February 24, 2024
Industrial Coatings Market

Industrial Coatings Market is Expected to be Flourished by Increasing Demand from Oil and Gas Industry

Industrial coatings are surface treatment materials used to protect structures and components from corrosion and wear from exposure to harsh environmental conditions. They are primarily used to coat machinery, automobiles, buildings, pipelines, and other structures in various industries such as oil and gas, aviation, shipbuilding, manufacturing, and construction. Industrial coatings help improve the aesthetics and functionality of structures and extend their lifespan by providing a barrier against corrosion, abrasion, and other damages. Epoxy coatings are mainly used to coat floors in production facilities and warehouses owing to their excellent chemical and heat resistance. Polyurethane coatings are applied to protect offshore structures, oil rigs and wind turbines exposed to highly corrosive environments.

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 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The increasing demand from the oil and gas industry is expected to drive the growth of the industrial coatings market during the forecast period. Industrial coatings such as epoxy and polyurethane are extensively used to protect offshore and onshore structures, pipelines and storage tanks from corrosion in oil and gas production and transportation facilities. According to the International Energy Agency, global oil demand is projected to rise by 3.3 million barrels per day by 2030 with most of the production growth coming from the US, Brazil, Iraq and Canada. This rising oil production will increase investments in new offshore rigs, pipelines and processing facilities, thereby propelling the demand for protective industrial coatings. The other major driving factor is growing industrialization in emerging economies. Countries like China, India and Southeast Asian nations are witnessing rising investments in manufacturing, power generation, mining and construction activities, thus augmenting the consumption of industrial coatings.

Segment Analysis
The industrial coatings market is segmented into solvent-based coatings, water-based coatings, powder coatings and others. The powder coatings segment currently dominates the industrial coatings market and is expected to continue dominating during the forecast period. Powder coatings emit zero or negligible VOCs during application and curing. They result in a very smooth and durable finish. Powder coatings can be easily recycled. They provide superior corrosion and chemical resistance as compared to solvent-based and water-based coatings.

PEST Analysis
Political: Stringent environmental regulations regarding VOC emissions from coating products are expected to boost the demand for powder and water-based coatings.
Economic: Growth of end-use industries such as automotive, general industrial manufacturing will drive the demand for industrial coatings.
Social: Increasing demand for environment-friendly and sustainable coating solutions from manufacturing companies will support the growth of powder and water-based coatings.
Technological: Developments in powder coating technologies such as advancement in color-changing powder coatings, self-healing powder coatings etc. are expected to open new opportunities.

Key Takeaways
The Global Industrial Coatings Market Size is expected to witness high growth during the forecast period. 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 9.4% over the forecast period 2023 to 2030.

Regionally, the Asia Pacific region dominates the global industrial coatings market currently. The Asia Pacific region has emerged as a major manufacturing hub for various end-use industries. China, India, Japan, and South Korea among the major countries contributing to the growth of the industrial coatings market in Asia Pacific.

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. Key players are focusing on new product launches, expansions, mergers & acquisitions to gain greater market share. For instance, in 2022, Accenture acquired umlaut to strengthen its capabilities across Consulting, Digital, Cloud and Security services for industrial clients.

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