The industrial coatings market includes various types of paints and coatings such as epoxy, alkyd, acrylic, polyurethane and enamel used across industries such as general manufacturing, automotive refinishing, architectural, coil, marine and protective coatings. Industrial coatings provide protective layer, enhance appearance and prevent corrosion of materials used in various industries. Increasing construction activities globally is driving the demand for industrial coatings market. Rising investments in infrastructure development projects such as railways, roads, power generation facilities and commercial complexes in developing nations is positively impacting the market growth. The Global industrial coatings market is estimated to be valued at US$ 47.23 Bn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Industrial Coatings Market Size 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. Growing demand from end use industries such as general manufacturing, automotive, construction and other industrial sectors is driving the industrial coatings market globally. Rapid industrialization and urbanization in developing countries of Asia Pacific is fueling the growth of industrial coatings market in the region. Increasing construction of plants, factories, power generation facilities and infrastructure development projects is propelling the industrial coatings consumption.

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. The rising demand for protective and durable coatings from various end use industries is a major factor supporting the growth of the market. Additionally, growing production of automobiles globally will augment the demand for automotive coatings which in turn will boost the overall industrial coatings consumption over the forecast period. Rapid industrialization in developing countries along with increasing foreign direct investments for infrastructure developmental projects will drive the industrial coatings consumption in the coming years.

Market drivers

Infrastructural development is one the key drivers fueling the growth of industrial coatings market. Rapid urbanization and growing population globally have increased the demand for housing, transport and other civil infrastructure facilities. This is increasing the construction activities worldwide which is positively impacting the industrial coatings consumption. According to Global Construction 2030, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Rising investments in infrastructure projects especially in developing nations will surge the demand for industrial coatings market during the forecast period. Increasing steel and cement production to cater the growing construction needs will further augment the market growth over the next few years.

Impact of geopolitical situation on Industrial Coatings Market growth

The current global geopolitical instability and economic downturn arising due to the Russia-Ukraine conflict is negatively impacting the Industrial Coatings Market. There has been substantial rise in costs of raw materials like titanium dioxide, epoxy resins, acrylics and other crude derivatives due to disruptions in supply chains. This has constrained production volumes and profit margins of manufacturers in Europe and North America in short term. However, companies are now focusing on strategic partnerships in emerging markets of Asia Pacific and Latin America to mitigate risks. They are also investing more in development of bio-based and powder coatings using alternative raw materials to reduce dependence on imports from politically volatile regions. Over the coming years, transition towards green products and sustainability driven infrastructure projects are expected to drive demand despite short term challenges. For long term growth, manufacturers will need to strengthen supplier networks globally and develop versatile product portfolios that can cater to shifting application segments.


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