Industrial Coatings Market Propelled by Sustainable Initiatives
Industrial coatings are protective covering applied to the surface of various industrial components and machinery to offer protection against corrosion, wear and tear, chemical exposure and other external damage. They prolong the life of components along with enhance their aesthetic appeal. Growing concerns towards environment protection have boosted demand for eco-friendly and sustainable industrial coatings. 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:
Sustainable Initiatives: Growing environmental concerns have boosted demand for eco-friendly and sustainable industrial coatings. Key coating manufacturers are focusing on developing bio-based coatings made from renewable resources and incorporating recycled materials to reduce carbon footprint. Furthermore, stringent regulations regarding VOC emissions have propelled manufacturers to introduce low-VOC and zero-VOC coatings. Sustainable powder coatings are also gaining popularity owing to their low energy requirements during curing. The trend towards green coatings is expected to continue and drive the industrial coatings market during the forecast period.
SWOT Analysis
Strength: Industrial coatings are an important part of various manufacturing processes in industries such as automotive, construction, aerospace, oil & gas, etc. This ensures steady demand.
Weakness: Stringent environmental regulations associated with VOCs emissions from coatings pose a challenge. Frequent changes in end-user preferences also increase challenges.
Opportunity: Growing infrastructure and construction activities in developing economies offer new opportunities. Developing bio-based and environment-friendly coatings also presents opportunities for growth.
Threats: Volatility in raw material prices impacts the overall costs. Intense competition from existing and new market entrants also poses a threat.
Key Takeaways
The Global Industrial Coatings Market Size is expected to witness high growth in the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific dominates the global industrial coatings market and is expected to remain the fastest growing region during the forecast period. Key growth drivers for the region include rapid industrialization and infrastructure development activities especially in China and India.
Key players operating in the industrial coatings 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. Key players operating in the industrial coatings market are focused on new product launches and expansion strategies to strengthen their geographic presence and market position. For instance, in 2022, PPG Industries launched a new range of environment-friendly, high-performance polyester and epoxy coatings for steel structures exposed to harsh climatic conditions in South Korea.
For more Insights, Read –
https://www.rapidwebwire.com/industrial-coatings-market-trends-size-and-share-analysis/
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