June 12, 2024

Industrial Coatings Market Growth Accelerated by Increasing Demand from the Construction Industry

Industrial coatings are widely used to provide protective, decorative and functional coatings on a variety of substrates in various industries like construction, automotive, general industries and others. Industrial coatings offer properties like corrosion protection, insulation and durability amongst others. With rapid urbanization and growing infrastructural development activities worldwide, the global industrial coatings market is witnessing strong demand from the construction industry for applications such as coatings on buildings, bridges and other structures.

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 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rapid infrastructure development in emerging economies of Asia Pacific and Latin America owing to rapid urbanization is augmenting the demand for industrial coatings from the construction sector. Coatings provide properties like corrosion resistance, insulation and durability which makes them ideal for construction applications. Moreover, growth in commercial construction activities especially in China, India is also positively impacting the consumption of industrial coatings. The rising investments in construction of buildings, bridges, roads and other structures will continue to drive the demand for industrial coatings globally over the forecast period.

Segment Analysis
The global industrial coatings market is dominated by powder coatings sub-segment. Powder coatings are more environment-friendly as compared to liquid coatings as they do not produce VOC emissions. Powder coatings provide superior durability with vibrant color options and thus widely used for coating parts in various end-use industries like automotive, furniture, appliances etc.

Key Takeaways
The Global Industrial Coatings Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 40.99 Mn by 2024 from US$ 35 Mn in 2022, growing at a CAGR of 8.3% during the forecast period.

Regional analysis: The Asia Pacific region currently dominates the global industrial coatings market and is expected to continue its dominance over the forecast period. Rapid industrialization and growth of end-use industries like automotive, machinery, construction in countries like China and India is driving the demand for industrial coatings in the region. North America is another major region for industrial coatings market driven by well established industries and stringent environmental regulations regarding VOC emissions.

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 holds major share in the market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it