May 29, 2024
Industrial Coatings Market

Industrial Coatings Market Is Expected To Be Flourished By Growing Construction Industry

Industrial coatings are surface treatments used on materials and products to improve appearance and protect them from corrosion and wear. They have applications across various end-use industries including general industrial, automotive, protective, wood, marine, packaging, coil, and others. Wide range of products such as acrylic, epoxy, polyurethane, alkyd, and fluoropolymer coatings are commonly used. Growing construction activities is expected to boost the demand for products from building & construction applications such as architectural coatings. The global industrial coatings market is estimated to be valued at US$ 47.23 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing construction industry is one of the major drivers expected to propel the growth of Global Industrial Coatings Market Size over the forecast period. Rapid urbanization and increasing investments in infrastructure development projects globally have significantly boosted construction activities. This is expected to increase the demand for coatings from building & construction applications. Furthermore, increasing manufacturing activities especially in emerging economies of Asia Pacific is also fueling the market growth. Industrialization has increased the consumption of coatings from various end-use industries such as automotive, packaging, protective, general industrial, and others.

Segment Analysis

The industrial coatings market is segmented into polyurethanes, epoxy, acrylic, alkyd and others. The polyurethanes segment dominated the market in 2024 and is expected to remain dominant during the forecast period. Polyurethanes offer excellent mechanical and chemical resistance properties. They have high durability and longevity. These coatings are widely used in industries such as appliances, automotive, general industrial and others.

PEST Analysis

Political: Stringent environmental regulations regarding VOCs emissions from coatings in regions like Europe and North America are driving demand for eco-friendly waterborne and powder coatings.

Economic: Growth of end-use industries like construction, automotive, consumer goods is boosting demand for industrial coatings. Rising industrialization in Asia Pacific is positively impacting the market.

Social: Increasing consumer awareness about sustainability is influencing preferences of coatings manufacturers and industrial buyers towards green coatings.

Technological: Developments in powder and waterborne coatings technology is supporting their increasing adoption over solvent-borne coatings. Advanced applied technologies like 3D printing also present opportunities.

Key Takeaways

The global industrial coatings market is expected to witness high growth at a CAGR of 8.3% during the forecast period of 2024 to 2031. The market size for industrial coatings in 2024 was US$ 47.23 Bn.

Regional analysis – Asia Pacific dominated the global industrial coatings market in 2024 due to large manufacturing base in countries like China and India. Rapid industrialization and growing construction activities in Asia Pacific are projected to drive the region’s market during the forecast period.

Key players РKey players operating in the industrial coatings market are Abbott Laboratories, bioM̩rieux 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. Abbott Laboratories leads the global in vitro diagnostics market, followed by Roche Diagnostics and Siemens Healthineers.

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