This month’s feature article, written by David Savastano, focuses on the Industrial Coatings Market. He interviewed major manufacturers of industrial coatings including AkzoNobel, Axalta, Hempel and PPG. Industry leaders report that sales are surpassing pre-pandemic levels, led by the energy, construction, coil and infrastructure segments.

The oil and gas industry has become a major driver for industrial coatings.

Daniela Vlad, managing director, AkzoNobel Industrial Coatings, reported that the global industrial coatings segment saw high demand due to an initial post-COVID-19 surge.

“A major feature of the past year was the rise in the cost of raw materials and shortage of supply,” Vlad added. “A massive – and successful – task across our global markets was ensuring our customers’ production lines kept running while resolving huge challenges with raw materials, freight and shipping. Product, service and technology breakthroughs continued at pace, as did our investment in supply and manufacturing infrastructure.”

According to a recent report from Grand View Research, the global industrial coatings market size was valued at $83.16 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028.

Rising demand from the general industry is significantly driving the market. Industrial coatings are widely used in various end-use sectors, including automotive and vehicle refinish, electronics, aerospace, oil and gas, mining, marine and power generation.

Automotive and refinish coatings are among the major industrial coatings. Growing usage of refinish coatings for automotive maintenance, repair, and aftermarket painting on account of visual appearance, surface protection, and corrosion resistance is expected to propel the demand for industrial coatings. Moreover, the growing need for customized designs and paints in vehicles is likely to support the market growth.

The general industrial segment led the market and accounted for a revenue share of more than 40% in 2020, Grand View Research reported. The general industry segment includes the consumption of industrial coatings in coil, packaging, construction, agriculture, and wood applications. Increasing demand for coil coatings from metal roofing, wall panel, HVAC equipment, automotive, appliances, and other applications owing to properties such as excellent corrosion protection, long-lasting color, and scratch resistance is anticipated to positively influence the overall market growth over the forecast period.