Industrial coatings are protective coatings used on various substrates and structures exposed in industrial environments, such as metal structures, machinery, pipes, tanks, floors and walls. Industrial coatings protect substrates from corrosion, abrasion and other environmental factors. They provide durability, flexibility and resistance to chemicals, oils, UV rays and weathering. The global industrial coatings market is driven by the continual growth of infrastructure and construction industry across the globe.
The global industrial coatings Market is estimated to be valued at US$ 40.99 billion in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Megaprojects of roads, railways, bridges, power plants, airports and other structures require enormous amount of protective and decorative industrial coatings for durability and aesthetic purposes. According to research, the global construction industry is expected to grow at 5% annually till 2030, thereby spurring the demand for industrial coatings from this key end use industry. Industrial coatings manufacturers can capitalize on this opportunity by partnering with major construction companies and developing specialized product offerings suitable for infrastructure applications.
Porter’s Analysis
Threat of new entrants: The industrial coatings market require high initial investments for R&D, manufacturing plants and equipment limiting new companies from easily entering the market.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of various coating brands and technologies. However, production costs and downtimes influence buyer preferences.
Bargaining power of suppliers: Material providers have low bargaining power due to availability of substitute raw materials and focus on long-term buyer relationships.
Threat of new substitutes: New coating technologies pose minimal threats as products require compliance with existing industry standards and applications.
Competitive rivalry: Intense due to focus on new product innovations, pricing strategies and market expansions.
SWOT Analysis
Strength: Wide product portfolio and technology expertise. Demand from end-use industries supports revenue.
Weakness: Market saturated in developed nations. Vulnerable to supply chain disruptions and raw material price fluctuations.
Opportunity: Emerging economies provide new growth avenues. Innovation in functional coatings boosts opportunities.
Threats: Stringent environment regulations increase compliance costs. Economic slowdowns impact demand.
Key Takeaways
The Global Industrial Coatings Market Size is expected to witness high growth.
Regional Analysis: The market in the Asia Pacific region is growing at the fastest pace due to rising industrial activities and infrastructure development projects underway. Regional demand is driven by China, India, Indonesia and other Southeast Asian countries.
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. The companies focus on new product launches and capacity expansions to cater to the growing demand.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it