The global industrial coatings market Growth Accelerated by Increasing Usage in Automotive and Construction Industries
Industrial coatings are used to provide protective and decorative finished to various surfaces and components. They protect surfaces from wear and tear, corrosion, and other environmental factors. They also provide excellent aesthetic finish to improve the overall appeal. The increasing demand from automotive and construction industries has accelerated the growth of the global industrial coatings market. The automotive industry utilizes industrial coatings to provide high-performance protection to vehicle bodies and components. The construction industry also consumes a large amount of industrial coatings for protection and decoration of infrastructure and buildings.
The global industrial coatings market is estimated to be valued at US$ 40.99 Bn 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:
The increasing demand from automotive and construction industries is one of the key trends driving the growth of the industrial coatings market. The growing automotive production across the world necessitates the use of protective and decorative industrial coatings. Additionally, the ongoing infrastructure development activities in developing economies are positively impacting the sales of industrial coatings. Water-borne coatings are gaining widespread acceptance due to their low VOC (volatile organic compound) content and eco-friendly nature. Stringent environmental regulations regarding VOC emissions are prompting industrial coatings manufacturers to develop sustainable water-borne formulations.
Segment Analysis
The global industrial coatings market is dominated by protective coatings sub segment. Protective coatings are widely used in industries such as oil and gas, infrastructure, manufacturing etc. to protect assets like pipelines, buildings structures, machineries etc. from corrosion and other environmental threats. It accounts for more than 50% of the overall market share as protection of industrial assets is highly critical for smooth functioning of operations.
Key Takeaways
The Global Industrial Coatings Market Size is expected to witness high growth. The market size for 2023 is US$ 40.99 Mn. The forecast period between 2023 to 2030 projects a CAGR of 9.4%.
Regional analysis indicates the Asia Pacific region currently dominates the market with the largest share. China, India and other emerging nations are driving regional growth led by rising industrialization and infrastructure development. North America is the second largest industrial coatings market supported by well-established end-use industries such as oil & gas, machinery, and automotive. The region is anticipated to grow at a steady pace.
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.
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