Next-Generation Industrial Coatings Market driven by Increasing Demand from Infrastructure and Automotive Industries

Next-Generation Industrial Coatings Market driven by Increasing Demand from Infrastructure and Automotive Industries

Industrial coatings are protective, decorative as well as functional coatings that are applied to various surfaces and parts in industries like oil and gas, automotive, construction and machinery to protect them from corrosion and abrasion while also enhancing their aesthetic appeal. They are used to coat metallic substrates, plastics, wood among other materials and are available in various types like epoxy, acrylic, alkyd, polyurethane. These advanced coatings provide protection from harsh environments, chemicals, UV radiation along with good adhesion and finish. Rapid industrialization and growth in end-use industries has fueled the demand for industrial coatings that can withstand higher temperatures and pressures as well as offer scratch and chemical resistance for longer life of components.

The global Industrial Coatings Market is estimated to be valued at US$ 40.99 in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

 One of the major trends driving growth in the industrial coatings market is the increasing demand from infrastructure and automotive industries. Rapid urbanization and construction of roads, bridges, buildings and other infrastructure projects have increased the consumption of protective and decorative coatings. Likewise, manufacture of vehicles, auto-components and ancillary parts requires a wide range of functional coatings for different components that can withstand harsh operating conditions and emission standards. Growing automotive production worldwide is thus a key growth driver. Other trends include increasing R&D investment by manufacturers towards developing eco-friendly, low-VOC and sustainable coatings using bio-based resins to meeting stringent regulations. Waterborne technologies are also gaining traction led by their low toxicity and ease of application features.

Porter's Analysis
Threat of new entrants: The threat of new entrants in the industrial coatings market is relatively low due to high capital requirements and established customer base of existing players.

Bargaining power of buyers: The bargaining power of buyers in the industrial coatings market is moderate. Buyers have many options to choose from due to presence of numerous regional and international players.

Bargaining power of suppliers: The bargaining power of suppliers is high due to involvement of specialized raw materials and fewer manufacturers supplying them. Suppliers can influence prices.

Threat of new substitutes: Threat of substitutes is moderate as there are limited product alternatives for industrial coatings used in various end-use industries.

Competitive rivalry: The industrial coatings market features high competition owing to presence of many international and regional players. Players differentiate based on product quality, innovation, and pricing.

Key Takeaways
The Global Industrial Coatings Market Size is expected to witness high growth. The market size for 2024 is estimated to reach US$ 40.99 Mn, registering a CAGR of 8.3% during the forecast period of 2023 to 2030.

Regional analysis: North America dominated the industrial coatings market in 2023 and is expected to maintain its lead during the forecast period as well. Stringent regulations regarding VOC emissions and awareness about energy-efficient coatings drives the regional market. Asia Pacific is projected to be the fastest growing market owing to rapidly expanding industrial sectors in countries like China and India.

Key players: 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 captured majority of the market share in 2023.

For more Insights, Read –

https://www.marketwebjournal.com/industrial-coatings-market-market-size-and-share-analysis/