by Industrial coatings are surface coatings used to protect structures and bring an aesthetic appeal to surfaces. They provide corrosion protection, heat resistance and durability to metal parts and machineries used in various industries. With growing construction of roads, bridges and other infrastructure and rising automobile production, the demand for protective and decorative coatings is increasing significantly. 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 key trends:
Increased adoption in Automotive and Infrastructure Industries
One of the key drivers propelling the Global Industrial Coatings Market Size is the rising adoption of these coatings in the automotive and infrastructure industries. Automotive OEMs are extensively using coatings to provide scratch and corrosion resistance to vehicle bodies. Also, improved aesthetic appearance and gloss retention property of newer coatings is increasing their preference in the automotive refinish market. On the infrastructure front, protective coatings find wide usage in construction of bridges, tunnels, buildings and other structures. They help extending structure life by preventing corrosion and damage from harsh weather conditions. The growing construction activities globally are thus augmenting demand for industrial coatings significantly.
SWOT Analysis
Strength: The industrial coatings market has high demand from various end-use industries like automotive, building and construction, oil & gas, mining, and others. It protects industrial assets and infrastructure from corrosion and damage.
Weakness: Stringent regulations regarding the emission of volatile organic compounds during manufacturing and usage of industrial coatings can hamper market growth. Fluctuating raw material prices also pose a challenge.
Opportunity: Growing infrastructure development activities in developing economies provide new opportunities. Emerging applications in the wind energy and solar industries will drive future growth.
Threats: Availability of cheaper substitutes like powder coatings can threaten market share. Economic slowdowns impact demand from end-use industries negatively.
Key Takeaways
The global industrial coatings market is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 47.23 Bn and is projected to reach over US$ 85 Bn by 2031, registering a CAGR of around 8.3% over the period.
Regional analysis comprises Asia Pacific holds the largest share of the global industrial coatings market currently due to rapid industrialization and infrastructure development activities in countries like China, India, Indonesia, and others. China dominates Asia Pacific and holds over 30% share of the overall market.
Key players operating in the industrial coatings market 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. Abbott Laboratories and Danaher Corporation are the top two players globally owing to their extensive product portfolios and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
