Industrial coatings are paints and coatings that provide protective coatings to various metals and surfaces in numerous industries. They offer properties like corrosion resistance, scratch resistance, and chemical resistance. There is an extensive requirement for industrial coatings in construction, automotive, aerospace, manufacturing and other industries for protection of metals from erosion and damage.
The global Industrial Coatings Market is estimated to be valued at US$ 40.99 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing construction activities across both developing and developed nations are fueling the demand for industrial coatings. Construction of residential and non-residential buildings requires various coated metal components and items that require protection from environmental threats. Thus, the surging construction industry worldwide is propelling the adoption of industrial coatings. The growth in infrastructure development projects coupled with increasing urbanization is expected to drive the construction industry during the forecast period. This in turn will boost the industrial coatings market.
Strengths: The industrial coatings market is expected to witness strong growth due to increasing demand from end-use industries such as automotive, construction, and heavy machinery.
Weaknesses: Fluctuations in raw material prices can impact the profit margins of industrial coatings manufacturers. Stringent environmental regulations regarding the use of VOCs in several regions pose a challenge.
Opportunities: Rise in infrastructure development and construction activities in emerging economies of Asia Pacific and Latin America offer significant opportunities. Development of bio-based and environment-friendly coatings presents an opportunity for market expansion.
Threats: Growth of the market may be hindered due to economic slowdowns. Shift towards composite materials is a threat to coatings demand from certain end-use industries.
The Global Industrial Coatings Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to increase from US$ 40.99 Mn in 2023 to over US$ 72.54 Mn by 2030, registering a CAGR of around 9.4%.
The Asia Pacific region currently dominates the global industrial coatings market and is expected to maintain its leading position during the forecast period. Rapid industrialization and infrastructure development activities in countries such as China, India, Indonesia, and Vietnam are driving the demand for industrial coatings in this region. The growing construction industry, supported by government initiatives for infrastructure development projects, will fuel the coatings market expansion.
Key players operating in the industrial coatings market are Accenture, Teleperformance SE, Infosys Limited (Infosys BPM), WNS (Holdings) Ltd., HCL Technologies Limited, AMDOCS, CBRE Group Inc., Sodexo, NCR Corporation, TTEC Holdings, Inc., Wipro Limited, and Capgemini. Major players are focusing on expansion in emerging regions by setting up manufacturing plants. Companies are also investing in R&D to develop eco-friendly and advanced coating solutions. Partnerships and mergers & acquisitions are other strategies adopted by key companies.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it