by on March 18, 2024
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Industrial coatings, also known as commercial coatings, are protective, decorative and functional formulations used on a variety of products and structures across numerous industries. They are used to enhance functionality, protect surfaces from corrosion and wear & tear and impart aesthetic appeal. Key industrial sectors that drive demand for these coatings are general industrial, automotive, protective, powder coatings, wood coatings and automotive refinish. The automotive industry is the largest consumer of industrial coatings, where they are used to coat car bodies, underbodies, wheel barrels, and various other metal components. They provide resistance to gases, chemicals, temperature fluctuations and UV radiation, thereby protecting the vehicles.

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 Demand 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 major players are focusing on expanding their presence in the emerging economies to capitalize on new revenue streams.

There are significant opportunities for coatings manufacturers in the powder coatings segment driven by growth in the appliances, furniture, and construction industries. Moreover, the shifting focus towards environment-friendly and zero-VOC coatings will further augment the demand.

The industrial coatings market is anticipated to witness lucrative growth in Asia Pacific and Middle East & Africa. This can be attributed to rapid industrialization and infrastructure development activities in these regions. Key players are investing heavily in capacity expansion projects to cater to the strengthening demand from these emerging economies.

Market Drivers
- Increasing automobile production across the globe, especially in developing nations such as China and India is a major factor driving the demand for industrial coatings from the automotive industry. The automotive industry accounts for over 30% of global industrial coatings consumption.

Market Restraints
- Stringent environmental regulations regarding VOC emissions from coating products may negatively impact market revenue growth to a certain extent. Various nations have banned the use of coatings containing hazardous organic compounds which is prompting manufacturers to invest in eco-friendly product innovation.

Segment Analysis
Industrial coatings market can be broadly segmented into protective coatings, automotive refinish coatings, architectural coatings, general industrial coatings, wood coatings, packaging coatings, industrial wood coatings, marine coatings and other coatings. Protective coatings segment dominated the market and accounted for more than 30% of the overall revenue in 2024. Protective coatings are extensively used in various industries such as oil and gas, infrastructure, automotive, and heavy machinery where surface protection is of utmost importance. The demand for protective coatings is projected to grow further supported by increasing investment in infrastructure and renovation activities globally.

Global Analysis
Europe accounted for the largest revenue share of over 30% in the industrial coatings market in 2024. Presence of large manufacturing sectors of automotive, aerospace, infrastructure in countries such as Germany, France, and UK supported the dominance of the region. However, Asia Pacific is projected to experience the highest growth with a CAGR of around 10% during the forecast period. Rapid industrialization and infrastructure development in China, India and other Southeast Asian countries are the key factors driving the demand for industrial coatings in Asia Pacific region.

 

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