And you can paint pegboard with a roller or spray gun to get the industrial look you like. I've done it and it doesn't take long to put 2 coats of paint on with a roller; use the disposable foam rollers/plastic trays and there's no clean up!
EDIT: Pegboard storage (wood/metal, painted/unpainted) is underrated and underutilized. What made it a good idea in the 50's and 60's still applies; it's a great use of vertical space and positions your "go-to" tools in easy reach of your work bench. There is the issue of tool security. I keep most of my tools, and especially the higher value ones in locked drawers. But for those lower value tools that are frequently needed (hammer, adjustable wrenchs, arc groove pliers, common screwdrivers, nut drivers, C-clamps, spray lubricants, tape, bottle cap lifters, etc), put 'em up on the peg board where you can grab 'em as needed without having to unlock your tool boxes.