The Global Organic Coatings Market Size accounted for USD 20.2 Billion in 2022 and is projected to achieve a market size of USD 28.8 Billion by 2032 growing at a CAGR of 3.7% from 2023 to 2032.
Organic Coatings Market Highlights
Organic coatings refer to a wide range of coatings made from natural or synthetic materials that are applied to various substrates to provide protection and decoration. These coatings are typically composed of polymers and solvents and are used to protect surfaces from corrosion, wear and tear, and environmental factors such as UV radiation and moisture. They also enhance the appearance of surfaces and can be customized to meet specific performance requirements. Organic coatings are used in various industries such as automotive, construction, aerospace, marine, and industrial coatings.
The global organic coatings market has been growing steadily over the past few years and is expected to continue to grow at a significant rate in the coming years. The growth of the market is driven by factors such as the increasing demand for protective coatings in various industries, the growing trend of using eco-friendly coatings, and the expansion of the construction and automotive industries in emerging economies. In addition, advancements in technology and the development of high-performance coatings that provide superior protection against environmental factors are expected to further boost the growth of the market.
Global Organic Coatings Market Trends
Organic Coatings Market Report Coverage
|Organic Coatings Market
|Organic Coatings Market Size 2022
|USD 20.2 Billion
|Organic Coatings Market Forecast 2032
|USD 28.8 Billion
|Organic Coatings Market CAGR During 2023 - 2032
|Organic Coatings Market Analysis Period
|2020 - 2032
|Organic Coatings Market Base Year
|Organic Coatings Market Forecast Data
|2023 - 2032
|By Product, By End-Use Industry, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|AkzoNobel N.V., Asian Paints Limited, Axalta Coating Systems LLC, BASF SE, Berger Paints India Limited, Hempel A/S, Jotun Group, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., and The Sherwin-Williams Company.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis
Organic coatings, also termed barrier coatings, are durable protective coatings which are applied to substrates for the purpose of obtaining decorative or specific technical properties. The key component charged for the creation of a well-adhering (membrane) includes organic compounds ranging from polymers, and oligomers, to their mixtures. These coatings are increasingly used on substrates for corrosion protection, surfacing as well as decoration purposes.
The market is witnessing growth significantly owing to the rapid utilization of coatings in aerospace and automotive industries as it lowers the structural weight and provides cost benefits to the overall structure. The property of organic coatings to form a barrier between the substrate and the atmosphere is expected to lead to market growth significantly over the forecast period. Apart from this, the lightweight of the structure is the need of today, especially in the automotive and aerospace sector in order to obtain fuel economy standards. Growing demand for organic coatings, majorly on the basis of their chemical inertness and impermeability, is another factor contributing to the market growth. In addition, organic coatings provide protection by using inhibiting pigments which have passivating action and are applied particularly on metal surfaces. Furthermore, the presence of metallic pigments in organic coatings offers electrochemical protection to metals.
Organic Coatings Market Segmentation
The global organic coatings market segmentation is based on product, end-use industry, and geography.
Organic Coatings Market By Product
In terms of products, the dry film lubricants segment has seen significant growth in recent years. Dry film lubricants are coatings that provide lubrication to moving parts while also protecting them from wear and corrosion. These coatings are widely used in the automotive and aerospace industries, where they provide long-lasting lubrication and improve the efficiency of moving parts. The growth of the dry film lubricants segment is driven by factors such as the increasing demand for high-performance coatings in the automotive and aerospace industries, the growing trend of using eco-friendly and VOC-free coatings, and the need for coatings that can withstand high temperatures and extreme environments. The increasing focus on research and development activities to develop innovative and high-performance coatings is also expected to drive the growth of the dry film lubricants segment.
Organic Coatings Market By End-Use Industry
According to the organic coatings market forecast, the aerospace/aviation segment is expected to witness significant growth in the coming years. Organic coatings are widely used in the aerospace industry to protect and enhance the appearance of aircraft components such as fuselage, wings, and landing gears. These coatings provide protection against corrosion, UV radiation, and wear and tear, and can also improve the aerodynamics of aircraft components, thereby enhancing fuel efficiency. The growth of the aviation segment is driven by factors such as the increasing demand for lightweight and fuel-efficient aircraft, the expansion of the commercial aviation sector in emerging economies, and the growing trend of using eco-friendly and low-VOC coatings. In addition, the increasing use of advanced coatings that provide superior protection against extreme environments and the need for coatings that meet stringent regulatory standards are also expected to contribute to the growth of the aerospace segment.
Organic Coatings Market Regional Outlook
The Middle East & Africa
Organic Coatings Market Regional Analysis
The Asia-Pacific region dominates the organic coatings market due to several factors, including the presence of a large number of manufacturing facilities, increasing demand for high-performance coatings, and the growing construction and automotive industries. The region is also home to several emerging economies such as China, India, and Indonesia, which are witnessing rapid urbanization and industrialization, leading to a surge in demand for organic coatings. China, in particular, is the largest producer and consumer of organic coatings in the world. The country's rapidly expanding construction and automotive industries, coupled with the government's initiatives to promote eco-friendly coatings, are driving the regional growth. Additionally, the increasing investment in research and development activities to develop advanced coatings that meet the changing needs of end-users is also contributing to the Asia-Pacific coating market growth. Moreover, the Asia-Pacific region is witnessing a shift towards the adoption of powder coatings as an alternative to liquid coatings due to their eco-friendliness, low VOC emissions, and superior performance.
Organic Coatings Market Player
Some of the top organic coatings market companies offered in the professional report include AkzoNobel N.V., Asian Paints Limited, Axalta Coating Systems LLC, BASF SE, Berger Paints India Limited, Hempel A/S, Jotun Group, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., and The Sherwin-Williams Company.
The market size of organic coatings was USD 20.2 Billion in 2022.
The CAGR of organic coatings is 3.7% during the analysis period of 2023 to 2032.
The key players operating in the global market are including AkzoNobel N.V., Asian Paints Limited, Axalta Coating Systems LLC, BASF SE, Berger Paints India Limited, Hempel A/S, Jotun Group, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., and The Sherwin-Williams Company.
Asia-Pacific held the dominating position in organic coatings industry during the analysis period of 2023 to 2032.
North America region exhibited fastest growing CAGR for market of organic coatings during the analysis period of 2023 to 2032.
The current trends and dynamics in the organic coatings industry include growing demand for protective coatings in various industries, expansion of the construction and automotive industries in emerging economies, and increasing adoption of eco-friendly coatings.
The dry film lubricants product held the maximum share of the organic coatings industry.