May 21, 2024
Industrial Coatings Market

Industrial Coatings is Estimated to Witness High Growth Owing to Increasing Demand From End-use Industries

The industrial coatings market manufactures a variety of coatings which are used to protect substrates from corrosion, enhance appearance and provide resistance to heat and fire. Industrial coatings are applied to various substrates such as metal, plastic and wood which are used in sectors like oil & gas, marine, automotive, aerospace and construction industries. Coatings provide surfaces weather resistance, durability and additional life which increases the demand from end-use industries.

The Global industrial coatings market is estimated to be valued at US$ 47.23 Bn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Industrial Coatings Market Growth are Abbott Laboratories, bioMérieux SA, Danaher Corporation, Siemens Healthineers, Bio-Rad Laboratories, Inc., PerkinElmer, Inc., Sysmex Asia Pacific Pte Ltd, Becton, Dickinson and Company, Sight Diagnostics, Horiba, and Nihon Kohden Corporation. These companies are investing in research and development activities to develop eco-friendly and high-performance coatings.

The key opportunities in the industrial coatings market include development of powder and UV-curable coatings owing to their low volatile organic compound emissions. Adoption of nanocoatings is also gaining traction due to properties like self-cleaning, easy to clean and protection against microbes.

Globally, the Asia Pacific region dominates the industrial coatings market due to large manufacturing and construction sectors in countries like China and India. Other regions like North America and Europe are also major markets for industrial coatings due to presence of large automobile and petrochemical companies.

Market drivers

The major driver for industrial coatings market is increasing application in oil & gas industry. Industrial coatings provide corrosion resistance and waterproofing to offshore and onshore oil equipment. This protects the infrastructure form harsh marine environments and prevents breakdown. Other drivers include growth in automotive and construction industries where coatings are applied for aesthetics and durability.

Political: The industrial coatings market is affected by environmental regulations related to VOCs and hazardous air pollutants emissions. Stringent laws can increase demand for eco-friendly coatings.

Economic: Factors such as industrial production, infrastructure development, and automotive sales influence the demand from end-use industries like general industrial, automotive, industrial wood, and others. Market fluctuations in these sectors directly impact the coatings market.

Social: Increased consumption of durable and luxury goods along with growing population is expected to propel the industrial coatings demand. However, negative impact on environment due to solvent-based coatings remains a concern.

Technological: Advancements in 100% solids, powder, and high-solids coating technologies help improve product performance and minimize VOC emissions. Waterborne technology is witnessing increased adoption due to environmental friendly nature.

Asia Pacific accounts for majority share of the global industrial coatings market in terms of value. Rapid industrialization and infrastructure development projects underway in China, India drives coating consumption. Countries such as Japan and South Korea also contribute significantly to the regional market.

North America is projected to witness the fastest growth during the forecast period. Presence of major automotive manufacturers and growth in the manufacturing sector, especially in the US aids market expansion.Growing construction activities with increasing spending on infrastructure development presents high growth potential.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it