South Korea Industrial Coatings Market Size & Outlook
South Korea industrial coatings market, 2018-2030 (US$M)
South Korea industrial coatings market highlights
- The South Korea industrial coatings market generated a revenue of USD 2,968.9 million in 2023 and is expected to reach USD 3,367.2 million by 2027.
- The South Korea market is expected to grow at a CAGR of 3.2% from 2024 to 2027.
- In terms of segment, acrylic was the largest revenue generating product in 2023.
- Acrylic is the most lucrative product segment registering the fastest growth during the forecast period.
Industrial coatings market data book summary
| Market revenue in 2023 | USD 2,968.9 million |
| Market revenue in 2027 | USD 3,367.2 million |
| Growth rate | 3.2% (CAGR from 2023 to 2027) |
| Largest segment | Acrylic |
| Fastest growing segment | Acrylic |
| Historical data | 2016 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Acrylic, Alkyd, Polyurethane, Epoxy, Polyesters, Other |
| Key market players worldwide | Akzo Nobel NV, Axalta Coating Systems Ltd, PPG Industries Inc, Sherwin-Williams Co, Nippon Paint Holdings Co Ltd, NKT A/S |
Other key industry trends
- In terms of revenue, South Korea accounted for 3.3% of the global industrial coatings market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2027.
- In Asia Pacific, China industrial coatings market is projected to lead the regional market in terms of revenue in 2027.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 22,239.1 million by 2027.
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Industrial Coatings Market Scope
Industrial Coatings Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea industrial coatings market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to industrial coatings market will help companies and investors design strategic landscapes.
Acrylic was the largest segment with a revenue share of 35.78% in 2023. Horizon Databook has segmented the South Korea industrial coatings market based on acrylic, alkyd, polyurethane, epoxy, polyesters, other covering the revenue growth of each sub-segment from 2018 to 2030.
The presence of key automobile manufacturers in the country such as SsangYong Motor Company, Hyundai Motor Group, GM Korea Company, Renault Samsung Motors, and Kia Motor Corporation is projected to create demand for industrial coatings over the forecast period.
The emerging self-driving technology is significantly gaining prominence in South Korea. Hyundai, a leading automobile manufacturer in the country, has collaborated with Aurora Innovation, an American start-up, to work on self-driving vehicles with an aim to launch them by 2021.
Thus, a positive outlook for automobile manufacturing industry is expected to drive the demand for industrial coatings in automotive applications in the coming years. The rising product demand from various end-use industries such as electronics, general industry, aerospace, and others is anticipated to drive the market in the country.
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Our clientele includes a mix of industrial coatings market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea industrial coatings market , including forecasts for subscribers. This country databook contains high-level insights into South Korea industrial coatings market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea industrial coatings market size, by product, 2018-2030 (US$M)
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