridges, airports, buildings, pipelines, oil rigs, wind turbines, and heavy equipment. Marine coatings are used for coating and protecting underwater ship vessels, cargo, and ballast tanks as well as overwater exterior surfaces of ships. Decorative coating solutions include floor coatings, concrete coatings, enamels, weatherproof finishes, and anti-bacterial & anti-corrosion coatings, which cater to the construction industry for applications such as homes, bridges, hotels, educational institutions, hospitals, and airports. Container coatings are used for protecting marine containers from harsh environments and weather conditions.

  • Beckers Group - Beckers Group was founded in 1865 and is headquartered in Berlin, Germany. The company is engaged in the manufacturing and distribution of industrial coatings and coil coatings. It operates through four business segments, which include building and construction; domestic appliances; vehicles and heavy-duty machinery; and consumer goods. The building & construction business segment offers topcoats, primers, backing coats, and other coating solutions for roofs, rainwater systems, façades, and walls. The domestic appliances business segment offers a wide range of coatings solutions for various appliances such as washing machines, dryers, refrigerators, ovens, dishwashers, and radiators. Vehicles and heavy-duty machinery business segment offers coatings for agricultural equipment, construction & earth-moving equipment, material-handling equipment, and crushing & screening equipment. The consumer goods segment offers coatings for electronic equipment, such as smartphones, notebooks, and tablets. The company has 24 production sites in 18 countries across Asia Pacific, the Americas, Europe, and the Middle East & Africa.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Industrial Coatings Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Industrial Coatings Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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